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Happy Monday. Stock futures were rising as investors kept a close eye on tech stocks while preparing for another week of earnings reports and economic data.
Markets finished mixed on Friday as investors attempted to stabilize and buy the dip following a brutal AI-led tech sell-off earlier in the week.
“Global markets are starting the week on a more positive note, with Asian equities staging a strong recovery after last week’s sharp selloff, supported by renewed buying in semiconductor stocks,” said Daniela Hathorn, senior market analyst with Capital.com. “However, the rebound looks more like a tentative recovery in risk appetite than a convincing reversal of the recent downtrend.”
“Investors are taking advantage of lower valuations, but concerns about AI profitability, elevated borrowing costs and potential regulatory changes following the US midterms remain unresolved.”
Nvidia (NVDA) shares fell 4.92% after the chipmaker announced an internal investigation following reports that CEO Jensen Huang had a close relationship with a Chinese spy.
“Nvidia’s board has stressed that it has no reason to believe company secrets were compromised and continues to express confidence in Huang’s leadership,” Hathorn said. “Given Huang’s central role in Nvidia’s success and the wider AI investment narrative, even speculation about leadership uncertainty could unsettle investors.”
“However, there is currently no confirmed indication that he will step down, and the controversy does not necessarily change the company’s underlying demand outlook.”
September wholesale inventories data are due for release today at 10 a.m. ET. Take-Two Interactive Software (TTWO), Occidental Petroleum (OXY), KKR (KKR), Constellation Energy (CEG) and Skydance are scheduled to report quarterly earnings.