Before the bell: Nasdaq 100 futures up 1.0% after the AI rout, French stocks fall 1.3%, WTI near $98
Futures are recovering part of Friday's selloff while French bond yields jump on weekend unrest. Oil is lower, the 10-year yield is near 5.09%, and the U.S. data calendar is empty today.
U.S. stock futures are higher before Monday's open as investors try to stabilize after the AI-linked selloff that cost the Nasdaq 100 about 5.5% last week. Overseas the mood is weaker: France's CAC 40 is down about 1.3% after a weekend of unrest, and the extra yield France pays over Germany sits near its highest since the euro-area debt crisis, CNBC reported.
Where markets stand
Futures quotes below were read from Yahoo Finance at about 6:21 AM ET and compared with Friday's settlement. Premarket volume is thin, so moves can change quickly by 9:30.
| Instrument | 6:21 AM ET | Versus Friday's settle |
|---|---|---|
| S&P 500 futures | 7,741.25 | +0.48% |
| Nasdaq 100 futures | 29,698.50 | +1.04% |
| Dow futures | 52,186 | -0.05% |
| Gold futures | $4,186.00 | +0.12% |
| WTI crude | $98.43 | -2.94% |
| Brent crude | $108.74 | -1.02% |
The pattern matters: the bounce is concentrated in the technology index, while Dow futures are flat. Friday's damage was also concentrated, as we detailed in our Friday close report. CNBC said CoreWeave, which fell 25.21% last week, was up about 3% premarket and Intel nearly 4% after a JPMorgan upgrade to neutral from underweight. A Goldman Sachs trading note quoted by CNBC says AI-related credit spreads are at their widest of the year and that Friday saw the second-highest put volume on record for a day, behind June. That is a description of positioning, and it does not say which way stocks go next.
Rates and the dollar
The Treasury's par curve showed the 10-year yield at 5.09% on Friday. CNBC had it at 5.0854% this morning, with the 2-year near 4.73% and the 30-year near 5.42%. Our board shows the fed funds rate at 3.88%, and the Fed meets October 28. The euro is down about 0.3% against the dollar at 1.1207 on our board; CNBC notes it is down around 4.4% for the year.
Overseas and company headlines
- France: the 10-year French yield rose more than 10 basis points, per CNBC, with more than 2,000 arrests over the weekend. The budget vote is Tuesday, as covered in last night's Nightcap.
- Europe and Asia: CNBC put the Stoxx 600 down 0.82%, Germany's DAX down 1.1% and the FTSE 100 down 0.94%. Japan's Nikkei closed 0.62% lower while South Korea's Kospi gained 1.76%.
- Barclays: shares fell almost 2.5% after the Financial Times reported the Bank of England is examining a complaint about how the bank classified swaps tied to private credit loans, according to CNBC. CNBC had asked Barclays and the Bank of England for comment.
Today and this week
Our economic calendar shows no major U.S. data release today. Tuesday brings building permits (forecast 1.395 million, prior 1.394 million), with jobless claims Thursday and the flash PMI Friday. Netflix reports Tuesday after the close, and Meta and Tesla report Wednesday after the close, per our week-ahead piece.
Bitcoin trades at $82,090 on Coinbase, up 0.13% over 24 hours, and Ether at $2,417, up 0.05%.
Sources: Yahoo Finance futures quotes (about 6:21 AM ET), CNBC live updates, CNBC on France, U.S. Treasury, Chronicle markets board, Coinbase. Some data may be delayed. This is market information, not investment advice.
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