U.S. Stock Futures Surge as AMD and Palantir Earnings Loom
U.S. stock futures rose early on November 3, 2023, as investors focused on upcoming earnings releases from Advanced Micro Devices (AMD) and Palantir Technologies (PLTR). Futures for the Nasdaq 100 (NDX), S&P 500 (SPX), and Dow Jones Industrial Average (DJIA) recorded increases of 0.25%, 0.13%, and 0.02%, respectively, at 3:45 a.m. EST.
Market Momentum Builds
After a robust performance in October, November is expected to maintain this upward trend. Last month, all three major U.S. indexes ended positively: the S&P 500 climbed 2.3%, the Dow gained 2.5%, and the Nasdaq Composite led with a 4.7% increase. The surge was largely attributed to growing enthusiasm for AI-related stocks and easing trade tensions, influenced by discussions between President Trump and Chinese President Xi Jinping.
Focus on Earnings Reports
With the ongoing government shutdown limiting the release of key economic data, investors are turning their attention to the third-quarter earnings season. This week, over 100 companies are expected to announce their results, including major AI players like AMD and Palantir. Other significant companies reporting earnings include:
- Super Micro Computer (SMCI)
- Uber (UBER)
- Pfizer (PFE)
- Rivian (RIVN)
- Qualcomm (QCOM)
- Lucid Group (LCID)
- McDonald’s (MCD)
- IonQ (IONQ)
- Robinhood (HOOD)
- AMC Entertainment (AMC)
- Archer Aviation (ACHR)
- D-Wave Quantum (QBTS)
These earnings reports are anticipated to provide insights into sector trends and the broader economic landscape.
Current Economic Indicators
In the bond market, the U.S. 10-year Treasury yield decreased, settling around 4.09%. Furthermore, crude oil prices rose, nearing $61.26 per barrel. Gold prices also saw an uptick, approaching $4,022 per ounce on the same day.
Global Market Overview
Internationally, European markets opened mostly higher on November 3, as investors anticipated a week filled with corporate earnings announcements and updates on central bank policies. Meanwhile, Asia-Pacific markets experienced a generally positive trend, buoyed by optimistic sentiments stemming from the recent Trump-Xi meeting and favorable tech sector results. Specifically, the Hang Seng index in Hong Kong increased by 0.97%, while the Shanghai Composite and Shenzhen Component rose by 0.55% and 0.38%, respectively. Japan’s markets remained closed for the Culture Day holiday.
