Key Takeaways
- • S&P 500 futures edged higher early Monday, extending Friday's tentative recovery, after the cash index finished the prior week down about 2.7% amid sharp AI-stock swings.
- • Nikkei and Taiwan's benchmark each gained 2.5% early Monday, while MSCI's Asia-Pacific ex-Japan index rose 0.8% after losing 4.6% the previous week on chip-demand and data-center concerns.
- • Friday's payrolls report (165,000 jobs added in October, annual wage growth of 3.1%) lifted markets' December Fed hike probability to nearly 80%.
- • Tuesday's US CPI release at 8:30 a.m. ET is the next major checkpoint, with CoreWeave's earnings later the same day a test of AI infrastructure demand and financing.
- • Nvidia fell roughly 4% to $180.30 in overnight trading after the company said it was investigating whether CEO Jensen Huang was pulled into a Chinese spying case.
Summary
S&P 500 futures edged higher early Monday, extending Friday's tentative recovery after a week dominated by sharp swings in AI stocks. The cash index gained 0.31% on Friday but still finished the week down about 2.7%, according to the source report. The Nasdaq rose 1.1% on Friday while the Dow slipped 0.46%.
Asian markets led the rebound. Japan's Nikkei and Taiwan's benchmark each gained 2.5% early Monday, and South Korea's KOSPI was modestly higher. MSCI's Asia-Pacific index excluding Japan advanced 0.8% after losing 4.6% last week, when concerns about chip demand and data-center expansion triggered heavy selling.
Nvidia was a notable drag, falling roughly 4% to $180.30 in overnight trading from Friday's $186.64 close. The company said it was investigating whether CEO Jensen Huang had been drawn into a Chinese spying case involving his relationship with Singaporean Alice Huang. Huang also sent an internal letter to the company acknowledging he had been unfaithful to his wife of 40 years and vowing to try to save his marriage.
Rates and inflation remain the central macro concern. Friday's payrolls report, with 165,000 jobs added in October and annual wage growth of 3.1%, strengthened the case for another Fed hike. Markets subsequently priced nearly an 80% probability of a December increase. The dollar index was near 102.2 after its biggest daily gain in five months, with EURUSD around $1.1148 and USDJPY near ¥158.22. Tuesday's US CPI release at 8:30 a.m. ET is the next key test; a stronger reading could reinforce tightening expectations.
Elsewhere, Brent crude slipped toward $97.49 a barrel after Trump said fresh attacks on Iran were highly unlikely while peace talks progressed. Gold opened Monday near $4,100 an ounce. Bitcoin was down more than 2% near $73,700 and Ether about 5% lower at $2,200, with possible tighter US oversight cited as a concern. Earnings will broaden the focus: Constellation Energy reports before Monday's open, followed by Occidental, Take-Two, Rocket Lab and The Trade Desk after the close. CoreWeave reports later Tuesday, and Nebius, Applied Materials and Cisco are due later in the week.
Asian markets led the rebound. Japan's Nikkei and Taiwan's benchmark each gained 2.5% early Monday, and South Korea's KOSPI was modestly higher. MSCI's Asia-Pacific index excluding Japan advanced 0.8% after losing 4.6% last week, when concerns about chip demand and data-center expansion triggered heavy selling.
Nvidia was a notable drag, falling roughly 4% to $180.30 in overnight trading from Friday's $186.64 close. The company said it was investigating whether CEO Jensen Huang had been drawn into a Chinese spying case involving his relationship with Singaporean Alice Huang. Huang also sent an internal letter to the company acknowledging he had been unfaithful to his wife of 40 years and vowing to try to save his marriage.
Rates and inflation remain the central macro concern. Friday's payrolls report, with 165,000 jobs added in October and annual wage growth of 3.1%, strengthened the case for another Fed hike. Markets subsequently priced nearly an 80% probability of a December increase. The dollar index was near 102.2 after its biggest daily gain in five months, with EURUSD around $1.1148 and USDJPY near ¥158.22. Tuesday's US CPI release at 8:30 a.m. ET is the next key test; a stronger reading could reinforce tightening expectations.
Elsewhere, Brent crude slipped toward $97.49 a barrel after Trump said fresh attacks on Iran were highly unlikely while peace talks progressed. Gold opened Monday near $4,100 an ounce. Bitcoin was down more than 2% near $73,700 and Ether about 5% lower at $2,200, with possible tighter US oversight cited as a concern. Earnings will broaden the focus: Constellation Energy reports before Monday's open, followed by Occidental, Take-Two, Rocket Lab and The Trade Desk after the close. CoreWeave reports later Tuesday, and Nebius, Applied Materials and Cisco are due later in the week.
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