Stock futures open a monster week after a $5 trillion AI wipeout

Key Points:

• Stock futures opened higher Sunday evening, with S&P 500, Nasdaq 100, and Dow futures gaining between 0.2% and 0.4%, ahead of a week featuring Apple earnings, midterm elections, and $100 oil prices.
• The recent October selloff mainly impacted major AI and chip stocks, which lost about $5 trillion in market value since October 6, while other large US stocks gained approximately $1.3 trillion, showing a narrow but severe decline.
• Historically, the period from the end of midterm October through the following June has seen consistent S&P 500 gains since 1950, suggesting potential market recovery despite ongoing tech sector struggles.
• Apple is set to report earnings Monday after the bell, with strong iPhone 18 sales expected; Apple remains the only "Magnificent Seven" stock outperforming the S&P 500 this year, up about 27%.
• Oil prices remain elevated, with West Texas Intermediate crude recently closing above $104 a barrel amid ongoing Strait of Hormuz disruptions and steady OPEC+ output targets, while the U.S. midterm elections and October jobs report are key upcoming events for market direction.