US stock futures pushed higher on Monday, with Nasdaq 100 futures climbing roughly 1.19% or 336 points, as investors rotated back into beaten-down technology shares. The rebound followed a punishing week in which the Nasdaq Composite lost 4.5%, the S&P 500 dropped 2%, and the Dow gained 0.7%. A drop in Brent crude to around $107 a barrel and a pullback in the 10-year Treasury yield to 5.085% helped ease valuation pressure on growth stocks.
Chipmakers led the selective recovery. Nvidia added about 1.1% premarket, Broadcom rose 2.3%, CoreWeave added 1.3%, and Intel jumped roughly 3.8% after JPMorgan upgraded the stock to neutral from underweight. JPMorgan analyst Harlan Sur pointed to an improving turnaround at Intel but remained cautious on its processor market share and external foundry business. The semiconductor sector had suffered nine consecutive losing sessions, its longest stretch since 2006.
Tesla shares gained 3.6% on Monday afternoon, trading at $367.52, after CEO Elon Musk said the company's Optimus humanoid robot and Cybercab autonomous vehicle would account for the vast majority of its future value. The comment came ahead of Tesla's third-quarter earnings release on Wednesday, October 21. Analysts expect adjusted earnings of about $0.43 to $0.45 per share on revenue near $27.9 billion, down from $0.50 per share a year earlier. Tesla delivered 486,532 vehicles in Q3, above the 461,974 consensus, but that was still 2.1% below the same quarter of 2025.
Investors are focused on free cash flow, with Morningstar forecasting a second consecutive negative quarter and analysts estimating a cash outflow of about $4.92 billion as Tesla spends more than $25 billion in 2026 on AI computing, robotics and autonomous driving. Earnings from Meta and Tesla on Wednesday, plus Netflix and General Motors on Tuesday, will test whether growth stocks can justify their valuations after recent AI spending concerns.
China also reported third-quarter GDP growth of 4.5% year over year, beating the 4.4% consensus, though retail sales grew only 1.1% and property investment fell 20.6% in the first nine months, highlighting persistent consumption weakness.
