Nasdaq futures fell as oil prices rose. With earnings announcements approaching, tech stocks and individual share movements became the market's focus.
Around the start of Tuesday's trading session, Nasdaq 100 futures fell. Before the open, CoreWeave was down 3.1%, Nebius Group had fallen 2.9%, Apple was down about 1%, and Nvidia also edged lower. Brent crude rose 1.7% to around $111 a barrel, while signs that the rally was running out of steam grew.
Following the rebound in oil prices, investors were reassessing the weakness in AI-related stocks while gauging a potential reversal of the sharp technology-stock selloff through the previous day. SpaceX and Netflix are due to report earnings this week, while Meta Platforms and Tesla are also expected to release results.
South Korean AI infrastructure company Elice Group traded about 30% below its IPO price from the first day of its listing. The offering raised approximately KRW 201.1 billion.
In the futures market, Dow E-mini futures rose 0.22%, S&P 500 E-mini futures fell 0.09%, and Nasdaq 100 E-mini futures fell 0.5%. Investors were closely watching oil prices as they priced in a risk premium reflecting geopolitical risks.
3M's share price rose about 3.9%. The company announced an expansion of its commercial relationship with Amazon and granted rights through warrants allowing an Amazon subsidiary to purchase 3M common stock. Steel Dynamics fell about 6.3% after its third-quarter earnings came in below market expectations.