Investing.com-- U.S. stock index futures rose on Sunday evening, heralding some recovery on Wall Street after doubts over artificial intelligence spending sparked deep losses in technology valuations in October.
Focus is now squarely on more key earnings due this week, with Apple set to report on Monday while the midterm elections are scheduled for Tuesday.
S&P 500 Futures rose 0.2% to 7,630.75 points, Nasdaq 100 Futures rose 0.36% to 28,644.0 points, and Dow Jones Futures rose 0.17% to 52,016.0 points by 18:18 ET (23:18 GMT).
Futures firmed after a deeply negative Friday session on Wall Street, which capped off a month of pronounced tech-driven losses in U.S. markets.
The NASDAQ Composite slid more than 5% in October, while the S&P 500 shed 0.9%. Flows out of tech and into more defensive sectors saw the Dow Jones Industrial Average add 1.7% in October.
Chipmakers and AI-exposed names were the worst performers, as a swathe of middling megacap tech earnings sparked increased questions over whether the hundreds of billions of dollars invested in the technology will bring adequate returns.
Several more major tech companies are set to report this week, with prints from iPhone maker Apple Inc (NASDAQ:AAPL) and data firm Palantir Technologies Inc (NASDAQ:PLTR) due on Monday.
Hedge fund Berkshire Hathaway Inc (NYSE:BRKa) is also set to report on Monday, while chipmaker Advanced Micro Devices Inc (NASDAQ:AMD) will report on Tuesday.
The U.S. midterm elections are also on tap this week, and are broadly expected to set the tone for legislative policy over the remainder of President Donald Trump's second term.
Trump and the Republican party face a challenging backdrop going into the elections, amid growing voter discontent over high gasoline prices and a prolonged war with Iran.
A recent Reuters/IPSOS poll showed Trump's approval at a record-low 31%. All 435 seats in the House of Representatives, along with 35 Senate seats are on the ballot.
A Democrat majority in both levels of Congress presents a major hurdle to Trump and the Republicans in enacting more policies. A split Congress could also push the White House into relying more on executive measures for policy, which could keep uncertainty high for the remainder of Trump's term.
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