US Stock Market prediction: S&P 500, Nasdaq, Dow Jones, Russell 2000 set for surprise opening on Monday, Apple, AMD, Palantir, Qualcomm other stocks to follow

US stock market indexes S&P 500, Nasdaq, Dow Jones, Russell 2000 are set open the week on Monday. With 24 hours to go for the US midterm election day on November 3, Tuesday, there are a number of factors which will impact Wall Street investors.

US stocks tumbled on Friday, with the Nasdaq suffering its largest one-day percentage drop since June 5 following disappointing quarterly results from Intel and Amazon, which amplified growing worries surrounding AI-related companies' massive spending on the nascent technology. The Dow Jones Industrial Average fell 572.25 points, or 1.09 per cent, to 51,770.31, the S&P 500 lost 140.32 points, or 1.82 per cent, to 7,580.07 and the Nasdaq Composite lost 747.73 points, or 2.86 per cent, to 25,437.00.

Top US Stock Market Stocks to Follow


Apple reports on Monday, with the iPhone maker's shares up about 27 per cent so far this year. Results are also expected from semiconductor companies AMD and Qualcomm as well as Palantir, which offers another view of the AI trade. McDonald's, Amgen and ConocoPhillips are among over 100 S&P 500 companies that are due to report this week.

AMD and Palantir among the major tech and AI players due to report this week.

Clorox, the maker of bleach and other household staples, will report its results on Monday. Big Tech companies Advanced Micro Devices (AMD) and Super Micro Computer will report their results on Tuesday. Online travel company Booking Holdings will also report on Tuesday, followed by rival Expedia on Wednesday. Clothing and accessories makers Tapestry and Ralph Lauren will report their results on Thursday.

Corporate earnings reports keep providing more insight into inflation impacts, AI prospects Corporate earnings from a wide range of businesses this week will help add more detail to the bigger economic picture. Companies focused on travel, technology and clothing are all set to report profits for their most recent quarter and provide forecasts for the rest of the year and beyond.

Nearly half of the companies in the S&P 500 have already reported their latest financial results and Wall Street is currently expecting profits to rise by 30% overall.

Iran-US War

The U.S. war with Iran has been ongoing since February and has essentially shut down the vital Strait of Hormuz and stifled global oil shipments. That has fueled a leap in gas prices, making shipping more expensive for everything from food to clothing. The main driver for much of the inflation facing households and businesses stems from rising fuel costs.