US stock futures rose Monday morning as Wall Street looked to extend last month’s momentum into November.
S&P 500 futures (ES=F) and Nasdaq 100 futures (NQ=F) made gains of 0.3% and 0.6%, respectively. Dow Jones Industrial Average futures (YM=F) added about 0.1%.
Wall Street is looking to keep up a rally that raged throughout October. The S&P 500 (^GSPC) rose 2.3% last month, the Dow (^DJI) climbed 2.5%, and the Nasdaq Composite (^IXIC) surged 4.7% for its seventh consecutive month of gains. Investors piled into growth and AI-linked names, with Big Tech and the “Magnificent Seven” leading market moves. Optimism around easing US-China trade tensions also fueled gains.
Still, investors are keeping an eye on Washington. The US government shutdown continues to delay key economic data, including the jobs report that was slated for release this week. Meanwhile, the Supreme Court is set to hear arguments this week on the legality of President Trump’s most sweeping tariffs.
Earnings season continues in full swing. Roughly 300 S&P 500 companies have now reported third-quarter results. Another 100-plus reports are due this week, including from Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).
Berkshire Hathaway (BRK-B, BRK-A) stock rose more than 1% in premarket trading on Monday following the release of its third-quarter earnings on Saturday, where profits of Warren Buffett ‘s company improved 17% thanks to a relatively mild hurricane season and more paper investment gains.
Elsewhere in corporates, Kimberly-Clark (KMB) announced it will acquire Kenvue (KVUE) on Monday, creating a $32 billion health and wellness company. Kenvue stock surged 20%, while Kimberly-Clark shares fell 15% following the news.
With the lack of government data, releases this week from the manufacturing and services sectors from the Institute for Supply Management and S&P Global could hold more weight than normal. The University of Michigan’s customer sentiment report due out Friday will also be examined as fears begin to mount about consumer pullback.
LIVE 6 updates
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Good morning. Here’s what’s happening today.
Economic data: S&P global manufacturing PMI (October final reading); ISM manufacturing (October); ISM prices paid (October); ISM new orders (October); ISM employment (October); Construction spending, (September); Wards total vehicle sales (October)
Earnings calendar: Palantir (PLTR), Vertex Pharmaceuticals (VRTX), The Williams Companies (WMB), Simon Property Group (SPG), Realty Income Corporation (O), IDEXX Laboratories (IDXX), Ares Management (ARES), Diamondback Energy (FANG), PSEG (PEG), Ryanair (RYAAY), ON Semiconductor (ON), Loews Corporation (L), BWX Technologies (BWXT), Coterra Energy (CTRA), Lattice Semiconductor (LSCC), Hims & Hers (HIMS), Vornado Realty Trust (VNO)
Here are some of the biggest stories you may have missed over the weekend and early this morning:
Fed fallout and a busy earnings calendar: What to watch this week
Trump: China and others can’t have Nvidia’s top AI chips
Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal
Bessent says high US interest rates may have caused housing recession
US allows Microsoft to ship Nvidia AI chips to UAE for first time
IREN jumps after signing $9.7B deal with Microsoft for Nvidia chips
Tesla to buy $2B of ESS batteries from Samsung SDI over 3 years
Why the Goldman Sachs CEO isn’t buying the AI jobs freakout
Big Oil CEOs warn Trump’s Russia sanctions will hit supplies
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Kimberly-Clark buying Tylenol maker Kenvue in $48.7B deal
Kimberly-Clark (KMB) stock fell 15% before the bell on Monday after announcing it will acquire Kenvue (KVUE), in a $48.7 billion dollar deal, which will create a $30 billion plus health and wellness company.
Kenvue (KVUE) stock soared 20% following the news.
The AP reports:
Read more here.
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IREN stock jumps after signing $9.7B deal with Microsoft
IREN (IREN) stock surged 24% before the bell on Monday following the announcement that the data center owner and operator had signed a neasrly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia‘s (NVDA) GB300 processors over a five-year period.
Read more here.
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Berkshire Hathaway’s profits rise 17% as Warren Buffett prepares to step down as CEO
Berkshire Hathaway (BRK-B, BRK-A) stock rose more than 1% on Monday trading following the release of its third quarter earnings over the weekend.
The profits of Warren Buffett ‘s company improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway prepares for the 95-year-old investor to relinquish the CEO title in January.
The AP reports:
Read more here.
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Xiaomi shares rise after Xi quips about backdoors during phone gift
China’s Xiaomi (1810.HK, XIACF) saw shares rise more than 3% on Monday after Chinese President Xi Jinping joked about security backdoors while presenting a pair of Xiaomi smartphones to his South Korea counterpart.
Bloomberg News reports:
Read more here.
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Gold falls below $4,000 mark
Gold (GC=F) dropped below the $4,000 mark following the removal of China’s tax incentive for buying gold through local retailers.
Bloomberg reports:
Read more here.
