Stock futures are showing a positive start to the week, with the Nasdaq and S&P 500 futures rising after last week's losses. Nasdaq futures are up 1.3%, while S&P 500 futures have gained 0.5%. However, Dow Jones Industrial Average futures are down 0.2%. The tech sector is leading the recovery after a sharp sell-off last week, which drove the Nasdaq and S&P 500 lower. WTI crude oil futures have dropped 1% to $100.40 per barrel, following a surge on Friday due to attacks in the Strait of Hormuz. Gold futures are steady at $4,185 an ounce, and bitcoin has rebounded to $82,500 after dipping to $80,600 over the weekend. The 10-year Treasury yield has ticked higher to 5.10%.
Earnings season continues this week, with major companies like Meta Platforms (META), Tesla (TSLA), and Netflix (NFLX) set to report. Tomorrow, GE Aerospace (GE) and General Motors (GM) will release their earnings before the market opens, followed by Netflix, United Airlines (UAL), and Alaska Air Group (ALK) after the closing bell. AT&T (T) reports on Wednesday, along with Meta, IBM (IBM), Southwest Airlines (LUV), and Tesla. Procter & Gamble (PG), Comcast (CMCSA), American Airlines (AAL), and Spotify (SPOT) will report on Thursday, with Western Digital (WDC) following after the bell. American Express (AXP) closes out the week on Friday.
Tech stocks are bouncing back after last week's sell-off, with shares of Nvidia (NVDA), Intel (INTC), Broadcom (AVGO), Advanced Micro Devices (AMD), Micron (MU), and Sandisk (SNDK) all higher in premarket trading. The Roundhill Memory ETF (DRAM) is up 4.5%, while the iShares Semiconductor ETF (SOXX) has gained 3%. Concerns about international competition, AI financing sustainability, and returns on investments have weighed on the sector recently.
Elon Musk announced on social media that he plans to give 'one of my SpaceX (SPCX) shares to every kid in America' next year, calling it 'the first of many.' Musk owns nearly 50% of SpaceX's equity, and based on Friday's closing price, the gift would be worth about $10.5 billion. SpaceX shares are up 1% at $146 in premarket trading. The news follows Anthropic's recent commitment to donate at least 5% of its shares to a public benefit fund.
Bitcoin is rallying to start the week, trading at $82,500 after briefly dipping below $80,000 last week. Cryptocurrency-related stocks like Coinbase (COIN), Robinhood (HOOD), Mara Holdings (MARA), Strategy (MSTR), and Circle (CRCL) are all higher in premarket trading.