SPX: S&P 500 Futures Stable Ahead of Major Earnings, Asia Slides on New Jitters

Wall Street’s tech recovery faces an uneven global backdrop.

📈 Wall Street pauses after Monday’s recovery

• S&P 500 futures were little changed in early trading Tuesday, as investors awaited results from major technology and industrial companies.
• Monday’s recovery provided some relief after last week’s selling, but earnings now need to give bidders more evidence that growth can justify valuations.
• The S&P 500 gained 0.4% to 7,690.73 Monday, while the Nasdaq Composite climbed 1.1% to 26,430.89. The Dow slipped 0.1%. Advancing indexes overstated the breadth of the recovery: decliners still outnumbered gainers on both the NYSE and Nasdaq.

📦 Standiut movers and shakers

• Amazon jumped 5% after Morgan Stanley named it a top pick and raised its target to $350 from $335. Tesla gained 3.8%, while Datadog rose 5.4% following a Bernstein upgrade.
• CoreWeave closed 0.4% lower despite a Goldman Sachs Buy upgrade, suggesting financing concerns remain difficult to shake.
• Outside technology, Cleveland-Cliffs surged 16% after stronger guidance, including expectations for more than $4 billion in adjusted EBITDA next year. Company outlooks are still producing substantial moves across sectors.

🌏 Asia retreats, bonds mess the outlook

• South Korea’s Kospi fell around 3.6%, Japan’s Nikkei lost 1.5% and Asia ex-Japan shares declined 0.9%. European futures also weakened, with Euro Stoxx 50 contracts down 0.7%.
• EUR/USD traded near $1.1215, GBP/USD around $1.3305 and USD/JPY near ¥158.60. France remained a concern: its 10-year yield gap over Germany widened almost 10 basis points Monday to 147.3 basis points.
• Brent remained near 110 a barrel as markets weighed possible Russian sanctions relief against Middle East supply risks. Watch contract rollover in WTI: November expires today and traded near $103, versus around $98 for December.
• Gold traded around $4,140 an ounce, while Bitcoin softened toward $81,500. Higher yields remain a headwind for bullion because it pays no interest.
• Crypto’s weaker tone also suggests Monday’s stock-market recovery has not yet produced a sustained improvement in appetite for risk across assets.

📊 Earnings expectations meet cost of capital

• The US 10-year Treasury yield held near 5.13%, keeping financing costs in focus. Even if the Fed leaves rates unchanged next week, elevated market yields can restrain spending and valuations.
• SpaceX and Netflix report after today’s close. Analysts expect SpaceX to earn 13 cents a share on $12.8 billion in revenue. Netflix consensus is around 82 cents on $12.9 billion. Watch spending, cash generation and guidance.
• GE Aerospace and General Motors report before the US open, offering evidence on industrial demand and consumer spending. Meta and Tesla follow Wednesday.
• Their investment plans will help investors assess whether AI and autonomy spending is generating commercial progress fast enough to support continued expansion.
• On the economic calendar, UK employment data arrive today, followed by inflation Wednesday. US housing starts and permits are also due today, with jobless claims Thursday and flash business surveys Friday.