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Oil prices dropped more than 4% as hopes for diplomatic progress between the U.S. and Iran eased concerns about potential supply disruptions.
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Apple and Palantir were in focus ahead of their quarterly results after Monday’s close, with investors watching Apple’s product strategy and Palantir’s AI-driven growth.
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Investors will also be tracking Monday’s Manufacturing PMI and ISM Manufacturing PMI releases, with the US midterm elections scheduled for Nov. 3.
U.S. stock futures edged higher early on Monday, recovering some ground after Wall Street ended the previous week in the red. Investors are gearing up for a busy week featuring corporate earnings, important jobs data and the U.S. midterm elections on Nov. 3. S&P 500 futures rose 0.5%, while Nasdaq-100 futures gained 0.83%. Dow Jones Industrial Average futures added 0.5%.
Earlier, on Friday, U.S. stock indices closed lower, with the S&P 500 and Nasdaq ending October in negative territory as investors pulled back from technology and AI-related stocks. Disappointing third-quarter earnings from many companies and concerns that rising AI capital expenditure could strain cash flows weighed on sentiment.
The S&P 500 fell 2% on Friday, while the Nasdaq 100 dropped 3.5% and the Dow Jones Industrial Average slipped 1.1%. The Russell 2000, which tracks small-cap stocks, declined 1.7%. The Nasdaq 100 lost around 6.5% in October, marking its worst monthly performance since March 2025.
Oil Prices Slide As US-Iran Peace Hopes Ease Supply Fears
Oil prices fell more than 4% on Monday as optimism over diplomatic efforts to end the U.S.-Israeli war with Iran eased immediate concerns about potential supply disruptions. Brent crude futures for January delivery dropped 4.21% to $108.66 a barrel by 5 a.m. ET, while US West Texas Intermediate (WTI) futures declined 4.1% to $99.85 a barrel. The pullback followed strong gains in recent sessions, with no major escalation over the weekend and continued negotiations prompting some investors to book profits.
The Tech Radar
Apple (AAPL): The stock slipped 0.52% in premarket trading on Monday as investors awaited the company’s fiscal fourth-quarter results, due after the closing bell. The report will be Apple’s first under new CEO John Ternus and comes after a major product push that included the unveiling of a foldable iPhone and touchscreen MacBooks, both of which have received mixed reviews. Investors will also watch for details on how Apple plans to absorb higher memory costs without passing them on to consumers or hurting demand. Questions over hinge and screen issues affecting the new iPhone Duo are also likely to feature, despite longer delivery times suggesting strong interest in the device.
