US Futures Rebound Monday After Friday Tech Rout as Midterm Elections and Apple Earnings Loom

US stock index futures steadied on Monday, November 2, after a sharp technology-driven selloff on Friday rattled Wall Street to close out October. At 7:01 a.m. ET, Nasdaq 100 E-minis were up 0.74%, S&P 500 E-minis gained 0.46%, and Dow E-minis rose 0.49%, with Asian markets also posting gains to offer early relief. The VIX stood at 18.94 and the 10-year Treasury yield held at 4.92%, reflecting lingering caution despite the futures bounce.

Investors face a pivotal week crowded with catalysts. Apple and Palantir are set to report earnings Monday afternoon, drawing particular attention after last week's AI spending and valuation concerns helped trigger the tech selloff. Micron Technology gained more than 2% in premarket trade to $905.49 as semiconductor stocks rebounded, while Rivian advanced 6.20% and Perion Network surged 30.46% to $11.35 following corporate updates. The most dramatic premarket move came from Inovio Pharmaceuticals, which jumped 253.59% to $2.13 on volume exceeding 14.8 million shares.

The US midterm elections on Tuesday are the other dominant focus. Prediction platform Polymarket put Democratic odds of retaking both the House and Senate at 68%, and analysts flagged that a Democratic sweep could pressure equities given its implications for Wall Street's top policy priorities. Bloomberg and other outlets noted that stock bulls were broadly betting on a post-midterm rally regardless of outcome, though a divided Congress was seen as a more benign scenario for markets.

European stocks were flat Monday as the Iran war ceasefire hopes pushed oil sharply lower, easing one pressure point for global markets. In India, the BSE Sensex surged 1,233.25 points or 1.66% to 75,692.78 and the Nifty 50 climbed 387.70 points or 1.68% to 23,440.80, led by Reliance Industries which soared 11.60% after reporting a 41% year-on-year rise in net profit to 25,548 crore rupees for Q2 FY27. Record October passenger vehicle wholesales of 5.25 to 5.30 lakh units, up 13% to 15% year on year, lifted the Nifty Auto index as much as 1.6% intraday.