Stock futures rise ahead of midterms and jobs report
US stock futures rose Sunday evening ahead of a busy week, Yahoo Finance and FXStreet report. Voters pick a new Congress on Tuesday, and the October jobs report comes out Friday. Tech stocks led the gains after a selloff that has erased about $5 trillion from AI and chip stocks since early October.
US stock futures rose on Sunday evening, led by futures tied to the tech-heavy Nasdaq, Yahoo Finance and FXStreet report. Investors are facing a busy week, with the midterm elections on Tuesday and the October jobs report on Friday.
AI and chip stocks have lost about $5 trillion in value since October 6, Yahoo Finance reports. Over the same time, 625 other large companies gained about $1.3 trillion. The S&P 500 slipped about half a percent last week, the outlets report, even though most of its sectors rose.
FXStreet's Kathleen Brooks wrote that the Nasdaq 100 could rise nearly 1% when trading opens and the S&P 500 about 0.5%. More than 80% of companies that have reported earnings so far beat forecasts, she wrote.
Apple reports its earnings on Monday after the market closes, Yahoo Finance says. The company is now worth about $5.03 trillion, slightly more than Nvidia. Palantir also reports on Monday.
Oil is also in focus. US crude settled above $104 a barrel on Friday, its highest since mid-September, Yahoo Finance reports. The war with Iran is in its ninth month, and the Strait of Hormuz is still mostly closed to shipping. Oil prices opened lower on Sunday. FXStreet says Brent crude fell nearly 3% on reports that President Trump is giving talks more time.
FXStreet also notes that traders see a 72% chance that the Federal Reserve raises interest rates in December, based on CME data. The 10-year Treasury yield is at 4.93%, it says.
What we know: Futures pointed higher ahead of a week packed with big events.
What we don't: How the election results and Friday's jobs report will move markets.
Where outlets agree Yahoo Finance and FXStreet agree that stock futures rose ahead of a week with the midterm elections on Tuesday and the jobs report on Friday.
Where they differ The cited reports agree on the key facts so far.