U.S. stock index futures moved higher on Monday, signaling a possible rebound for Wall Street after last week’s sell-off linked to concerns about the artificial-intelligence trade. Investors were also preparing for Apple’s quarterly results after the closing bell, with the company viewed by trading desks as a relatively defensive presence among large technology stocks.

At 8:47 a.m. ET, S&P 500 futures were up 0.6%, Dow futures had gained 0.7% and Nasdaq 100 futures were 1% higher.

Apple has attracted attention as investors reassess the scale and potential returns of spending on AI infrastructure. The company’s shares have risen for four consecutive months and are up nearly 30% so far this year, lifting its market capitalization above $5 trillion, according to the report. Traders are looking for evidence that device upgrades and services growth can maintain earnings momentum without the infrastructure costs weighing on profitability.

Apple’s results were scheduled alongside reports from Palantir Technologies and Berkshire Hathaway. The earnings call was also expected to be the first hosted by John Ternus as Apple’s chief executive.

Chipmakers faced a more difficult backdrop after Intel shares plunged 30% following a weak forecast. The decline contributed to a broader repricing across the sector and pushed Advanced Micro Devices shares down almost 11%. AMD, which was due to report on Tuesday, faced pressure to show that its data-center accelerators are gaining profitable enterprise adoption despite tighter corporate budgets.

The contrasting performance of consumer platforms and hardware suppliers reflected broader market rotation in October. The Nasdaq Composite lost more than 5% during the month, while the S&P 500 fell 0.9%. The Dow Jones Industrial Average, supported by flows into traditional defensive and cash-generating companies, rose 1.7%.

Political and economic events were also central to investors’ positioning. U.S. voters were set to participate in Tuesday’s midterm elections, with all 435 House seats and 35 Senate seats on the ballot. The results could influence future policy affecting several sectors and potentially complicate legislative initiatives, infrastructure spending and negotiations over the federal debt ceiling.

Attention will then turn to the October nonfarm payrolls report, due on Friday. The data are expected to provide the Federal Reserve with additional guidance on labor-market conditions, while money markets were pricing a 78% probability of a 25-basis-point interest-rate increase in December.

Sources: Investing.com News.