Stock Futures Rise Ahead of Apple Earnings and Midterm Elections

Stock Futures Rebound Ahead of Apple Earnings and Midterm Elections

Early Monday morning, stock futures ticked upward following a negative stretch on Wall Street, with market participants getting ready for a heavy schedule featuring earnings reports, employment data, and the upcoming midterm elections. S&P 500 futures traded up 0.47%, while Nasdaq-100 futures gained 0.87%. Futures linked to the Dow Jones Industrial Average added ground, attempting to claw back losses after the major averages suffered a losing week, bogged down by selling pressure in tech.

The Bottom Line: S&P 500 futures advanced early Monday, recovering slightly after a losing week driven by artificial intelligence spending scrutiny.

Apple prepares to report earnings after the closing bell with iPhone 18 sales taking center stage.

Voters head to the polls on Tuesday for the midterm elections while oil prices trade amid ongoing conflict.

The Artificial Intelligence Capital Expenditure Debate

Selling pressure resumed later in the week after both Alphabet and Microsoft posted lower-than-expected capex forecasts, while Amazon left its full-year capex guidance unchanged. The tech-heavy Nasdaq and the S&P 500 logged a losing October as a result, with the Nasdaq suffering its worst losses since March 2025.

Big Tech Earnings Week Looms As Tesla (NASDAQ: TSLA) Stock Surge Lifts Broader Markets Monday — Photo: Foreign Policy Journal

Yahoo Finance calculations noted that the broader AI and chip stock selloff since October 6 has erased about $5 trillion in market value among major leaders, even as the remaining 625 large U.S. stocks in that tally added roughly $1.3 trillion. Despite the tech rout, 3Fourteen Research’s Warren Pies expressed confidence in the underlying fundamentals, stating he sees nothing fundamentally broken with the AI trade.

Investing.com reported that Nvidia’s valuation slipped to $4.93 trillion following a 4.2% stock drop amid renewed investor caution regarding aggressive AI infrastructure outlays. Meanwhile, Tesla surged 5.21% to lead equity advances while Microsoft shares climbed 1.54% ahead of their scheduled disclosures.

Apple Earnings Take Center Stage on Wall Street

Corporate earnings remain the dominant microeconomic driver for the week, anchored by Apple. Apple enters its earnings report as the world’s most valuable company, closing Friday with a market capitalization of approximately $5.03 trillion—narrowly ahead of Nvidia at $4.93 trillion. Apple stands out as the only Magnificent Seven stock outperforming the broader S&P 500 index this year, posting a gain of about 27% compared to the index’s roughly 11% advance.

Stock Futures Rise Ahead of Apple Earnings and Midterm Elections — Photo: Yahoo Finance

Apple’s results represent a critical test for the company under CEO John Ternus, as markets evaluate whether new product rollouts and consumer AI strategies can sustain revenue growth in an environment characterized by rising input costs. Alongside Apple, Palantir and other major enterprises are scheduled to report quarterly results.

Midterm Elections and Macroeconomic Data Releases

Beyond corporate disclosures, macro catalysts include the U.S. midterm elections on Tuesday and the October jobs report due Friday. Historical market patterns show that stocks tend to stay steady regardless of which party gains control of Congress. All 435 seats in the House of Representatives and 35 Senate seats are up for election.

David Rubenstein on how the midterm elections could impact the stock market

Concurrently, commodity markets are reacting to geopolitical supply pressures. West Texas Intermediate crude opened lower Sunday after settling Friday above $104 a barrel—its highest close since mid-September—as the Strait of Hormuz remains effectively shut during the ninth month of the Iran war and OPEC+ maintains its December output targets. On Monday, crude quotations slid in excess of 3% as optimism regarding diplomatic progress to resolve the U.S.-Israeli conflict with Iran mitigated immediate worries about supply interruptions, bringing January delivery futures down to $109.70 per barrel.

International markets displayed mixed performance, with Japan’s Nikkei 225 gaining 0.33% and South Korea’s Kospi leading regional gains with a 2.38% surge.

Disclaimer: The information provided in this article is for educational and market analysis purposes only and does not constitute financial, investment, or legal advice. Always consult with a certified financial professional before making investment decisions.