Nasdaq futures tumbled as much as 150 points on Sunday evening as trading resumed after the weekend break, weighed down by an investigation into Nvidia co-founder and Chief Executive Jensen Huang regarding his ties to an alleged Chinese spy. The sudden probe cast an immediate cloud over the semiconductor sector. S&P 500 futures traded marginally below the flat line, reflecting widespread caution across mega-cap tech holdings.
Dow futures told a starkly different story. Contracts linked to the Dow Jones Industrial Average gained 150 points in early trade, seeking traction after the underlying 30-stock benchmark surrendered more than 2,000 points across Thursday and Friday. That two-session rout tracked a broader market sell-off triggered by US midterm election results that handed Democrats control of both the House and the Senate.
Flipping the script from late last week, tech had briefly found footing on Friday. Nvidia gained 3% and Micron advanced 5% during the cash session, cushioning the Nasdaq Composite following the steepest single-day value wipeout on record for the index. But strong macroeconomic signals continue to rattle rate-cut assumptions. The US economy generated over 1.6 lakh jobs in October—demolishing consensus expectations of 59,000 to 65,000 payroll additions.
Corporate earnings reports will narrow in on the artificial intelligence infrastructure trade this week. Specialized operators CoreWeave and Nebius Group—commonly categorized as neoclouds—post quarterly numbers on Tuesday and Thursday, respectively. Both stocks have faced aggressive selling in recent weeks, placing their capital expenditures and balance sheets under intense institutional scrutiny.
Macro indicators will drive the broader tape. The US Bureau of Labor Statistics reports October Consumer Price Index data on Tuesday, followed by the Producer Price Index on Friday. At the same time, at least 10 Federal Reserve officials take the podium throughout the week. Chicago Fed President Austan Goolsbee and Richmond Fed President Thomas Barkin speak Monday, followed by four officials on Tuesday, three on Thursday, and San Francisco Fed Chief Mary Daly on Friday.
Policy tension remains elevated. Several policymakers emphasized last week that additional rate hikes may be required to bring persistent price pressures down to the Fed's 2% objective. Central bank governors will digest one final jobs report and another inflation print next month before convening for their December 18 interest rate decision—their final policy meeting of the year. Traders are also monitoring diplomatic channels, where any breakthrough between Washington and Tehran could supply broader geopolitical relief.