US stock futures advanced on Monday, November 2, as technology shares recovered from last week’s losses and investors prepared for the US midterm elections, employment data and another round of corporate earnings.
S&P 500 futures rose 0.4%, while Nasdaq 100 futures gained 0.8%. Dow Jones futures advanced nearly 210 points in early trading.
The gains followed a difficult October for technology stocks, with concerns about the scale of artificial intelligence investment and future returns weighing on major companies.
A decline in crude oil prices also supported the broader market, amid reports of renewed diplomatic efforts involving the United States and Iran.
Technology Stocks Lead Premarket Gains
Semiconductor and technology companies were among the strongest performers in premarket trading.
Nvidia shares gained 1.2%, while Micron Technology advanced 2.1%. Data storage companies SanDisk and Western Digital rose 2.5% and 2.3%, respectively.
Marvell Technology edged up 0.2% after announcing an agreement to acquire Lumentum Holdings in a transaction valuing the company at approximately $115 billion, including debt.
The proposed acquisition would expand Marvell’s position in optical networking technology, which supports high-speed data transmission in AI infrastructure.
Elsewhere, Palantir Technologies gained 1.6%, while Apple shares were little changed ahead of quarterly earnings scheduled for later in the day.
Elections, Employment Data and Earnings in Focus
Investors are preparing for the US midterm elections on Tuesday, November 3, which will determine the composition of Congress for the remainder of President Donald Trump’s term.
The October employment report, scheduled for Friday, will provide additional information about labor market conditions and the outlook for monetary policy.
Corporate earnings will also remain in focus, with investors examining revenue growth, profitability and capital expenditure plans, particularly among companies investing heavily in artificial intelligence.
The early gains in US futures followed declines in technology shares during October. Market participants will continue monitoring corporate results, economic indicators and developments in energy markets throughout the week.
