Before the Bell
Nasdaq 100 futures are up +1.1% and S&P 500 futures +0.45% this morning, a rebound attempt after chipmakers logged their longest losing streak since 2008 on doubts about how AI infrastructure spending will be financed. Dow futures are slightly lower at -0.2%. Oil is easing, with Brent crude down 1.3% to about $108, after President Trump signed an order waiving some sanctions on Russian energy revenue, and the 10-year Treasury yield has dipped to about 5.08%. With the Fed in its pre-meeting quiet period, earnings and the tech rebound hold the stage.
On Friday the S&P 500 fell 1.1% to 7,659.44, the Nasdaq Composite dropped 2.1% to 26,140.03, and the Dow lost 0.3% to 52,002.41. Chips led the decline: Intel fell 5.8% and Micron 5.6%. Overnight, China's third-quarter growth of 4.5% came in slightly above forecasts, Japan's Nikkei slipped about 0.6% and Hong Kong was closed for a holiday. Europe's Stoxx 600 is down about 0.7%, weighed by protests across the euro zone and Dutch natural gas prices at their highest since 2022.