U.S. stock futures surged in trading on Monday (November 9), buoyed by a sharp decline in oil prices and an improvement in market sentiment. Dow Jones futures rose by approximately 627 points, or 1.3%, while S&P 500 and Nasdaq 100 futures each gained about 0.9%.
The rally coincided with a steep drop in oil prices; WTI crude fell nearly 3% to around US$88 per barrel, while Brent crude declined by more than 3% to the US$95-per-barrel range. Lower energy costs helped alleviate inflation concerns and provided support for risk assets.
Nevertheless, investors remain cautious regarding the technology sector following significant volatility last week. Concerns surrounding AI regulation, data center spending, and development costs continue to loom, with shares of Nvidia falling approximately 5% in pre-market trading.
The market is also awaiting earnings reports from several AI-related companies, including CoreWeave, Cisco, and Applied Materials. These performance results and the companies' capital expenditure guidance will serve as key indicators for assessing whether the pressure on the technology sector is beginning to ease.
Beyond corporate earnings, investor focus is primarily on the U.S. Consumer Price Index (CPI) data due Tuesday and the Producer Price Index (PPI) data due Friday. These inflation figures are expected to provide crucial clues regarding the future direction of Federal Reserve policy, especially following recent labor market data that indicated the economy remains robust.