Wall Street futures rebound as AI stocks bounce; busy earnings week ahead

US stock futures pointed to a firmer open on Monday, 19 October, as AI shares rebounded from last week’s sharp selloff and lower oil offered support ahead of a busy earnings week, Reuters reported via Investing.com.

Premarket snapshot

At 08:44 a.m. ET, Dow E-minis were down 125 points (0.24%), S&P 500 E-minis up 34.5 points (0.45%), and Nasdaq 100 E-minis up 365.5 points (1.24%). Both the S&P 500 and the Nasdaq had posted their biggest weekly declines since late June on Friday, as worries that higher rates could curb AI-infrastructure spending weighed on tech names, especially data-centre operators.

AI names lead the bounce

CoreWeave, which had plunged more than 25% last week, climbed 6.6% in premarket trading. Chipmakers Broadcom and Micron each gained more than 3%. Nvidia and Amazon rose more than 2% each; Meta was up only marginally. The selloff reflected growing unease over how the costly AI buildout will be financed — a question pressuring firms that underpin the US bull market, which recently marked its fourth anniversary.

Sam Stovall, chief investment strategist at CFRA Research, said last week’s tech selloff stemmed from rising rates and CoreWeave problems “sending shockwaves through the market,” adding he does not think “that is over just yet” and that investors will watch which companies look most vulnerable in this week’s reports.

Earnings, Fed and oil

SpaceX reports on Tuesday; Meta — expected to beat Wall Street estimates — and Tesla report on Wednesday. Netflix, General Motors and GE Aerospace also report this week. The Federal Reserve is expected to keep the policy rate at 3.75%-4.00% when it meets on 27-28 October, according to LSEG data cited by Reuters. Brent futures were last down about 1.5% near $108.29 a barrel after President Donald Trump waived some sanctions on Russia; Secretary of State Marco Rubio said on Saturday the president would take up to 60 days to assess the economic impact.