Traders work on the floor at the New York Stock Exchange in New York City, U.S., Sept. 29, 2026.
Jeenah Moon | Reuters
Stock futures rose Monday, as technology names gained and oil prices fell to start the week.
Dow Jones Industrial Average futures added 209 points, or 0.4%. S&P 500 futures were up 0.4%, while Nasdaq-100 futures jumped 0.7%.
Chip stocks and other AI-related shares were rising in anticipation of the IPO filing from Anthropic, which will come out Monday, according to reports. Shares of Nvidia gained 1.4% in the premarket while Micron jumping 2.3%. Broadcom rose 1.5%, while Advanced Micro Devices climbed 1.3%.
Brent futures fell 1.4% to trade at $115.02 a barrel, while U.S. West Texas Intermediate slid 2% to $101.01 per barrel. Brent crude had hit its highest level since April last Friday amid news reports that the U.S. and Israel could be planning to launch strikes on Iran after the midterm elections.
Higher oil prices and a broadening sell-off that hit many market sectors dragged the three major averages to losses on Friday. The sell-off also dragged the S&P 500 and the Nasdaq to back-to-back weekly losses.
Neocloud stocks pressured the market last week as well, as investors worried companies may be borrowing too much cash to expand their AI capabilities. Neocloud names fell again on Monday after Elon Musk said more than 200 companies in the space face “guppy-level death.”
Traders are awaiting the Federal Reserve’s decision on Wednesday. Fed funds futures trading suggests a 90% likelihood that policy makers will hold interest rates at the current target range of 3.75% to 4%.
Bank of America expects the Federal Reserve will raise rates by a quarter percentage point, noting it would be a “heavy lift” move.
“The Oct decision will be a test of Chair Warsh’s resolve to bring ‘sea change’ to the Fed’s forward guidance strategy,” said Bank of America economist Claudio Irigoyen in a research note. “Warsh’s challenge at the presser will be to head off a ‘policy error’ trade. If the Fed hikes, investors might worry about overtightening. If the Fed holds, markets could question the Fed’s inflation-fighting credibility.”