U.S. equity futures opened higher Sunday evening, setting the tone for a week that includes Apple’s post‑market earnings release, nationwide midterm elections and crude oil trading around the $100 a barrel mark. All three major futures contracts – the S&P 500 (ES=F), Nasdaq 100 (NQ=F) and Dow Jones Industrial Average (YM=F) – were trading above their prior close, with the tech‑heavy Nasdaq leading the rally after a sharp AI‑driven selloff the previous week.
AI‑related losses and market breadth
The October market downturn was described as “brutal but narrow.” According to Yahoo Finance calculations, the largest artificial‑intelligence and semiconductor stocks collectively shed roughly $5 trillion in market value since October 6. In contrast, the remaining 625 large U.S. stocks in the tally added about $1.3 trillion, underscoring a divergence between the AI sector and the broader market.
During the same week, the S&P 500 index slipped about 0.6 percent. Despite the overall decline, nine of the index’s eleven sectors posted gains of roughly 1 percent or more. Yahoo Finance notes that no other down week for the S&P 500 since at least 1999 has featured more than seven sectors rising, highlighting the unusual breadth of the rally outside the tech segment.
Key catalysts on the horizon
Apple (AAPL) is slated to report earnings after the bell on Monday, with analysts focusing on sales of the upcoming iPhone 18. The company remains the world’s most valuable public firm, closing Friday at an estimated market capitalization of $5.03 trillion, ahead of Nvidia’s $4.93 trillion valuation. Apple is also the sole member of the “Magnificent Seven” that has outperformed the S&P 500 this year, posting a gain of about 27 percent compared with the index’s roughly 11 percent rise.
Palantir Technologies (PLTR) is scheduled to release its earnings on the same day, adding another data‑focused name to the earnings calendar.
On the commodities side, West Texas Intermediate (WTI) crude settled Friday above $104 a barrel – the highest close since mid‑September – before opening lower on Sunday. The Strait of Hormuz, a critical chokepoint for global oil shipments, remains effectively shut in the ninth month of the ongoing Iran conflict, while OPEC+ confirmed on Sunday that it will keep its December output targets unchanged.
Political and economic data are also set to influence market sentiment. U.S. voters head to the polls on Tuesday for the midterm elections, and the October jobs report is due on Friday. Traders are debating whether the Federal Reserve’s monetary stance will shift in response to the latest labor market figures.
Outlook and historical context
Analysts are divided on what the recent tech‑sector turbulence means for the broader market trajectory. One perspective suggests the technology downturn could deepen before reaching a bottom, while another points to a historical pattern in which the S&P 500 has risen in every post‑midterm October through the following June since 1950. Both scenarios could coexist, as the October selloff demonstrated that non‑tech stocks can continue climbing even as the AI‑heavy segment contracts.
Overall, the rise in futures reflects optimism that the market’s broader engine – driven by earnings, geopolitical developments and macroeconomic data – may sustain momentum despite the lingering impact of the AI‑related valuation correction.
Helene Elliott is the Lead Science & Space Reporter at News Raise. She reports on aerospace missions, astrophysics discoveries, quantum research, and environmental technology.
