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AI stocks recovered part of last week's steep losses on Wall Street, while the broader U.S. market and global stocks stayed shaky. As of 10 a.m. Eastern, the S&P 500 rose 0.4% and the Nasdaq Composite gained 0.9%, while the Dow Jones fell 44 points, or 0.1%. European indexes dropped more than 1%, with Paris down 1.5%, after violent weekend protests raised the prospect of higher government spending and more pressure on bond markets. CoreWeave rose 0.6% after trimming an early 7% gain, and Nvidia added 0.6%, one of the strongest forces lifting the S&P 500. The 10-year Treasury yield rose to 5.10%, after topping 5.30% earlier this month, its highest level since 2002, while Brent crude fell 1.6% to $108.13 per barrel.
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U.S. stock futures were trending higher early Monday, shrugging off “Black Monday” crash fears circulating on social media. Wall Street is bracing for a pivotal week of mega-cap tech earnings while geopolitical tensions in the Middle East continue.
- Dow Futures Rise Despite 'Black Monday' Calls: Market Commentator Says Selloff Worries Are 'Overdone'
U.S. stock futures rose late Sunday, signaling a rebound from Friday's slide in the Nasdaq Composite, even as calls for a 'Black Monday' crash trended. The Kobeissi Letter called selloff worries 'overdone,' noting the S&P 500 has climbed from about 5,500 to around 7,650 since May 2025. It argues the index is in a 'stealth' bear market within a bull market, with 84% of its stocks at least 10% below record highs and just 10 stocks driving 70% of gains since the March low. S&P 500 futures rose 0.72% to 7,760 after the index closed 1.09% lower on Friday, while the Nasdaq Composite closed 2.14% lower. Polymarket priced a 7% chance of a U.S. recession by the end of 2026, while David Rosenberg said he sees better-than-even odds of a recession within a year.
- Japanese Market Sharply Lower
Japanese stocks fell sharply on Monday, reversing part of the previous session's gains after weak cues from Wall Street. The Nikkei 225 dropped 900.46 points (1.38%) to 64,423.83 after touching a low of 63,831.78, led by heavyweights and technology stocks, with Taiyo Yuden plunging more than 7% and SoftBank down more than 4%. On Wall Street, the Nasdaq fell 572.99 points (2.1%) to 26,140.03, the S&P 500 lost 84.62 points (1.1%) to 7,659.44, and the Dow slipped 175.28 points (0.3%) to 52,002.41. European markets rose, with Germany's DAX up 1%, the FTSE 100 up 0.4% and the CAC 40 up 0.3%. WTI crude for November delivery rose $3.33 (3.4%) to $101.30 a barrel, topping $100 for the first time in a month as Iran re-escalated attacks in the Strait of Hormuz.
- Wall Street freaked out Friday. VIX and bitcoin say the fear may fade Monday.
The VIX jumped 21.5% to 19.99 on Friday as the S&P 500 fell 1.09% amid worries over AI stocks and geopolitical tensions, its biggest one-day rise since June 5. In 32 earlier Friday spikes of 20% or more since January 1990, the VIX fell the following Monday 25 times and rose only seven times. Bitcoin stayed above $80,000 over the weekend, and its volatility index BVIV was just under 40%, showing no sign of market stress. However, the article notes nothing guarantees a calm Monday: the VIX kept climbing sharply on Monday in seven of those 32 cases, and it remains under 20 today.
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Nscale is in talks to secure a computing deal worth about $45 billion with Anthropic, according to Bloomberg News, which could strengthen the Nvidia-backed data center developer's bid for a roughly $30 billion valuation in its planned IPO. The proposed agreement would cover a second building at Nscale's Monarch campus in West Virginia, delivering 460 megawatts of capacity powered by Nvidia's Vera Rubin chips, and could be finalized within days, though terms could still change. Anthropic already has infrastructure agreements with Nscale worth as much as $44.6 billion, according to Nscale's IPO filing, and holds a right of first refusal on the campus's anticipated third building. Investors are scrutinizing AI infrastructure economics, and Nscale faces questions similar to CoreWeave's about financing, execution and converting its backlog into cash flow, since its contracts are future commitments rather than collected cash. Representatives for Nscale and Anthropic declined to comment.
- Trump says he'd meet with Putin and Xi, criticizes Zelenskyy
President Donald Trump said he would meet Russian President Vladimir Putin and Chinese President Xi Jinping to discuss ending the Ukraine war, and suggested such a meeting could happen without Zelenskyy present. He said Russia and China have done 'very little' to help Tehran, which has been accused of receiving their support in its military efforts against the U.S. Trump also criticized Zelenskyy's reaction to his decision to waive new sanctions against Russia, saying Zelenskyy 'doesn't know what he's talking about' and should have settled the war long ago. He added that 'it's time for somebody else to negotiate on behalf of Ukraine,' echoing his earlier call for Kyiv to get a new president.
- Market participants weigh in on SEC’s proposed crypto regulations
The SEC will close public comment on its “Regulation Crypto Assets” proposal, first introduced in August, on Tuesday. Over the 60-day period, the agency received about 140 comments on a proposed safe harbor that would keep token issuers from being treated as investment contracts, along with exemptions for offerings up to a set amount. The MiCA Crypto Alliance largely supported the proposed disclosure changes but asked the SEC to better define crypto-specific concepts and data structures. SkyBridge Capital founder Anthony Scaramucci also backed the rules, calling them a return to the Commission’s proper role, though he did not mention Congress’s inaction on the CLARITY Act. Some legal experts warn the rules could be overturned more easily than an act of Congress, and both the SEC and the CFTC remain understaffed at the leadership level.
- Why Lockheed Martin May Be an Underrated Stock to Buy Right Now
The article argues that Lockheed Martin (LMT) can withstand market volatility, with its stock up about 15% this year while still offering good value. In 2022, when the market fell, LMT’s total return including dividends was over 40%, compared with a negative 18% for the S&P 500, helped by its close ties to the U.S. government and strong defense spending. In the quarter ended June 28, revenue reached $20.1 billion, up 11% year over year. The stock trades at a forward P/E of about 16, below the S&P 500’s more than 19, and its dividend yields 2.6% versus the index’s roughly 1%. The company has raised its dividend for 24 consecutive years, which the article cites as a reason to hold the stock long term.
- Canadian dollar notches nearly four - week high on BoC rate hike bets
The Canadian dollar held most of its gains against the US dollar on Monday, as hawkish remarks from Bank of Canada Governor Tiff Macklem drew more attention than domestic inflation data. The loonie traded 0.3% higher at 1.4095 per US dollar, near its strongest intraday level since September 23. Macklem said the BoC expects to raise its quarterly inflation forecast significantly this month because of persistently high oil and petroleum prices. Swap market data showed about an 80% chance of a BoC rate hike on October 28, up from 30% on Friday, while the benchmark rate has stayed at 2.25% since last October. Canadian bond yields rose across the curve, with the 10-year up 11.1 basis points to 3.940%, as investors also awaited a nonbinding Alberta referendum on secession.
- Homebuilder Sentiment Drops To Lowest Level Since 2012
Builder confidence has fallen to its lowest level since 2012, according to the NAHB and Wells Fargo Housing Market Index. Rising mortgage rates and higher energy and material costs have pushed sentiment to a 14-year low, keeping many buyers on the sidelines. The headline index rose one point to 38, still well below the breakeven level of 50, with affordability cited as a top concern for both buyers and builders. Builders also face elevated land, labor and construction costs, while NAHB Chief Economist Robert Dietz pointed to global events and energy prices as headwinds. He said efforts to ease regulatory burdens could still help improve long-term housing supply.
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