Dow, S&P 500, Nasdaq futures climb as November kicks off with earnings, AI, Fed in focus

🏛️ Fed fallout, missing jobs numbers, and a busy earnings calendar

After one of the busiest weeks of the year, another jam-packed week awaits investors, with a rush of corporate earnings set to greet investors in the first week of November, as just over eight weeks remain in 2025.

Stocks finished last week on a high note, with earnings out of Amazon late Thursday lifting tech stocks into the weekend and capping off a more than 2.5% gain for the tech-heavy Nasdaq last week. The S&P 500 and Dow both rose a more modest 1%.

The Federal Reserve cut interest rates, as expected, and President Trump's meeting with his Chinese counterpart, Xi Jinping, in South Korea saw trade tensions further ease between the two nations. Yahoo Finance reports.


👾 Microsoft signs $9.7 billion contract with IREN for Nvidia chips

Data center owner and operator IREN said on Monday it has signed a nearly $9.7 billion cloud services contract with Microsoft to provide the tech giant with access to Nvidia's GB300 processors over a five-year period.

The move is the latest attempt by Microsoft to boost AI and data center infrastructure at a time when AI demand is outstripping cloud capacity at major tech companies.

Shares of IREN surged about 18% in premarket trading after the announcement, with the company also entering into an agreement with Dell Technologies to purchase the chips and ancillary equipment for about $5.8 billion.

IREN expects the GB300 processors to be deployed in phases through 2026 at its 750-megawatt campus in Childress, Texas, and said its contract with Microsoft includes a 20% prepayment. Yahoo Finance reports.


🤖 Alphabet to sell at Least €3 billion bonds to fund AI expansion

Alphabet Inc. is returning to Europe’s debt market for the second time this year with a multi-tranche sale, as the Google parent raises funds to support record capital spending on artificial intelligence and cloud infrastructure.

The technology company is marketing six euro-denominated benchmark tranches, ranging from three to 39 years, according to a person familiar with the matter, who asked not to be identified. The total sale is expected to be at least €3 billion ($3.5 billion). Yahoo Finance reports.


💻 Auto giants rally as China says it will consider exemptions for Nexperia chip exports

Shares of Europe’s biggest carmakers rose on Monday as fears over an industry shortage of semiconductors appeared to recede. China on Saturday said it would consider some exemptions for Nexperia chip exports. It had previously blocked Nexperia semiconductors from leaving the country after the Dutch government seized control of Nexperia, owned by the Chinese company Wingtech.

The standoff between the Netherlands and China had prompted automotive groups to raise the alarm over a worsening chip shortage. The situation involving Nexperia began in September, when the Dutch government took control of the company, in what was seen as a highly unusual move, reportedly after the U.S. raised security concerns. China responded by blocking exports of the firm’s finished products.

German automakers are thought to be especially sensitive to Nexperia-related disruptions because they rely heavily on large, domestic suppliers, known as “Tier 1s,” and local production facilities and companies, such as Nexperia, despite much of its manufacturing moving to China.

Japan’s Honda Motor became the first known automaker to reduce production due to the problem last week. CNBC reports.


💼 Berkshire Hathaway's profits rise 17% as Warren Buffett prepares to step down as CEO

The profits of Warren Buffett's company improved 17% thanks to a relatively mild hurricane season and more paper investment gains this year as Berkshire Hathaway prepares for the legendary 95-year-old investor to relinquish the CEO title in January. Berkshire Hathaway stock rose more than 1% in premarket trading on Monday.

But last month's $9.7 billion investment in OxyChem won't do much to diminish the $381.7 billion cash pile that Berkshire was sitting on at the end of September even though it is the biggest deal the company has made in years.

The biggest thing on most investors' minds right now is that Buffett Vice Chair Greg Abel is set to succeed him as CEO in January, although Buffett will remain chairman at Berkshire. The Class A stock is well off its peak of $812,855, set just before Buffett surprised shareholders at the annual meeting in May by announcing he will step back. It closed Friday at $715,740, but Berkshire still didn't buy back any of its own stock in the quarter, which suggests Buffett thinks it is still overvalued. Yahoo Finance reports.


🔋 Tesla to buy $2 billion of ESS batteries from Samsung SDI over 3 years, newspaper says

South Korea's Samsung SDI has reached an agreement with Tesla to supply more than 3 trillion won ($2.11 billion) worth of ESS (Energy Storage System) batteries to Tesla over three years, the Korea Economic Daily reported on Monday.

The newspaper cited an unnamed source in the battery industry. Samsung SDI said nothing had been decided yet. Tesla did not immediately respond to a request for comment. Yahoo Finance reports.


🚕 China’s Baidu says weekly robotaxi rides hit 250,000 – same as Alphabet’s Waymo this spring

As Baidu ramps up its robotaxi operations worldwide, fully driverless weekly rides as of Oct. 31 have now surpassed 250,000 orders, according to a spokesperson for the company’s driverless car unit Apollo Go.

That’s on par with what Waymo reported in late April for its weekly paid US rides. When contacted by CNBC, Waymo did not have a new specific figure to share. The Alphabet-backed robotaxi operator primarily operates in San Francisco and Los Angeles in California and Phoenix, Arizona. Waymo partners with Uber in Austin and Atlanta.

The ramp up in Baidu’s robotaxi capabilities comes as Chinese and U.S. companies have been competing for leadership in advanced technology, including artificial intelligence, electric cars and autonomous driving. CNBC reports.


🌏 India now incurs higher US tariffs than China. What does it say about Trump’s foreign policy?

De-escalation in tensions between China and the U.S. after their leaders met in South Korea last Thursday stands in stark contrast to the chill in Washington-New Delhi relations, with India now subject to higher U.S. tariffs than Beijing.

Experts said that the strategic relationship between India and the U.S. built over two decades has substantially eroded. Atman Trivedi, a partner and lead of the South Asia Practice at DGA-Albright Stonebridge Group, said trust between the two countries “could take years to rebuild.”

Steep tariffs, a $100,000 fee for H1B visas, and U.S. President Donald Trump’s repeated claims of having brokered a ceasefire between India and Pakistan are among the issues that have led to a deterioration of ties between New Delhi and Washington in recent months, according to experts.

Meanwhile, ties between the U.S. and China appear to be on the mend. CNBC reports.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars


KOS: Kosmos Energy
Q3 2025
Before Market Open
Estimate: -0.100
Actual: -0.150

TDUP: ThredUp
Q3 2025
After Market Close
Estimate: -0.050
Actual: N/A

SBAC: SBA Comms
Q3 2025
After Market Close
Estimate: 2.510
Actual: N/A

Time (ET)/ Report/ Period

9:45 AM - S&P final U.S. manufacturing PMI - Oct.
10:00 AM - ISM manufacturing - Oct.
10:00 AM - *Construction spending - Sept.

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