Futures Rebound as Wall Street Faces Its Biggest Week: Midterms Tuesday, Jobs Friday
A calmer Monday after a bruising Friday
US stock futures rebounded on Monday, November 2, after one of the ugliest weeks of the year for technology shares. Contracts tied to the Nasdaq-100 rose about 0.84%, S&P 500 futures gained roughly 0.43–0.51%, and Dow Jones futures added about 0.29–0.55% in early trading, as investors returned cautiously to equities following Friday's selloff. That selloff set the tone for the week ahead: the S&P 500 fell 1.82% on Friday to 7,580.07, its worst day since June; the Nasdaq Composite slid 2.86% to 25,437, its steepest decline since June 5 and its worst month since March 2025; and the Dow Jones Industrial Average lost 1.09% to 51,770. For the full week, all three indexes fell for a third consecutive week — the S&P 500 down about 0.57%, the Nasdaq down 2%, and the Dow down 0.85% — their longest losing streak since March. Monday's futures bounce is therefore a relief rally, not yet a reversal: it recovers a fraction of Friday's losses, and it arrives before any of the week's real tests have been taken.
Why this week is different: three catalysts, not one
What makes this week unusually loaded is that three separate forces collide in five days. First, politics: voters decide all 435 House seats and 35 Senate seats in the US midterm elections on Tuesday, November 3, with polls pointing to a possible Democratic sweep and the regulatory outlook for data centres and AI investment in the balance. Second, earnings: Apple and Palantir report after Monday's close — Apple, with a market capitalisation of about $5.03 trillion and up roughly 27% year-to-date against the S&P 500's 11%, is the single most important report of the week — followed by AMD on Tuesday and Qualcomm, Arm and Arista Networks later in the week, plus McDonald's, Pfizer, Uber and others across the calendar. Third, the labour market: the October employment report lands Friday, November 6, with economists surveyed by Dow Jones expecting nonfarm payrolls to rise by 55,000. September payrolls rose just 29,000, with a three-month average of about 50,000, so Friday's number will be read as evidence on whether the labour market is cooling, stalling, or stabilising — and, with the Federal Reserve openly divided over a December rate move, it will carry unusual weight for rate expectations.
The data calendar in between
Between the headline events sits a run of data that can move markets on its own. Monday brings the ISM manufacturing survey — September's reading was 54.5, with a prices-paid index of 77.9 — followed by the JOLTS job-openings report on Tuesday and ADP private payrolls on Wednesday, with the ISM services survey also due Wednesday. Friday's selloff also had a stock-specific accelerant worth remembering: Intel fell about 29% on Friday, its steepest one-day decline since 1974, after reporting third-quarter revenue of $16.51 billion, up 21% year over year, with earnings of 52 cents per share — a reminder that in this earnings season, even revenue growth has not protected shares when investors doubt the return on AI spending. The broader October story is the same tension: the Nasdaq's worst month since March 2025 came as AI capital-expenditure worries pressured major technology shares, while the Dow actually gained nearly 2% in October as investors shifted toward defensive sectors such as healthcare. Monday's rebound, led by Nasdaq futures, is the market testing whether that rotation has gone far enough — or whether Tuesday's vote and Friday's jobs data give it a new reason to run.
FAQ
How much did futures rebound Monday? Nasdaq-100 futures rose about 0.84%, S&P 500 futures about 0.43–0.51%, and Dow futures about 0.29–0.55% in early trading — premarket indications, not closes.
How bad was Friday? The S&P 500 fell 1.82% to 7,580.07, the Nasdaq fell 2.86% to 25,437, and the Dow fell 1.09% to 51,770.
When are the midterms? Tuesday, November 3 — all 435 House seats and 35 Senate seats.
When is the jobs report, and what is expected? Friday, November 6; economists surveyed by Dow Jones expect nonfarm payrolls up 55,000.
Who reports Monday after the close? Apple and Palantir, among the week's most-watched earnings.
For related reading, see the CPI inflation-report guide at https://zimbuck.com/blogs/792/How-to-Read-a-CPI-Inflation-Report-Headline-vs-Core and the external source at https://www.tipranks.com/news/u-s-stock-futures-rise-as-investors-eye-earnings-midterm-elections-and-jobs-report
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This article is market news and general information only, not financial advice.
