November is kicking off with mostly upbeat sentiment
Stock futures are mostly higher to kick off the first trading day of November, with the indexes fresh off a winning week, record highs, and impressive October gains. Futures on the tech-heavy Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are comfortably higher, while Dow Jones Industrial Average (DJIA) futures sit just below breakeven.
While the AI race and U.S.-China trade truce drove sentiment last week, today is seeing a boost from the broader chip sector. Microsoft (MSFT) penned a $9.7 billion deal with IREN (IREN) that includes access to Nvidia (NVDA) chips. Plus, Microsoft just received U.S. approval to send Nvidia chips to the United Arab Emirates (UAE). Earnings season is still in full swing, with several big pharma names slated to report after today's close.
- Catch up on last week's Big Tech takeover.
- Stock market facts for the holiday season.
- Plus, Tylenol maker surges; another roaring chip stock; and delivery numbers boost NIO.
5 Things You Need to Know Today
- The Cboe Options Exchange saw 3.8 million call contracts and 2.1 million put contracts exchanged on Halloween Friday. The single-session equity put/call ratio fell to 0.55, while the 21-day moving average remained at 0.58.
- Tylenol maker Kenvue Inc (NYSE:KVUE) is 17.7% higher before the open, after Kimberly-Clark (KMB) agreed to purchase the pharma name for $48.7 billion in cash and stock. Today's lift is well overdue for the shares, with KVUE trading at record lows near $14 late last week and suffering a 32% year-to-date deficit heading into today.
- Advanced Micro Devices Inc (NASDAQ:AMD) stock is up 1.2% ahead of the bell, enjoying sector tailwinds as investors prepare for the chipmaker's third-quarter report, due out after the close tomorrow. AMD has added 112% in 2025 and remains near record high levels around $267.
- Car manufacturer Nio Inc (NYSE:NIO) is also 1.2% higher in electronic trading, after the company said it delivered a record 40,397 cars in October. This represents a year-over-year increase of 93% and is pushing the EV sector higher in response. NIO has added 66% this calendar year.
- Earnings season is bringing in more big names this week.
Kospi, Nikkei Nab Record Closes as Asia Markets Surge
Asian markets moved firmly higher today. China’s Shanghai Composite rose 0.6%, shrugging off manufacturing activity that missed estimates for September. Hong Kong’s Hang Seng added nearly 1% to snap a three-day skid. South Korea’s Kospi and Japan’s Nikkei soared 2.8% and 2.1%, respectively, with both indexes nabbing record closes.
Auto stocks are trying to prop up European bourses, with Renault buzzing after a deal with China firm Geely. Earnings will be in focus all week, with Ryanair, BMW, and Commerzbank all in focus. At last check, London’s FTSE 100 and the French CAC 40 are flat, while the German DAX adds 0.9%.