Stock futures rose slightly Sunday evening as Wall Street opened a week filled with Apple earnings, midterm elections and $100 oil.
S&P 500 Futures (ES=F), Nasdaq 100 Futures (NQ=F) and Dow Futures (YM=F) each opened with initial gains ranging from 0.2% to 0.4%..
The liquidation which closed the month of October was brutal but limited. The biggest AI and chip stocks have lost about $5 trillion in market value since Oct. 6, according to Yahoo Finance calculations, while the other 625 big U.S. stocks included in that tally added about $1.3 trillion.
Last week I brought it home. The S&P 500 (^GSPC) slipped about 0.6%, but 9 of its 11 sectors rose about 1% or more. No other week of declines in the index since at least 1999 have seen more than seven, according to Yahoo Finance calculations.
What happens next is up for debate. A reading of history indicates that the technological collapse may get worse before it is over. Another argues that the stock market’s sweetest period begins now: From the end of an October midterm through the following June, the S&P 500 has risen every time since 1950. Both could prove true, since October’s selloff showed that the rest of the market can rise while tech sinks.
What’s next
Apple. Apple (AAPL) reports after the bell Monday, with iPhone 18 sales in the spotlight, as the world’s most valuable company. It closed Friday worth about $5.03 trillion, ahead of Nvidia (NVDA) at about $4.93 trillion, and it’s the only “Magnificent Seven” stock to beat the S&P 500 this year, up about 27% from about 11%. Palantir (PLTR) also reports Monday.
Oil. West Texas Intermediate crude (CL=F) opened lower on Sunday after stabilizing Friday above $104 a barrel, its highest close since mid-September. The Strait of Hormuz remains effectively closed in the ninth month of the Iran war, and OPEC+ maintained its December production targets on Sunday.
Midterm exams and jobs. Voters go to the polls on Tuesday and the October jobs report will be released on Friday, while Wall Street debates whether the Fed is back. Here’s the full week ahead.
In-house AI tools helped analyze interview transcripts, research, and write this article. Humans reviewed, edited and fact-checked the material before publication.
Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on @SPYJared or email him at jaredblikre@yahooinc.com.
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