Investing.com– U.S. stock index futures rose slightly on Monday evening, with Wall Street eying some recovery after logging a weak start to November on sustained losses in technology shares.
Gains in futures were also limited by a drop in Apple after concerns over surging memory costs offset an otherwise strong quarterly showing from the iPhone maker.
S&P 500 Futures rose 0.15% to 7,585.50 points by 18:57 ET (23:57 GMT). Nasdaq 100 Futures rose 0.3% to 28,208.50 points, while Dow Jones Futures rose 0.06% to 52,166.0 points.
Futures steadied after a negative session on Wall Street, as losses in tech showed few signs of slowing after an extended rout in October.
Artificial intelligence startup Anthropic added to pressure on tech valuations after it disclosed a sharp deterioration in revenue growth in the third quarter, raising more questions over the profitability of AI.
Apple dips as memory warning, soft services offset record earnings
Apple Inc (NASDAQ:AAPL) fell as much as 3% in aftermarket trade after the iPhone maker forecast slightly below-consensus gross margin for the current quarter, citing mounting headwinds from soaring global memory prices.
Apple guided gross margin of 45% to 46%, below Street expectations of 46.9%.
CEO John Ternus, who took over from Tim Cook in September, said rising memory costs were “unprecedented,” and that prices were likely to increase in this quarter and beyond.
The tech giant guided a slowdown in revenue from its Services segment, which is its second-biggest breadwinner behind the iPhone. Apple flagged headwinds from unfavorable currency markets, regulations, and a sustained slowdown in mobile gaming.
Still, Apple beat top and bottom-line estimates for the September quarter, aided chiefly by strong sales of its new iPhone 18 line. The company’s first foldable– Duo– was also launched to outsized demand in October, although Apple warned that supplies of the foldable were likely to be constrained.
Apple announced a new version of its Siri voice assistance, but offered few cues on its plans to integrate more artificial intelligence in its services.
The iPhone maker is widely regarded as a large-cap hedge against artificial intelligence, given its relatively low exposure to the technology. This benefited the company’s shares in recent weeks, amid a broader AI-driven wipeout in tech.
