US Futures Gain as Earnings Roll in, Oil Dips: Markets Wrap
(Bloomberg) — US stock-index futures gained as oil prices declined amid renewed hopes for a diplomatic solution to the US-Iran war, while positive results from companies including United Parcel Service Inc. and Coca-Cola Co. helped buoy market sentiment.
Futures on the S&P 500 rose 0.4%, while contracts on the Nasdaq 100 advanced 0.6%. Europe’s Stoxx 600 benchmark swung to a modest gain.
Brent crude fell 0.8% to below $115 a barrel after rising close to the $117 mark earlier. Senior officials from Saudi Arabia, Pakistan and Turkey traveled to Tehran for discussions on Monday and agreed on further talks, IRIB news agency reported. Meanwhile, Iranian Supreme Leader Mojtaba Khamenei reitered Iran’s conditions for ending the war, during a meeting with his security chief, according to a Telegram statement.
Mojtaba’s comments introduced a note of optimism into a market that had lost momentum after Monday’s surge, sparked by Anthropic PBC’s filing for an initial public offering. Anthropic’s IPO will be a key test of investor appetite for artificial intelligence companies after concerns over stretched valuations and heavy spending triggered a rout in chip stocks. Attention now turns to results Wednesday and Thursday from megacaps Alphabet Inc., Microsoft Corp. and Amazon.com Inc., as well as the Federal Reserve’s rate decision on Wednesday.
“Today, focus would be on the AI trade and whether yesterday’s momentum would last,” wrote Mohit Kumar, chief economist and strategist at Jefferies. “We see the capex cycle remaining strong and the earnings remaining robust. However, as with any cycle, there would be winners and losers in the AI trade.”
Among US companies reporting earnings on Tuesday, UPS and Coca-Cola gained in premarket trading after lifting full-year revenue guidance. Software firm Cadence Design Systems Inc. advanced after third-quarter results that beat expectations. Boeing Co. and health insurer Centene Corp. fell after third-quarter results.
Markets are pricing a small chance of a quarter-point Fed hike this week and a strong probability of one in December. If the Fed holds on Wednesday, Chairman Kevin Warsh will have to reassure investors the central bank is committed to quashing inflation amid still-elevated energy prices.
“Markets are going to be more focused on the Fed, which will determine global financial conditions and that matters for credit markets,” said Geoff Yu, a senior macro strategist at BNY. “While we don’t expect a rate move this week, we wouldn’t be against a hike even though we’re not convinced of its urgency. However, we think maintaining credibility is paramount for the Fed.”
The Stoxx Europe 600 index gained 0.2% amid mixed results from some of the region’s biggest companies.
HSBC Holdings Plc plunged 6% after reporting third-quarter earnings that missed analysts’ estimates. Reckitt Benckiser Group Plc fell 6% after cutting its full-year sales forecast. Mercedes-Benz group AG dropped 4% after cutting its return-on-sales forecast.
Novartis AG gained after raising its outlook for growth from newer medicines, and carmaker Porsche AG rose after a profit beat.
BE Semiconductor Industries NV, meanwhile, advanced as much as 10% after Applied Materials Inc. boosted its stake in the Dutch chip-equipment maker to about 20%.
A Bloomberg gauge of the dollar’s strength edged higher for a third consecutive day. Treasuries were flat, with the 10-year yield holding below 5%.
Investors are also starting to position for next week’s US mid-term elections, according to Andrea Gabellone, head of global equities at KBC Securities.
“The Anthropic IPO announcement is a clear positive for the sector, but all will depend on how much demand it can attract, especially ahead of the US mid-terms,” Gabellone said. “Depending on the outcome, sentiment on AI could be dented, especially in case of a Democratic sweep. Today’s move is dictated by some cautiousness ahead of next week’s voting.”
Corporate Highlights:
General Motors Co. plans to shift its stock listing to the Nasdaq Global Select Market from the New York Stock Exchange, positioning the old-school automaker as a tech-forward company as it embraces automated driving and electric vehicles. Intel Corp. agreed to buy Israeli startup Classiq Technologies Ltd. as part of a push to capitalize on quanttum computing. DIP Holding Plc drew enough demand to cover its up to $543 million initial public offering within minutes of opening books, signaling strong demand for the UAE’s first listing since the Iran war began. Ferrovial NV gained as much as 11% after the Spanish infrastructure construction company said the US I-24 project concession awarded to the consortium it leads is valued at $21 billion. Microsoft will offer buyouts to about 60,000 workers, part of the company’s efforts to trim costs and retool its workforce for the AI era. The iPhone Duo, one of Apple Inc.’s biggest new products in years, is drawing a growing number of complaints from customers who say the foldable display cracked after just hours or days of use. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.4% as of 8:32 a.m. New York time Nasdaq 100 futures rose 0.6% Futures on the Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 rose 0.2% The MSCI World Index was little changed Currencies
The Bloomberg Dollar Spot Index rose 0.1% The euro fell 0.2% to $1.1152 The British pound was little changed at $1.3333 The Japanese yen fell 0.2% to 157.76 per dollar Cryptocurrencies
Bitcoin rose 0.5% to $80,134.98 Ether rose 0.9% to $2,323.66 Bonds
The yield on 10-year Treasuries was little changed at 4.99% Germany’s 10-year yield declined three basis points to 3.34% Britain’s 10-year yield declined two basis points to 5.33% Commodities
West Texas Intermediate crude fell 0.9% to $100.88 a barrel Spot gold rose 0.2% to $4,024.79 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Anand Krishnamoorthy.
(An earlier version corrected references to China’s bond yield.)
©2026 Bloomberg L.P.
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