Stocks rise at start of week as Nvidia, data await: Markets Wrap

by Andre Janse van Vuuren and Macarena Muñoz 

Technology shares drove gains in US stock futures at the start of the week as investors looked ahead to earnings from Nvidia Corp. and the release of long-delayed economic data. 

Futures on the S&P 500 gained 0.5% as risk appetite improved following a volatile stretch. Nasdaq 100 contracts rose 0.7% amid premarket advances across most members of the Magnificent Seven. Bitcoin rebounded after erasing its year-to-date gains over the weekend. Treasuries strengthened across the curve, while the dollar edged higher. 

While artificial-intelligence bellwether Nvidia is scheduled to report on Wednesday, earnings from Target Corp. and Walmart Inc. in the coming days will provide insight into the health of consumers. Statistical agencies will also start working through a backlog of reports, including September’s jobs figures. 

Government funding resumed only late last week after a 43-day shutdown. The delay has left policymakers with limited visibility on the economy, prompting some Federal Reserve officials to warn that this could complicate decisions on an interest-rate cut next month. 

“Despite being dated, the September US payrolls matter as delayed data has left uncertainty for markets and policymakers,” said Ulrich Urbahn, head of multi-asset strategy and research at Berenberg. “The report will help clarify economic momentum and Fed rate-cut expectations.” 

Markets are getting some respite after last week’s volatility, which was sparked by fears that this year’s rally has become too dependent on a handful of tech giants. A debt-fueled race to scale up AI capacity has added to concerns that a bubble may be forming. 

Uncertainty over the possibility of a hawkish pivot by the Federal Reserve has heightened fears that this year’s gains have gone too far. Traders have pushed the odds of a quarter-point rate cut in December below 50% after some officials signaled that further easing is far from assured. 

The Fed will release minutes from its Oct. 28-29 meeting on Wednesday to shed light on an unusual split among policymakers. Fed voting members including Philip Jefferson, Christopher Waller and John Williams are due to speak later on Monday. 

“I do believe that the Fed still has the potential to cut in December, but that brings volatility,” Adrian Zuercher, co-head of Global Asset Allocation at UBS Global Wealth Management, told Bloomberg TV. “But overall, I do think markets are quite healthy and could actually go further up from here.” 

Corporate News: 

• Less than three weeks after Boeing Co. unveiled another delay for its flagship 777X airliner, Emirates is doubling down on the giant aircraft by placing another major order for 65 units. 
• Societe Generale SA unveiled a €1 billion ($1.2 billion) share buyback, a boost for investors who have been holding out for more payouts. 
• TotalEnergies SE agreed to buy a 50% stake in a portfolio of western European power-generation assets from the energy holding company of Czech tycoon Daniel Kretinsky for about €5.1 billion ($5.9 billion). 
• Prosus NV expects a surge in interim profit on the back of its growing e-commerce business and an increase in the value of the stake it owns in China’s Tencent. 

Some of the main moves in markets:  

Stocks 

• The Stoxx Europe 600 fell 0.2% as of 10:01 a.m. London time 
• S&P 500 futures rose 0.5% 
• Nasdaq 100 futures rose 0.7% 
• Futures on the Dow Jones Industrial Average rose 0.1% 
• The MSCI Asia Pacific Index fell 0.1% 
• The MSCI Emerging Markets Index rose 0.2% 

Currencies 

• The Bloomberg Dollar Spot Index rose 0.1% 
• The euro fell 0.2% to $1.1601 
• The Japanese yen fell 0.1% to 154.77 per dollar 
• The offshore yuan fell 0.1% to 7.1090 per dollar 
• The British pound was little changed at $1.3165 

Cryptocurrencies 

• Bitcoin rose 2.3% to $95,587.7 
• Ether rose 4% to $3,194.52 

Bonds 

• The yield on 10-year Treasuries declined three basis points to 4.12% 
• Germany’s 10-year yield declined two basis points to 2.70% 
• Britain’s 10-year yield declined two basis points to 4.55% 

Commodities 

• Brent crude fell 0.6% to $63.99 a barrel 
• Spot gold was little changed 

This story was produced with the assistance of Bloomberg Automation. 

© 2025 Bloomberg L.P.