The Nightcap: Nasdaq 100 futures up 0.85% at the Sunday reopen as Macron vows a crackdown on French riots
Futures reopened at 6 PM ET with a bounce after Friday's selloff, while oil slipped. France votes on its budget Tuesday after the worst unrest in years, and Yemen's war is pulling in Saudi Arabia and Egypt.
U.S. equity futures reopened at 6 PM ET and are trading higher, recovering part of Friday's drop, while crude oil is lower. The headline that matters most for Monday is political: French President Emmanuel Macron addressed the nation Sunday after a night of rioting, two days before the National Assembly votes on the 2027 budget.
Where futures are trading
Quotes below were taken from Yahoo Finance at about 8:51 PM ET Sunday and compared with the last Friday trade at 4 PM ET. Sunday-evening volume is thin, so moves can fade or grow quickly by Monday morning.
| Instrument | Sunday ~8:51 PM ET | Versus Friday's last trade |
|---|---|---|
| S&P 500 futures | 7,739.25 | +0.45% |
| Nasdaq 100 futures | 29,641.50 | +0.85% |
| Dow futures | 52,300 | +0.16% |
| Gold futures | $4,193.70 | +0.30% |
| WTI crude | $97.61 | -1.42% |
| Brent crude | $108.01 | -1.68% |
The Nasdaq 100 fell 2.5% at Friday's settle and 5.5% on the week, per our Saturday Nightcap, so tonight's bounce recovers about a third of Friday's loss. Bloomberg and Seeking Alpha headlines tonight describe the rebound as following a chip rout, and a Bloomberg headline ties weakness in Korean chip stocks to a new DeepSeek model and funding worries. We could only read the headlines, so treat that explanation as unconfirmed.
France: Macron promises accountability
In a televised address, CNBC reported, Macron said those who looted would have to pay for the damage and that those who "sought to bring down the Republic" would be held accountable. At least 1,800 people have been arrested. Authorities put Saturday's turnout at about 550,000 and organizers at about 800,000. Limoges' city hall was badly burned, and tear gas was used in Paris again Sunday.
The market link is Tuesday's budget vote, which we covered in Saturday's Nightcap. A Bloomberg headline tonight says the euro fell on Russia risk and the French protests; our board shows EUR/USD at 1.1225, down 0.12%. For a U.S. trader, the watch items at Monday's European open are the euro and the spread between French and German bond yields.
Yemen's war widens
According to Fortune, citing the Associated Press, Egypt's president vowed to use "any measure" to defend Saudi Arabia and is seeking authorization to deploy troops abroad as fighting with the Iran-backed Houthis escalates. A strike in Saada province killed at least nine people, according to the Houthi-run health ministry, which blamed Saudi Arabia; there was no immediate Saudi comment. Oil is lower tonight despite this, and a Reuters headline points to President Trump's Russia sanctions waiver as a reason, which we have not read in full. Brent at $108 is still near the $110 level it ended the week at.
What to watch at Monday's open
- Europe's open: euro, French government bond yields and any government response before Tuesday's budget vote.
- Oil: whether the Sunday dip holds with Houthi and Saudi fighting escalating.
- Tuesday, Oct. 20: building permits (forecast 1.395 million, prior 1.394 million), per our calendar.
- Wednesday, Oct. 28: Fed rate decision. The funds rate on our board is 3.88%; the 10-year yield closed Friday at 5.09% to 5.10%, and Treasury markets reopen Monday.
Crypto trades through the weekend: at 9:01 PM ET Coinbase showed Bitcoin at $82,200 (+0.94% over 24 hours) and Ether at $2,411 (+0.34%).
Sources: CNBC, Fortune/AP, Yahoo Finance futures quotes (about 8:51 PM ET), Chronicle markets board, Bloomberg, Seeking Alpha and Reuters headlines, Coinbase. Some data may be delayed. This is market information, not investment advice.
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