No ‘Black Monday’? Nasdaq, S&P 500, Dow Futures Spike As Big Tech Earnings Loom This Week — Retail Stays Cautious
U.S. stock futures rebound after the Nasdaq’s worst week since early June, as investors look ahead to earnings from Netflix, Tesla and Meta.
- Nasdaq futures rise more than 1%, while S&P 500 futures gain 0.6%.
- Netflix, SpaceX, Tesla and Meta report Q3 results this week.
- Retail sentiment is mixed ahead of the 39th anniversary of the 1987 stock market crash.
U.S. stock index futures rose overnight heading into Monday after a grueling week for Wall Street, as investors looked to a heavyweight lineup of Big Tech earnings to restore momentum amid fears of an AI bubble.
As of 11:30 p.m. ET, S&P 500 futures were up 0.8% and Nasdaq futures rose more than 1%. Dow Jones Industrial Average futures gained 0.5%.
The bounce suggests some investors are buying the dip in tech ahead of third-quarter results from companies including Meta Platforms, Inc., Tesla, Inc. and Netflix, Inc.
The SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ) and SPDR Dow Jones Industrial Average ETF (DIA) Trust also rose around 1% in overnight trading.
The rebound followed a brutal week for major benchmarks, dented by a dip in neocloud operators and reports that frontier AI lab Anthropic’s financial metrics were softer than expected. The tech-heavy Nasdaq Composite fell nearly 4.5% while the S&P 500 dropped 1.95%, the worst week for both since early June. The Dow bucked the trend, rising 0.67% for its second straight weekly gain.
|
Index |
Friday close |
Weekly change |
|
S&P 500 |
7,659.44 |
-1.95% |
|
Nasdaq Composite |
26,140.03 |
-4.48% |
|
Dow Jones |
52,002.41 |
0.67% |
NFLX, META, TSLA Earnings Take Center Stage
Netflix reports after the bell on Tuesday and is expected to post earnings per share (EPS) of $0.82, up from $0.59 a year earlier, on revenue of $12.87 billion, according to Stocktwits data.
SpaceX also reports its second quarterly update as a public company Tuesday evening, with analysts expecting EPS of $0.14 on $12.8 billion in revenue.
Tesla and Meta report after the close on Wednesday. Tesla is expected to post EPS of $0.45 on $27.94 billion in revenue, down from $0.50 a share and $28.09 billion in revenue a year earlier.
Meta is expected to report EPS of $6.58 on revenue of $63.34 billion. Its year-earlier EPS of $1.05 was weighed down by a one-time tax charge of about $16 billion.
Other companies reporting this week include General Motors, Procter & Gamble, American Express, Lam Research and Texas Instruments.
Oil Eases, Geopolitics In Focus
Oil prices eased overnight. Brent crude futures fell nearly 1.9% to $107.88 a barrel, while West Texas Intermediate crude slipped 0.8% to $100.58. Prices had briefly spiked after Ukraine reportedly struck Russian oil infrastructure and reports of tanker disruptions in the Persian Gulf. The United States Oil Fund (USO) fell 1.6% overnight, with retail traders ‘neutral’ on the ETF.
Russian President Vladimir Putin has proposed a three-way summit with President Donald Trump and Chinese President Xi Jinping, The Wall Street Journal reported, citing people familiar with the matter.
Trump has not yet responded directly to the report but said in a Truth Social post late Sunday that he was holding off on a decision related to Russia to avoid jeopardizing peace negotiations between Moscow and Kyiv. He said progress was being made in the talks, including on hostage negotiations, and argued that signing the document in question at this stage could push Russia away from the negotiating table. Trump also said Moscow was providing limited assistance to Iran and that he wanted to keep it that way. “I WANT THIS WAR END!” he added.
In Asia, Japan’s Nikkei fell 1.2%, while South Korea’s Kospi rose 0.2% and Australia’s S&P/ASX 200 gained 0.3%. China’s Shanghai Composite rose 0.25% after official data showed third-quarter economic growth of 4.5% year-over-year, beating forecasts, driven by strong exports.
US Markets: How Are Retail Traders Positioned?
Retail sentiment on Stocktwits around QQQ was in ‘neutral’ territory, while sentiment around SPY and DIA was ‘bearish,’ with message volume at ‘normal’ levels.
Many users noted that Monday marks the 39th anniversary of the 1987 “Black Monday” crash, when the Dow and S&P 500 each lost more than 20% in a single session.
“QQQ highest volume on Friday since the early June tech-wreck. Would like to see a big green stick tomorrow,” one user said.
Another user cautioned: “Guys relax let’s not get excited… This can literally dump back before 9:30.”
A Stocktwits poll of more than 12,500 respondents found 46% expect the S&P 500 to gain more than 1% in the week of Oct. 19-23, while 31% expect a drop of more than 1%.
Markets commentator The Kobeissi Letter said in a post that calls for a “Black Monday” redux were spreading rapidly on social media over the weekend, but added that it still expects the S&P 500 to hit 8,000.
“This is arguably the most resilient market in history. If the S&P 500 is 2% away from a record high despite inflation nearing 4%, gas prices on the rise, and the Fed HIKING rates, just imagine where the S&P 500 would be if the Iran War ended, oil prices came back down, and rate cuts returned. Or, if it never even happened,” it said on X.
“Earnings growth just over the last 7 months of the Iran War has been historic, with the S&P 500 posting +52% blended earnings growth in Q2 2026.”
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