Futures tied to the Nasdaq and the S&P 500 are rising this morning after the indexes posted big losses last week; Meta, Tesla and Netflix headline a busy schedule of earnings reports this week; tech stocks are starting the week on a strong note after pulling back sharply last week; Elon Musk said he would give a SpaceX share to every U.S. child next year; and several cryptocurrency-related stocks are rising along with bitcoin. Here’s what you need to know today.
S&P 500, Nasdaq Futures Rise After Losing Week
Stock futures are mostly higher to open the week as the tech sector look to bounce back from a steep downturn last week. Futures tied to the tech-heavy Nasdaq and benchmark S&P 500 were recently up 1.3% and 0.5%, respectively, while Dow Jones Industrial Average futures slipped 0.2%. The major indexes all fell on Friday, with the tech sell-off driving the S&P and Nasdaq lower for the week, while the Dow posted modest weekly gains. It was the first losing week for the Nasdaq in more than a month. WTI crude oil futures were down 1% at $100.40 per barrel, after surging on Friday amid a new wave of attacks on ships in the Strait of Hormuz. Gold futures were little-changed at $4,185 an ounce, while bitcoin traded at $82,500, up from a weekend low around $80,600 (more on that below). The 10-year Treasury yield, which affects interest rates on consumer loans, ticked higher to 5.10%.
Meta, Tesla and Netflix Lead Packed Earnings Calendar This Week
Earnings season rolls on this week, with reports from the worlds of tech, air travel, and more scheduled to be released in the coming days. Tomorrow, investors will get updates from GE Aerospace (GE) and General Motors (GM) before markets open, with results coming from Netflix (NFLX), United Airlines (UAL), and Alaska Air Group (ALK) after the closing bell. AT&T (T) is set to report Wednesday morning, followed by Meta Platforms (META), IBM (IBM), Southwest Airlines (LUV), and Tesla (TSLA) later in the day. Procter & Gamble’s (PG) earnings are due Thursday morning along with Comcast (CMCSA), American Airlines (AAL) and Spotify (SPOT), with results coming from data storage device maker Western Digital (WDC) after the closing bell. American Express (AXP) will report on Friday. This week is light on economic data, with some housing metrics coming tomorrow and the final University of Michigan consumer sentiment index for October due out Friday.
Tech Stocks Bouncing Back After Last Week’s Sell-Off
Tech stocks are gaining ground this morning after posting steep losses last week. Shares of many of the biggest names in the AI trade, including Nvidia (NVDA), Intel (INTC), Broadcom (AVGO), Advanced Micro Devices (AMD), Micron (MU) and Sandisk (SNDK) are solidly higher ahead of the opening bell. The Roundhill Memory ETF (DRAM) was up 4.5% recently after sinking 6% on Friday, while the iShares Semiconductor ETF (SOXX) added 3% ahead of the opening bell after dropping 4% in last week’s final session. Worries about international competition, the sustainability of financing for AI, and the the ability of companies to generate a return on their massive investments have weighed on tech sector shares recently.
Elon Musk Says He Plans to Give Every U.S. Child One of His SpaceX Shares
Elon Musk said on social media early Monday that he plans to give “one of my SpaceX (SPCX) shares to every kid in America” next year, and that the gift would be “the first of many.” Musk is the biggest holder of SpaceX shares, owning nearly 50% of the company’s equity when unvested awards and stock options are included. Based on census data and SpaceX’s closing share price on Friday, the initial Musk gift would be worth about $10.5 billion. The SpaceX and Tesla CEO didn’t provide further information on how or when the transfer would happen. The news comes after Anthropic recently committed at least 5% of its shares to a new “public benefit fund.” AI companies may be looking to turn the tide of public sentiment as Americans have largely turned against data centers and the companies that build them in recent months. SpaceX shares were up 1% at $146 in recent premarket trading.
Crypto Stocks Gain Alongside Bitcoin
Bitcoin is rallying to open the week after briefly dipping below the $80,000 mark for the first time in a month last week, and a number of cryptocurrency-related stocks are rising with it. Bitcoin was trading at $82,500 this morning, up from a weekend low of $80,600. Shares of Coinbase (COIN), Robinhood (HOOD), Mara Holdings (MARA), Strategy (MSTR), and Circle (CRCL) are all in the green this morning.
Read the original article on Investopedia
