Stock Futures Rebound After Nasdaq’s Worst Month Since 2025 as Elections and Jobs Report Loom
U.S. stock futures climbed early Monday as Wall Street tried to shake off a bruising October and braced for a week packed with midterm elections, a jobs report and Apple’s earnings.
S&P 500 futures rose 0.5%, Nasdaq-100 futures gained 0.83% and Dow Jones Industrial Average futures added 0.5% in premarket trading, Stocktwits reported.
The bounce follows a rough stretch for technology shares. The Nasdaq 100 lost about 6.5% in October, its worst month since March 2025.
Disappointing third-quarter results and worries that heavy spending on artificial intelligence could strain cash flows weighed on the sector. Alphabet fell 12.6% last week, its sharpest weekly drop since 2008.
Intel plunged 24% last week after issuing a weaker-than-expected fourth-quarter outlook, even though its third-quarter revenue climbed 21% to $16.5 billion.
Dan Niles of Niles Investment Management said recent Big Tech earnings were “more trick than treat for technology investors.”
The S&P 500 fell 0.6% last week and the Nasdaq dropped 2%, both posting a third straight weekly loss, an Investing.com analysis noted.
Falling oil prices helped the mood Monday, with U.S. crude dropping below $100 a barrel on hopes for a diplomatic end to the war with Iran, TipRanks reported.
A Crowded Calendar
Tuesday’s midterm elections will decide all 435 House seats and about one-third of the Senate. The outcome will shape tax and spending policy for the next two years, TradingKey noted.
Apple reports fiscal fourth-quarter results after Monday’s close. The company had projected revenue growth of 9% to 11% from a year earlier, with iPhone revenue up in the mid-teens percentage range.
It will be Apple’s first report under new CEO John Ternus. Investors want to know how the company plans to absorb higher memory costs without hurting demand.
Palantir also reports Monday evening, with analysts expecting revenue to jump 85% to $2.18 billion. Its shares held up better than most AI names last month, ending October down just 1.5% after hitting a record early in the month.
AMD follows Tuesday, and Qualcomm, Arm and McDonald’s report Wednesday.
About 31% of S&P 500 companies are scheduled to report this week.
Economic data also crowds the calendar. The Institute for Supply Management releases its October manufacturing index Monday at 10 a.m., followed by September job openings data Tuesday and the October services index Wednesday.
The week ends with the October jobs report Friday at 8:30 a.m. The unemployment rate rose to 4.2% in September, and Investing.com’s analysis forecasts a payroll gain of about 55,000.
The Federal Reserve held its benchmark rate at 3.75% to 4% last week in a 10-2 vote, with both dissenters favoring a quarter-point hike.
Strong payroll and wage numbers could heat up expectations that rates stay higher for longer, while weak hiring could strengthen the case for cuts, TradingKey said.
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