U.S. stock futures declined early Tuesday following a rally driven by artificial intelligence (AI) optimism. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 1.25%, 0.94%, and 0.73%, respectively, at 3:41 a.m. EST on November 4.
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During Monday’s regular trading session, the three major indexes closed mixed as worries about a potential “AI bubble” weighed on sentiment. Tech giant Amazon (AMZN) announced a $38 billion deal with OpenAI, under which Amazon Web Services (AWS) will supply the computing power to train and run OpenAI’s next-generation AI models. The Nasdaq Composite rose 0.46%, the S&P 500 added 0.17%, while the Dow Jones slipped 0.48%.
After markets closed, big data company Palantir Technologies (PLTR) reported strong Q3 results and upbeat guidance, backed by solid momentum in its Artificial Intelligence Platform (AIP). Additionally, medications and personal care products seller Hims & Hers Health (HIMS) reported mixed Q3 results, with sales beating but earnings missing consensus estimates.
Looking ahead, investors are closely watching upcoming earnings reports from Advanced Micro Devices (AMD), Super Micro Computer (SMCI), Rivian (RIVN), Uber (UBER), Pfizer (PFE), and Pinterest (PINS).
Meanwhile, no major economic data releases are expected today due to the ongoing U.S. government shutdown.
Notably, the U.S. 10-year Treasury yield was down, floating near 4.09%. WTI crude oil futures were trending lower, hovering near $60.67 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price decreased to nearly $4,004 per ounce on Tuesday.
Elsewhere, in Europe, stocks opened lower on November 4 amid a slew of corporate earnings releases and profit-taking by investors.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded in the red on Tuesday as investors assessed central bank policy signals and high equity valuations.
Hong Kong’s Hang Seng index declined 0.79%. In China, the Shanghai Composite fell 0.41%, and the Shenzhen Component lost 1.67%. Meanwhile, Japan’s Nikkei slid 1.74%, and the Topix fell 0.65%.
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