Wall Street Futures Rise Monday as Tech Stocks Steady Before Midterms and Earnings

U.S. stock index futures were higher on Monday as technology and AI-related stocks steadied after a weak October, with investors turning their attention to the midterm elections and another busy week of earnings, according to Reuters.

At 5:15 a.m. ET, Dow E-minis were up 270 points, or 0.52%, and S&P 500 E-minis were up 39.75 points, or 0.52%. Nasdaq 100 E-minis were up 253.5 points, or 0.89%. TipRanks reported futures up 0.84% for the Nasdaq 100, 0.43% for the S&P 500 and 0.29% for the Dow Jones Industrial Average as of 1:38 a.m. EDT on November 2.

Tech stocks steady after a weak October

The tech-heavy Nasdaq-100 shed over $2.5 trillion in market value last month and was on the brink of entering correction territory, as investors grew wary of Big Tech’s rising AI spending while awaiting evidence of stronger returns. Several companies have also tapped the bond market to finance those investments. That debt-funded spending could become harder to justify as borrowing costs rise.

Sentiment toward the AI trade was mostly negative last week. Media reports on Friday stated that OpenAI has cut the target for its latest funding round by $10 billion. A separate report stated that Blackstone told investors that Anthropic may not secure an investment-grade rating after its IPO.

The mood improved on Monday, with most megacap and growth stocks rising in premarket trading. SpaceX and Alphabet were among the top gainers. Intel inched 0.2% higher after clocking its worst one-day fall since the 1980s on Friday. The chipmaker forecast quarterly revenue below market estimates and said it does not expect positive cash flow this year.

Rival AMD is set to report its earnings later this week, while Apple eased 0.4% ahead of its quarterly earnings due after the bell. Beauty products maker Estee Lauder and hotel operator Marriott International are among the companies reporting before the bell on Monday. Apple, Palantir Technologies, AMD, Pfizer, Super Micro Computer, Block, ARM Holdings, Qualcomm, McDonald’s, Uber and IonQ are scheduled to report results this week, according to TipRanks.

The U.S. stock market ended last week lower, mainly due to selling pressure in technology and AI-related stocks. The S&P 500 and Dow Jones declined less than 1%, while the Nasdaq fell 2%. Markets initially gained after Anthropic filed for an IPO, but sentiment weakened later in the week after Google and Microsoft issued lower-than-expected AI spending forecasts. Those forecasts added to concern about slowing AI investment. For October, the Nasdaq and S&P 500 ended lower amid AI concerns, with the Nasdaq recording its biggest monthly decline since March 2025. In contrast, the Dow gained nearly 2% as investors shifted toward defensive sectors such as healthcare.

Midterms, oil and the jobs report ahead

This week’s catalysts include the U.S. midterm elections on Tuesday, which will decide whether Democrats can wrest control of Congress away from President Donald Trump’s Republican Party. Democrats are widely predicted to win the House of Representatives, but the Senate is more in doubt. Republicans controlled both chambers of Congress during the first two years of the Trump administration.

Seth Meyer, global head of client portfolio management at Janus Henderson Investors, said midterm elections tend to be unfavorable events for the party in power and that a Democratic victory in the House would return the U.S. to divided government, which he said is hardly unusual. He said political uncertainty can add to volatility, but divided government can limit the more ambitious policy plans of either party, and that gridlock may be good.

Oil prices also fell on Monday. Reuters reported oil down more than 4% as talks between Iranian and Qatari officials on a deal to end the U.S.-Israeli war on Iran raised hopes that Middle East supply disruptions could ease. TipRanks reported Brent crude futures down 3.05% to $109.97 per barrel, while West Texas Intermediate crude futures were down 3.37% to $100.63 per barrel.

U.S. Secretary of State Marco Rubio said President Trump prefers a diplomatic solution and wants to avoid further military action. Iran has also indicated that a deal remains possible following two days of talks mediated by Qatar, according to TipRanks. Reports suggest both countries are preparing for possible military action after the U.S. midterm elections.

Investors will also focus on the October U.S. nonfarm payroll report, scheduled on November 6, which will provide fresh insight into the health of the U.S. labor market.

Reporting based on coverage by Reuters and TipRanks.