Stock Futures Rebound After AI Selloff as Oil Falls on Russia Waiver

US stock futures rose on Monday as buyers came back to the artificial intelligence trade after its worst week since late June. Nasdaq 100 futures gained about 1 percent in early trading and S&P 500 futures added 0.47 percent, while Dow futures were close to flat. The rebound followed a Friday close that capped the biggest weekly drop since late June for both the S&P 500 and the Nasdaq, and the Nasdaq's first losing week in more than a month.

The chip stocks that drove the selloff led the recovery before the opening bell. Broadcom rose 2.3 percent in premarket trading, Nvidia added 1.1 percent and CoreWeave climbed 1.3 percent after a brutal week for data centre stocks. Intel rose 3.8 percent after JPMorgan raised its rating on the stock to neutral from underweight, pointing to strong demand linked to AI computing. Our separate report on the chip rebound has the full detail on last week's damage, including an 11.4 percent weekly fall in the Philadelphia semiconductor index.

Oil gave the rally a push. Brent crude fell 1.8 percent to about $107 a barrel after President Donald Trump waived key Russia sanctions that were due to take effect this week, a move that could let more Russian barrels reach buyers. US crude fell about 1 percent to $100.40 a barrel. Prices are still far above where they stood before the attacks around the Strait of Hormuz, and Iran said on Sunday that another tanker had hit a mine in the strait, so the relief may not last.

Crypto overnight

Bitcoin steadied near $82,000 after a weekend low near $80,600, holding most of its ground while stock futures rose. Ether traded near $2,400 and Solana near $104, both slightly lower on the day. XRP changed hands at about $1.30. Crypto linked stocks rose with bitcoin in early trading, according to Investopedia's morning briefing. The calm in crypto was a change from last week, when the AI stock rout pulled risk assets down together.

Key numbers

• Nasdaq 100 futures: up about 1 percent early Monday; S&P 500 futures up 0.47 percent; Dow futures up 0.03 percent
• Brent crude: down 1.8 percent to about $107 a barrel; US crude near $100.40
• Gold: little changed near $4,185 an ounce
• Bitcoin: near $82,000, up from a weekend low near $80,600; Ether near $2,400; Solana near $104
• US 10-year Treasury yield: about 5.09 percent, down from Friday
• India close: Sensex down 1.17 percent at 73,852.90; Nifty 50 down 1.11 percent at 22,888.95

Why it matters

For ordinary savers, the number that matters most in this tape is the 10-year Treasury yield near 5.09 percent. It sets the price of mortgages, car loans and credit cards, and it is the reason the AI trade wobbled last week: when safe government debt pays above 5 percent, investors demand more proof from expensive tech stocks. A week of big tech earnings now has to supply that proof. Tesla reports on Wednesday and SpaceX on Tuesday, with Meta, Netflix, General Motors and GE Aerospace also due this week.

For drivers and households, the oil drop matters more than the stock bounce. Cheaper crude after the Russia waiver points to some relief at the pump if the fall holds, though shipping and insurance costs through Hormuz are still keeping delivered prices high.

What happens next

The Federal Reserve meets on October 27 and 28, and futures markets will swing on every hint about whether rates stay this high into 2027. Before that, this week's earnings decide whether Monday's rebound is a recovery or a pause. In India, markets close on Tuesday for Dussehra, which shortens the trading week to four sessions.