US stock futures were mixed on Tuesday as renewed oil-market tensions and weakness in Asian technology shares threatened to interrupt Wall Street's recovery. Nasdaq 100 futures fell 150 points, or 0.5%, while S&P 500 futures slipped 0.13%. Dow futures added 99 points, or 0.19%, reflecting a divergence in investor sentiment.
Oil Prices Climb on Gulf Risks
Brent crude rose towards $111 a barrel after fresh attacks were reported around the Gulf. Yemen's Houthi movement claimed strikes on Saudi energy and transport facilities, though Saudi authorities had not independently confirmed the claims. Further incidents involving vessels around the Strait of Hormuz raised concerns over shipping reliability. President Donald Trump's limited waiver of Russia-related energy penalties has yet to offset these risks.
Asian Tech Weakness Rattles Sentiment
South Korea's KOSPI fell roughly 3.7%, while Japan's Nikkei 225 declined about 1.3%. AI data-centre company Elice plunged 32% on its Seoul debut despite raising about $150 million. Samsung Electronics and SK Hynix also fell, underscoring investors' concern about the returns available from expensive AI infrastructure. Analysts described investors as cautious about whether the AI-led market rally can endure.
Earnings Test: GM and GE Aerospace
General Motors reported third-quarter revenue of $50 billion, beating expectations of roughly $48.8 billion, while adjusted earnings of $3.70 a share exceeded forecasts of $3.63. Adjusted operating profit rose 22% to $4.1 billion, supported by strong demand for higher-priced pickup trucks and SUVs. GM also announced a $20 billion share buyback and narrowed its 2026 adjusted operating profit forecast to $14.5 billion–$15.5 billion. Shares nevertheless fell about 7% premarket as investors questioned the outlook for profit growth.
Meanwhile, GE Aerospace raised its full-year adjusted earnings forecast to $8.00–$8.10 a share, supported by strong aircraft-engine maintenance demand. The stock gained about 1% before the bell.
3M Gains on Amazon Deal, Steel Dynamics Disappoints
3M climbed roughly 4% premarket after expanding its data-centre supply agreement with Amazon. A regulatory filing showed Amazon received warrants to buy up to 3.16 million 3M shares, with most vesting tied to purchases reaching $6 billion. Steel Dynamics moved the other way, falling around 6% after reporting $5.26 a share in quarterly earnings against estimates of $5.48. Its revenue nevertheless rose to $6.51 billion, illustrating how investors are distinguishing between strong sales and profits that fall short of expectations.
Housing Data in Focus
September housing starts and building permits are due at 8:30 am ET, with starts forecast near an annualised 1.31 million units, up from roughly 1.28 million. The figures will show whether mortgage rates above 7% are further squeezing construction. Goldman Sachs economist Ronnie Walker expects affordability strains to persist into 2027. The Fed meets on October 27–28, and another weak housing reading could complicate its task of containing inflation without damaging growth.
This article is for informational purposes only and does not constitute financial advice.
