U.S. Stock Futures Rise Ahead of Nvidia Earnings and Key Government Data Releases

U.S. stock futures rose on Monday, setting the tone for a busy week marked by Nvidia’s highly anticipated earnings report and the release of key government data. Shares of Alphabet jumped after Berkshire Hathaway disclosed a new stake in the company.

Alphabet, Google’s parent, climbed 4.3% in premarket trading after Berkshire Hathaway revealed a $4.3 billion position in the tech giant while further reducing its holdings in Apple.

Apple shares slipped 0.8%, lagging most megacap and growth stocks.

Nvidia dipped 0.8% ahead of its quarterly results due Wednesday after the closing bell. The chipmaker has been at the forefront of this year’s rally in AI-related stocks, which helped lift many tech names across Wall Street.

“Nvidia’s third-quarter results will be a crucial indicator for the AI sector, especially amid ongoing concerns about stretched valuations,” said Raffi Boyadjian, lead market analyst at XM.

As of 7:05 a.m. ET, Dow e-minis were down 28 points, or 0.06%, while S&P 500 e-minis were up 6.25 points (0.09%) and Nasdaq 100 e-minis rose 59 points (0.24%).

This week, earnings season begins to taper off, although investors are still awaiting reports from retail heavyweights Walmart, Home Depot, and Target.

According to LSEG data, 82.7% of the 456 S&P 500 companies that have reported so far have beaten earnings expectations—well above the long-term average of 67.2%.

With the longest government shutdown in U.S. history officially ending last week, major federal agencies are expected to resume releasing economic data over the coming days.

The closely watched September jobs report is due Thursday and may simply confirm earlier private surveys showing a cooling labor market.

Traders now see a more than 56% chance that the Federal Reserve will hold interest rates steady in December—down sharply from expectations of a rate cut just one month ago, according to the CME FedWatch Tool.

At least four Fed officials, including Governor Christopher Waller and New York Fed President John Williams, are scheduled to speak on Monday.

Minutes from the Fed’s October meeting—at which policymakers were expected to deliver a 25-basis-point rate cut—will be released Wednesday.

U.S. markets have been volatile in recent weeks as investors weigh the pace of future rate cuts and the elevated valuations of major tech stocks that have driven much of this year’s gains.

The S&P 500 and Dow both posted small weekly advances on Friday, while the Nasdaq ended slightly lower.

Elsewhere, Clearwater Analytics surged 12% following reports that private equity firms Warburg Pincus and Permira are in talks to acquire the financial software company.

E.W. Scripps jumped 20.3% after the Wall Street Journal reported that Sinclair purchased an 8% stake in the broadcaster, signaling potential takeover interest.

Quantum Computing Inc. rose 17.1% after the photonics and quantum optics technology firm reported stronger revenue for the third quarter.