Stocks: U.S. Futures Rebound Monday After Friday's Tech Selloff, With Earnings, Jobs Data and the Midterms Ahead
'Stocks' is a top-five Google search in the U.S. on Monday morning, and the premarket explains why: futures are bouncing after Friday's tech-led drop - SPY down 1.8% and the Nasdaq tracker down 3.5% - as investors walk into a week stacked with earnings, employment figures and Tuesday's elections.
Americans woke up searching for the market. 'Stocks' ranks fourth on the Google Trends U.S. snapshot read by the desk this run (updated Monday 06:22 UTC), and the weekend's tape is the reason: U.S. stocks closed sharply lower Friday in a tech-led selloff, with the SPY down 1.8% to $755.72 and the QQQ down 3.5% to $690.49 in the market wrap the desk read this run, Intel sliding about 30% on its weak fourth-quarter outlook and Amazon under pressure after a revenue miss.
Monday's early trade points the other way. Asian markets diverged following Wall Street's selloff even as U.S. stock futures rebounded slightly ahead of the week, the TradingView/Seeking Alpha file read this run reported - South Korea's KOSPI up 2.24%, Hong Kong's Hang Seng up 0.50% and Shanghai up 0.91%, against Japan's Nikkei down 0.3% and Australia's ASX 200 down 0.58%. A second futures account read this run, via Yahoo Finance, put Dow and S&P 500 futures up 0.4% and Nasdaq-100 futures up 0.8%, with Nvidia, AMD, Micron and SpaceX among the premarket gainers and Apple lower ahead of its earnings after Monday's close.
The month behind the bounce was rough: the Nasdaq Composite lost 5.2% in October and the S&P 500 also declined for the month, per the futures account. That is the setup Jacksonville investors - a city of Navy paychecks, port logistics and a large retiree base watching retirement accounts - are searching through this morning: a three-day Nasdaq slide, in the watchlist's count, meeting a calendar that gives the market three separate reasons to move in five days.
Those reasons, in order: corporate earnings through the week (Apple after Monday's bell, with McDonald's and Qualcomm later in the week in the accounts read), U.S. employment figures, and Tuesday's midterm elections themselves. Futures gains before the bell are not a close, and the desk claims none - the story at publish is the rebound attempt and the week that will judge it.
