Home / Business and Economy / AI Selloff Ends: Apple Earnings & Midterms Loom
AI Selloff Ends: Apple Earnings & Midterms Loom
2 Nov
Summary
- Stock futures show gains ahead of a busy week for markets.
- AI and chip stocks lost $5 trillion in market value since October 6.
- Apple reports earnings Monday, with iPhone 18 sales in focus.
Stock futures indicated a positive opening for a week filled with significant economic events. This follows a recent, sharp decline in the market, primarily affecting AI and chip stocks, which together lost an estimated $5 trillion in value since October 6. Despite this tech sector downturn, other large U.S. stocks showed resilience, adding value.
Several key events are on the horizon. Apple is set to release its earnings report after market close on Monday, with sales of the iPhone 18 expected to be a major point of discussion. The company remains the world's most valuable, recently surpassing Nvidia. Additionally, U.S. midterm elections will take place on Tuesday, and the October jobs report is due Friday.
The oil market is also a focal point, with West Texas Intermediate crude trading above $104 a barrel, its highest point in months. This surge is influenced by ongoing geopolitical factors and OPEC+'s decision to maintain current output targets. Analysts are debating the future direction of the market, considering historical trends that suggest a strong performance period from late autumn through the following June.
