U.S. stock futures were slightly lower early Tuesday, giving back some gains after markets witnessed a record-setting rally in the previous session. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.18%, 0.17%, and 0.24%, respectively, at 4:39 a.m. EST on October 7.
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During Monday’s regular trading session, the S&P 500 and the Nasdaq continued their winning streak even as the U.S. government shutdown entered its second week. The S&P 500 closed at a new record high for the 32nd time this year, marking its seventh consecutive day of gains, while the tech-heavy Nasdaq Composite recorded its 31st all-time high of 2025. The S&P 500 advanced 0.36%, and the Nasdaq 100 added 0.71%. However, the Dow ended the session lower, down 0.14%.
Markets are witnessing broader optimism driven by accelerated M&A activity, renewed enthusiasm for artificial intelligence (AI) stocks, and growing expectations for an interest rate cut at the upcoming Federal Reserve meeting. Notably, chipmaker AMD (AMD) and ChatGPT maker OpenAI announced a multibillion-dollar chip deal, which includes an option for OpenAI to acquire up to a 10% stake in AMD. This news sent technology shares sharply higher on Monday, with semiconductor stocks across the globe reacting positively.
This week, market focus centers on the Federal Reserve’s minutes scheduled for release Wednesday afternoon, along with upcoming speeches from several Fed officials, including Vice Chair Michelle Bowman, Governor Stephen Miran, and Minneapolis Fed President Neel Kashkari. With no major economic data releases expected due to the government shutdown, these insights are being watched closely for indications into the Fed’s monetary policy outlook.
There are no major earnings releases scheduled for today.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.16%. WTI crude oil futures were trending lower, hovering near $61.65 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $3,950 per ounce on Tuesday.
Elsewhere, European stocks opened mixed on October 7, as the French political crisis continued to weigh on investor sentiment.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets traded mixed on Tuesday, with Chinese and Hong Kong markets remaining closed for the Mid-Autumn Festival holiday. Meanwhile, Asian chip stocks soared today following AMD’s stock rally.
Japan’s Nikkei ended the session modestly higher after touching another record intraday peak, while the Topix surged 0.06%. Japanese investors were encouraged by the ruling Liberal Democratic Party’s election of Sanae Takaichi as its new leader, which was announced on Monday.
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