At a Glance
US stock futures opened higher after last week's sharp technology selloff.
AI and chip stocks have lost approximately $5 trillion in market value since October 6.
Apple reports earnings today, with iPhone 18 sales in focus.
Oil remains above $100 a barrel amid the ongoing Iran war.
US midterm elections and Friday's jobs report add to a packed economic calendar.
Investors are heading into a critical week of corporate earnings and economic events as markets weigh a possible tech rebound against rising oil prices and political uncertainty.
Wall Street is attempting to regain its footing after a brutal October for technology stocks. US futures moved higher Sunday evening, with Nasdaq futures leading the recovery as investors turned their attention to Apple's earnings, the US midterm elections and fresh labor market data.
Key Details
The recent AI selloff has erased around $5 trillion from the market value of major technology and chip companies since October 6, according to Yahoo Finance calculations. Meanwhile, 625 other large US stocks gained approximately $1.3 trillion.
Last week, the S&P 500 fell 0.6%, even as nine of its 11 sectors advanced by roughly 1% or more - an unusually broad divergence.
Apple takes center stage today. The company reports earnings after the closing bell, with iPhone 18 sales under scrutiny. Its market value stood at approximately $5.03 trillion on Friday, ahead of Nvidia's $4.93 trillion. Apple has gained around 27% this year, outperforming the S&P 500's 11% advance.
Palantir also reports on Monday.
Oil is another major concern. WTI crude settled above $104 a barrel Friday, its highest close since mid-September, before opening lower Sunday. The Strait of Hormuz remains effectively closed, while OPEC+ kept December production targets unchanged.
Market Reaction
S&P 500, Nasdaq 100 and Dow futures all opened higher, suggesting investors are looking for a recovery after last week's losses.
Why It Matters
Apple's results could influence sentiment across the technology sector. Meanwhile, oil prices, election results and Friday's October jobs report could drive volatility across equities, energy markets and the US dollar.
Traders face several potential market-moving catalysts this week. Apple's earnings, developments in the Iran conflict, the US midterms and employment figures will help determine whether Wall Street's rebound gains momentum or the October selloff resumes.
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Source: Yahoo Finance
Time: 1:00 PM EEST
