Stock futures rise ahead of Apple earnings and midterm vote
Nasdaq futures led gains after an AI-driven selloff, with Apple earnings and oil prices above $100 a barrel in focus this week.
U.S. stock futures climbed on Sunday evening ahead of a busy week that includes Apple earnings, the midterm elections and oil prices above $100 a barrel, finance.yahoo.com reported.
Contracts tied to the S&P 500, the Nasdaq 100 and the Dow all moved higher, with the tech-heavy Nasdaq leading the gains after last week's selloff in artificial intelligence stocks.
The outlet's own calculations showed the biggest AI and chip stocks have lost about $5 trillion in market value since Oct. 6, while the other 625 large U.S. stocks in its tally added about $1.3 trillion.
Last week, the S&P 500 slipped about 0.6%, yet nine of its 11 sectors rose about 1% or more, the report said.
By the outlet's count, no other down week for the index since at least 1999 has had more than seven sectors rise.
The report said analysts are divided on what comes next, with one view holding that the tech decline could worsen before it ends.
Another view points to history, showing the S&P 500 has risen every time from the end of a midterm October through the following June since 1950, the report said.
Apple reports results after the market closes Monday, with iPhone 18 sales in focus, the report said, and Palantir also reports that day.
Apple closed Friday worth about $5.03 trillion, ahead of Nvidia at about $4.93 trillion, making it the world's most valuable company again.
Apple is also the only "Magnificent Seven" stock beating the S&P 500 this year, up about 27% compared with about 11% for the index, the report said.
West Texas Intermediate crude opened lower Sunday after settling Friday above $104 a barrel, its highest close since mid-September, the report said.
The Strait of Hormuz remains effectively shut in the ninth month of the Iran war, and OPEC+ kept its December output targets steady on Sunday, the report said.
Voters go to the polls Tuesday, and the October jobs report is due Friday, with investors debating whether the Federal Reserve's so-called Fed put has returned.
The midterm elections are held every two years and determine all 435 seats in the U.S. House of Representatives and about a third of the Senate.
The Fed put refers to the belief that the Federal Reserve will step in to support financial markets during a downturn.
