US Stock Futures Edge Higher After Chipmaker Rally: Markets Wrap
(Bloomberg) — US stock-index futures edged higher, extending a chip-led rebound that helped the Nasdaq 100 recover from its worst week since the tariff turmoil of April 2025.
Nasdaq 100 contracts rose 0.2% after the underlying gauge gained 1.2% and the Philadelphia Semiconductor Index climbed 1.6%, snapping an eight-day losing streak. S&P 500 futures added 0.1%. The rebound looked less convincing for Asian stocks, with contracts for Japan, South Korea and Australia all pointing lower. Hong Kong traders were set to return from a holiday.
Elsewhere, elevated oil prices and reduced haven demand pressured Treasuries. The 10-year yield rose seven basis points to 5.14% on Monday as technology shares recovered and traders rebuilt wagers on Federal Reserve interest-rate hikes next year. French bonds also fell following violent unrest over the weekend.
US crude steadied to trade around $98 a barrel on Tuesday, while gold slipped 0.1% to about $4,135 an ounce.
The durability of any equity rebound will be tested this week after concerns over AI spending and higher interest rates rattled markets. Earnings from Meta Platforms Inc. and Tesla Inc. will offer clues on whether profit growth can sustain elevated valuations and investment.
“Results will show whether strong profit growth can restore confidence in the equity rally,” said Mark Haefele at UBS Chief Investment Office. “We continue to expect resilient growth and earnings to support equities, and see attractive opportunities in quality bonds.”
Elsewhere in Asia, China’s central bank signaled its overnight reverse repurchase rate will replace the current seven-day rate as its policy benchmark, another step toward aligning its framework with global peers that may help lower borrowing costs.
Oil fluctuated as technical resistance tempered gains driven by renewed supply risks from the Middle East conflict. Brent settled above $109 a barrel after jumping almost 4% Friday as traders positioned for the risk of an escalation in the Iran war.
Prices briefly rose Monday before easing after Iran said it had “no choice” but to assert control over the Strait of Hormuz, while US lawmakers continued to resist President Donald Trump’s diesel export deal with Russia.
The euro is also on traders’ radars as they continue weighing geopolitical risks in France.
Officials rolled out tougher security measures and pledged aid for businesses after cost-of-living protests this weekend degenerated into violence, vandalism and looting. But a debt mountain and a budget deficit among the largest in the euro area mean the French government cannot simply increase spending to appease the public.
“Euro bulls are scarce these days,” wrote Thomas Hempell, head of macro and market research at Generali Investments. “With the war in Iran dragging on and French politics unresolved, a near-term euro rebound looks unlikely.”
Corporate Highlights:
Apple Inc. confirmed that it’s holding a product launch event on Oct. 28, where the company is planning to debut its first touch-screen MacBook. CoreWeave Inc., a bellwether for the AI infrastructure trade, fell 0.4% even after Goldman Sachs upgraded the stock to buy, citing its revenue potential and tight computing capacity. Nscale Ltd. was said to be in talks on a $45 billion computing deal with Anthropic PBC. Walmart Inc. is poised to raise about $6.5 billion from the sale of US and Canadian dollar bonds as the world’s largest retailer seeks to diversify its funding sources amid a spending spree. National Australia Bank Ltd. is cutting up to 2,500 roles across its workforce to reduce duplication and speed up decision making, and said it will also use fewer consultants and contractors. Some of the main moves in markets:
Stocks
S&P 500 futures rose 0.1% as of 8:11 a.m. Tokyo time Hang Seng futures were unchanged Australia’s S&P/ASX 200 fell 0.9% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1212 The Japanese yen was little changed at 158.54 per dollar The offshore yuan was little changed at 6.6821 per dollar The Australian dollar was little changed at $0.6981 Cryptocurrencies
Bitcoin was little changed at $81,936.57 Ether rose 0.2% to $2,403.71 Bonds
Australia’s 10-year yield advanced seven basis points to 5.30% Commodities
West Texas Intermediate crude was little changed Spot gold fell 0.2% to $4,134.02 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Ruth Carson.
©2026 Bloomberg L.P.
