Futures linked to the DOW JONES index rose 0.04% to 47,580.70 points, while those of the S&P 500 advanced 0.37%, to 6,865.40 points. NASDAQ 100 futures rose 0.71% to 26,040.10 points.
Wall Street is coming off a very positive month of October. The DOW JONES rose 2.5% and the S&P 500 rose 2.3%, while the technology Nasdaq had the best performance, with a rise of 4.7% after six of the magnificent seven had already presented their accounts, with the only exception of NVIDIA. Last Friday, the Dow advanced a slight 0.09%, while the S&P 500 gained 0.26% and the Nasdaq gained 0.61%.
The markets have celebrated the commercial rapprochement between the US and China, which seems like it may be consolidated in the future with an agreement as such, while they are still waiting to know when the US Government will reopen. If the closure extends until next Thursday it will already be the longest in history. Until now, the markets have not given it much importance, although it has caused a ‘blackout’ of very relevant macroeconomic references, such as the employment report or the PCE.
Wall Street could see a seasonal boost this month. According to data from the Stock Trader’s Almanac, The S&P 500 registered an average gain of 1.8% in November, becoming the month with the highest historical increase for this index.
On the other hand, this week the Supreme Court will begin to hear the arguments for and against the application by the US Executive of a national emergency law for the implementation of trade tariffs at a global level. “A verdict is not expected in the short term,” clarifies Juan J. Fernández-Figares, from Link Gestión, who nevertheless warns that, in the event that the verdict is “contrary to the Trump Administration, it would put it and the country in a very complicated position.”
Without too many references, the third quarter earnings season is taking on a special role. And even more so after some very solid reports. Until last week, 315 S&P 500 companies had presented their accounts, with a average increase in earnings per share of 15.7%compared to the 8.5% expected before the publication of the first company, according to calculations by Bankinter analysts. The qualitative balance is as follows: 83% exceed expectations, 4% are in line and the remaining 13% disappoint. In the last quarter (2Q) earnings per share increased 13.3%, compared to the expected 5.8%.
“Fundamentally, the US earnings outlook remains strong and is supported by these three factors: AI spending visibility remains strong, as evidenced by Amazon’s strong Q3 2025 report; the financial sector drives innovation through blockchain; the Federal Reserve takes an accommodative stance and reduces interest rates; and quantitative tightening ends on December 1,” says Tom Lee, head of research at Fundstrat.
This week they will present results more than 100 S&P 500 companiesincluding some big names in artificial intelligence such as Palantir or Advanced Micro Devices.
During this weekend the results of Berkshire Hathaway were known. The profits of the conglomerate led by Warren Buffett from its businesses increased 34%, reaching $13,485 million during the third quarter. Berkshire did not buy back shares and its cash reserves soared to $381.6 billion, a record.
IREN shares soared 21.4% after learning of an agreement between the data center company and Microsoft to supply the technology giant with Nvidia GB300 GPUs for five years for $9.7 billion.
“This agreement not only cements IREN’s position as a trusted provider of cloud AI services, but also opens access to a new customer segment among global hyperscalers,” says co-CEO Daniel Roberts. “It represents another important development for IREN as we continue to expand large-scale GPU deployments across our 3 GW Assured Power portfolio in North America, reinforcing our position as a leading provider of cloud AI services.”
Investors will also have to keep an eye on NVIDIA’s price. This weekend, US President Donald Trump had indicated that the semiconductor giant’s most advanced chips will be reserved for US companies and will not be marketed in China or other countries, there will be some exceptions.
Today Microsoft announced that it has obtained export licenses to ship NVIDIA chips to the United Arab Emirates. The technology giant is the first company, under the Trump administration, to obtain such licenses from the Department of Commerce. The approval, which would have been granted in September, was based on “up-to-date and rigorous technological safeguards.”
“While the chips are powerful and the quantity is high, the most important thing is their positive impact in the United Arab Emirates,” Microsoft says in a blog post. “We use these GPUs to provide access to advanced AI models from OpenAI, Anthropic, open source vendors, and Microsoft itself.”
Corporate movements also liven up the session. Kimberly-Clark has announced the acquisition of Tylenol maker Kenvue in a transaction valued at approximately $48.7 billion. Kimberly-Clark will purchase all of Kenvue’s outstanding common shares in a mixed cash and stock transaction: Kenvue shareholders will receive $3.50 per share and 0.15 Kimberly-Clark shares for each Kenvue share they own. Kenvue shares soar 18% in pre-market trading.
Beyond Meat shares fall 8% after the company announced that it will delay the publication of its third quarter results, initially scheduled for November 11. The company has explained that the delay is because it needs more time to calculate a significant non-cash asset impairment charge.
In raw materials markets, oil prices are not lifting their heads, and continue to decline after the falls in October. OPEC+ on Sunday agreed to a small increase in oil production for December and a pause in increases during the first quarter of next year, as the producer group moderates its plans to regain market share due to growing fears of a supply glut. US West Texas futures fell 0.56% to $60.64 per barrel, while international benchmark Brent oil fell 0.46% to $64.47.
The price of gold is hovering around $4,000 following the elimination of China’s tax incentive for purchasing gold through local retailers. The yellow metal in its spot form is paid at $4,005.29 per ounce, with an increase of 0.08%.
The euro fell 0.17% against the dollar, leaving the exchange rate at 1.1516 dollars for each single currency.