US Stock Futures Rise as AI Stocks Steady After Brutal October

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US stock futures rose on Monday, November 2, 2026, as technology and AI related stocks steadied after a very weak October. Futures are contracts that point to where the market may open, so a rise in futures does not guarantee a rise when trading starts, but it showed a calmer mood after last week heavy selling. Investors were turning to the US midterm elections on Tuesday, a busy week of company results, and the October jobs report on Friday.

What happened

Reuters reported on November 2 that US stock index futures were higher on Monday. At 5:15 a.m. ET, Dow E-minis were up 270 points, or 0.52 percent, S&P 500 E-minis were up 39.75 points, or 0.52 percent, and Nasdaq 100 E-minis were up 253.5 points, or 0.89 percent. TipRanks reported a similar early picture, with Nasdaq 100 futures up 0.84 percent, S&P 500 futures up 0.43 percent, and Dow futures up 0.29 percent as of 1:38 a.m. EDT, which supports the direction of the Reuters report even though the exact figures differ by time.

The rebound came after a dismal October for AI and tech shares. Reuters reported that the tech heavy Nasdaq 100 shed more than 2.5 trillion dollars in market value last month and was on the brink of entering correction territory. Investors grew wary of Big Tech soaring AI spending while waiting for stronger returns. Several companies have also tapped the bond market to fund those investments, which raised concern that debt funded spending will be harder to justify if borrowing costs rise.

Sentiment last week was mostly negative. Media reports on Friday said OpenAI had slashed the target for its latest funding round by 10 billion dollars. A separate report said Blackstone told investors that Anthropic may not secure an investment grade rating after its IPO.

On Monday, the mood improved in premarket trading, with most megacap and growth stocks rising. SpaceX and Alphabet were among the top gainers. Intel inched 0.2 percent higher after its worst one day fall since the 1980s on Friday, when it forecast quarterly revenue below market estimates and said it does not expect positive cash flow this year. Apple eased 0.4 percent ahead of its quarterly earnings due after the bell on Monday. Rival AMD is set to report later in the week.

Oil also helped sentiment. Reuters reported that oil prices fell more than 4 percent as talks between Iranian and Qatari officials on a deal to end the US Israeli war on Iran raised hopes that Middle East supply disruptions could ease. TipRanks reported Brent crude down 3.05 percent to 109.97 dollars per barrel and WTI down 3.37 percent to 100.63 dollars per barrel at the time of its report, again showing the same falling direction at a different time.

Among early moving stocks, Okta gained 3.6 percent after S&P Dow Jones Indices said the identity management firm was to join the S&P 500, replacing Kenvue. Estee Lauder and Marriott International were among the prominent companies reporting before the bell on Monday.

Why it matters for beginners

A futures rise is best read as a morning signal, not a result. Futures trade before the main market opens and give a rough idea of the opening mood. The main market can still move in either direction during the day, especially in a week with elections, earnings, and a jobs report.

The October background matters because it explains why Monday felt like a pause rather than a celebration. When a market index loses more than 2.5 trillion dollars in value in a month, as Reuters reported for the Nasdaq 100, investors start asking a simple question: will the huge spending on AI turn into enough profit and cash flow to justify it? That question is linked to our earlier post on the Nasdaq facing a more than 2 trillion dollar wipeout in October as AI spending fears deepened. Monday futures rise did not answer that question. It only showed that selling had paused for the morning.

The midterm elections matter for markets because they can change who controls Congress and therefore what tax, spending, and regulation plans are likely to pass. Reuters reported that Democrats are widely predicted to win the House of Representatives, while the Senate is more in doubt. Janus Henderson Investors global head of client portfolio management Seth Meyer was quoted as saying midterm elections tend to be unfavourable events for the party in power, and that a Democratic victory in the House would return the US to divided government, which he said is hardly unusual.

What to watch next

Watch Apple earnings after the bell on Monday. Apple reports later on Monday, and investors will look at revenue, profit, and iPhone sales, and at what the company says about costs. A strong or weak result from a company that large can move the wider tech market.

Watch the midterm elections on Tuesday, November 3. The results will show whether Democrats can wrest control of Congress away from President Donald Trump Republican Party, as Reuters put it. Markets often react to the balance of power, not just to who wins a single seat.

Watch the October jobs report on Friday, November 6. Jobs data feeds into expectations for interest rates. Strong jobs growth can support the economy but can also keep inflation pressure higher, while weak jobs growth can raise concern about growth. The Fed held rates at 3.75 to 4.00 percent on October 28, and the next jobs report will be one of the last big data points before the December meeting discussion intensifies.

Watch oil and the Iran talks too. If talks progress, lower oil prices could ease inflation pressure. If talks break down, oil could rise again and add to the cost pressure that has already worried central banks.

FAQ

What are stock futures?

Stock futures are contracts that let traders bet on where an index will be in the future. Before the market opens, futures prices give a rough signal of the opening direction. They are not a promise of where the market will close.

Why did tech stocks fall so much in October?

Investors worried that Big Tech is spending very large sums on AI data centres and infrastructure, funded in part by debt, without yet showing enough return. Disappointing results from Alphabet, Amazon, and Intel added to that worry in the final days of October.

What does correction territory mean?

A correction is usually described as a fall of 10 percent or more from a recent peak. Reuters said the Nasdaq 100 was on the brink of entering correction territory after its October fall, which means it was close to that 10 percent line.

Why do midterm elections matter for beginners?

Midterms decide control of the House and Senate. That control shapes what laws can pass on tax, spending, and regulation. Markets watch the result because it can change the outlook for companies and for government borrowing.

Should a beginner act on a futures rise?

No. A morning futures move is a short term signal, not a reason to buy or sell. It is most useful as a way to understand the mood before the market opens, and to follow how earnings, elections, and jobs data change that mood during the week.