Key Notes
- Nasdaq-100 futures gained 0.82% in a Monday premarket snapshot as AI shares attempted to recover from October’s selling.
- Apple reports after the close, with its holiday outlook providing an important test for technology investors.
- Tuesday’s elections and Friday’s employment report add political and interest-rate uncertainty to the week.
US stock futures rebounded on November 2 as investors prepared for Apple Inc. (NASDAQ: AAPL) earnings, Tuesday’s congressional elections and Friday’s jobs report, following a difficult October for technology shares.
S&P 500 futures were up 0.49%, Nasdaq-100 futures gained 0.82% and Dow futures added 248 points, or 0.48%, in CNBC’s market update at 10:19 UTC. The figures describe premarket contracts, rather than gains in the cash indexes.
The opening test is whether renewed demand for technology can extend beyond an overnight bounce. Last week’s earnings reports left investors weighing strong demand for AI services against the spending, financing and cash flow needed to support them.
AI Shares Attempt a Rebound
Several companies caught in the technology selloff were higher before the opening bell. Nvidia Corp. (NASDAQ: NVDA) rose about 1.5%, while Advanced Micro Devices Inc. (NASDAQ: AMD) gained 2.2%. Cloud providers CoreWeave Inc. (NASDAQ: CRWV) and Nebius Group (NASDAQ: NBIS) advanced approximately 2.4% and 3%, respectively, in the same morning coverage.
Those moves follow a week in which the Nasdaq Composite lost 2%, while the S&P 500 and Dow each declined less than 1%. They also come after a losing October for the Nasdaq and S&P 500, in contrast with an almost 2% monthly gain for the Dow.
As we previously reported, the recent earnings season has made cash generation an important distinction within the AI trade. Revenue growth and demand for computing power do not, by themselves, establish how quickly large infrastructure investments will produce returns.
The rebound therefore offers an early measure of sentiment rather than confirmation that October’s concerns have disappeared. The subsequent cash session will show whether buyers maintain their interest once more companies and investors participate.
Apple Earnings Put the Holiday Outlook in Focus
Apple reports after Monday’s close. Its investor calendar schedules the earnings conference call for 22:00 UTC, making it a major event after the regular trading session.
The presentation will be John Ternus’s first as chief executive. Investors will be assessing the September quarter alongside management’s description of the holiday period, when new iPhones and Macs can affect the sales mix.
We examined the setup earlier Monday, including higher memory costs and the difference between the reported quarter and the current product cycle. The iPhone Duo reached stores on October 23, placing its retail contribution outside the September reporting period.
That timing makes the outlook particularly relevant. Strong demand for a new device would matter for future revenue, while component costs, manufacturing spending and the contribution from services determine how much of those sales becomes profit. Today’s release should be judged against the period it actually covers.
Investors can track other scheduled company reports through our earnings calendar, with the distinction between confirmed results and consensus expectations remaining important throughout the week.
Jobs Data Will Test the Interest-Rate Outlook
The week’s economic calendar starts with the Institute for Supply Management’s manufacturing report on Monday, followed by its services survey on Wednesday. ISM’s release schedule lists both for 15:00 UTC on their respective days.
For equities, the surveys offer a check on whether businesses outside the largest technology companies are experiencing similar demand. New orders and employment can help frame the growth outlook, while prices paid can highlight pressures that have yet to reach corporate margins. One month’s survey, however, is not a complete measure of the economy.
The Bureau of Labor Statistics schedules October’s employment report for November 6 at 13:30 UTC. Payroll growth, unemployment and wages will provide a broader check on the economy after the corporate reports.
The Federal Reserve held its target range at 3.75%–4% on October 28, while describing inflation as elevated. Lisa Cook and Beth Hammack dissented in favor of a quarter-point increase.
That split leaves investors balancing two different risks: inflation that keeps borrowing costs high, and weaker activity that reduces companies’ earnings prospects. Neither the manufacturing surveys nor Friday’s jobs figures had been released when this article was published.
Elections Add Another Source of Uncertainty
The Federal Election Commission confirms November 3 as the federal general election date. The outcome will determine control of Congress and shape the environment for tax, spending and regulatory decisions.
Election results are a separate event from Monday’s earnings and market prices. Their significance for individual businesses will depend on the eventual policy agenda, rather than a presumption that one outcome guarantees higher or lower stock indexes.
The recent divergence between technology and other sectors also matters. As we reported, companies in healthcare, energy and other industries reached fresh records during the technology-led retreat.
For the opening session of November, the key comparison is whether the recovery broadens across the market or remains concentrated in the shares that suffered most. Apple’s outlook and the coming economic releases will then provide more concrete evidence about profits, demand and financing conditions.
