Nasdaq Futures Retreat as Oil Prices Surge and Tech Earnings Loom
Nasdaq 100 futures decline as rising oil prices and AI-sector weakness weigh on markets. Investors await key tech earnings to gauge future growth.
POLICY WIRE — New York, USA — Nasdaq 100 futures trended downward on Tuesday, October 20, as a combination of rising oil prices and cooling sentiment toward artificial intelligence stocks dampened market enthusiasm.
Investors are exercising caution as they prepare for a critical week of corporate earnings reports from major technology firms. The market is closely watching these results to determine if the sector can maintain its momentum despite increasing macroeconomic pressures and concerns regarding the high costs of financing AI infrastructure.
In premarket activity, CoreWeave shares declined by 3.1%, while Nebius Group saw a 2.9% drop. Major tech players also faced headwinds, with Apple shares falling 1% and Nvidia experiencing a slight dip.
Despite the current pullback, the Nasdaq 100 index remains up 22% for the year. Shopify Inc. emerged as a notable outlier, surging 7.1% following the announcement of a new partnership with Meta Platforms Inc. centered on its Muse AI product.
Reporting by Policy-Wire (PW)
