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Wall Street Wakes Up After a $5 Trillion AI Hangover. Now Comes the Big Week

At a Glance

  • Stock futures opened higher Sunday evening, led by the Nasdaq
  • Big AI and chip stocks have lost about $5 trillion since Oct. 6
  • The other 625 large US stocks gained about $1.3 trillion in that time
  • Apple reports Monday after the bell, with midterms Tuesday and jobs data Friday

Futures bounce as traders brace for earnings, elections and $100 oil

Stock futures climbed Sunday evening as Wall Street faces a packed week. Apple earnings, the midterm elections and $100 oil are all on the calendar. S&P 500, Nasdaq 100 and Dow futures all rose, with the Nasdaq out front.

Key Details

October’s selloff hit hard, but only in one corner. By Yahoo Finance’s math, the biggest AI and chip names shed roughly $5 trillion in value since Oct. 6, while the rest of the large caps added about $1.3 trillion.

Last week showed it clearly. The S&P 500 slipped about 0.6%, yet 9 of its 11 sectors rose around 1% or more. No other down week for the index since at least 1999 has had more than seven.

Apple reports after the bell Monday, with iPhone 18 sales in focus. It closed Friday at about $5.03 trillion, ahead of Nvidia at about $4.93 trillion. It is the only “Magnificent Seven” stock beating the S&P 500 this year, up about 27% against about 11%. Palantir also reports today.

Market Reaction

S&P 500 futures were up 0.35% at 7,641. Oil opened lower after WTI settled above $104 Friday, its highest close since mid-September. The Strait of Hormuz remains effectively shut in the ninth month of the Iran war, and OPEC+ held December output targets steady.

Why It Matters

History points both ways. One view says the tech meltdown could get worse. Another notes the S&P 500 has risen every time from the end of a midterm October through June since 1950. Both can hold true, since the rest of the market climbed while tech sank.

What to Watch

Apple’s numbers tonight, the midterm vote Tuesday, and Friday’s October jobs report. Wall Street is also debating whether the Fed put is back.

Stay ahead of every market-moving headline with QuoMarkets. 

Source: Yahoo Finance

 

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