U.S. stock futures traded mixed on Monday morning following a strong October, as investors look forward to major earnings reports, including those from artificial intelligence (AI)-related stocks Advanced Micro Devices (AMD) and Palantir Technologies (PLTR). Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were up 0.53% and 0.20%, respectively, while futures tied to the Dow Jones Industrial Average (DJIA) were down 0.12% at 8:18 a.m. EST on November 3.
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All three major indexes ended higher in October, with the Nasdaq Composite leading the way with a 4.7% gain. In comparison, the S&P 500 and the Dow Jones rose 2.3% and 2.5%, respectively. The rally was driven by optimism about AI stocks amid strong spending and an easing of U.S.-China trade tensions.
Meanwhile, major earnings releases are lined up this week, including results from Palantir Technologies, Advanced Micro Devices, Super Micro Computer (SMCI), Uber (UBER), Pfizer (PFE), Rivian (RIVN), Qualcomm (QCOM), Lucid Group (LCID), McDonald’s (MCD), AMC Entertainment (AMC), Archer Aviation (ACHR), and D-Wave Quantum (QBTS).
Coming to trending stocks, Kenvue (KVUE) shares rallied 20% on news of acquisition by Kimberly-Clark (KMB). In contrast, KMB stock was down 17%. Meanwhile, Iren (IREN) stock soared 22% as the data center company struck a deal with Microsoft (MSFT) to provide Nvidia (NVDA) GB300 GPUs over a five-year period for $9.7 billion. Also, Nvidia stock was up 2% after the U.S. approved the sale of the semiconductor giant’s chips to the UAE.
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