【US Pre-Market】Three Major Index Futures Rise, Memory Stocks Rebound With SK Hynix Up Nearly 5%, WTI Crude Drops Below $100

TradingKey - Before the opening bell on November 2, US Eastern Time, futures tied to the three major US stock indexes rose across the board. As of press time, Dow futures were up about 0.61%, S&P 500 futures gained about 0.54%, and Nasdaq 100 futures advanced about 0.87%.

[Source: Investing]

In the preceding week, tech stocks suffered a sell-off, with the Nasdaq Composite Index falling about 5.2% in October. In pre-market trading on Monday, some tech and semiconductor stocks rebounded, but market concerns over AI capital expenditures and returns on investment have not yet subsided.

In commodities, international oil prices pulled back. Brent crude (UKOIL) futures fell to around $107/barrel, and WTI crude (USOIL) futures dropped below $100/barrel, currently trading at $98.8/barrel. News regarding diplomatic contacts between the US and Iran eased some energy supply concerns.

Gold (XAUUSD) remains below $4,000/oz, currently trading at $3,906/oz; Bitcoin (BTCUSD) has recovered to around $77,832.

Market Moves

Micron (MU), SanDisk (SNDK) rose over 2% in pre-market trading, while SK Hynix (SKHY) gained nearly 5%.

Micron rose about 2.7% in pre-market trading, SanDisk gained over 3%, and SK Hynix (SKHY) climbed nearly 5%. In contrast, Japanese memory chipmaker Kioxia fell about 15.8% in Tokyo trading on November 2.

Kioxia's third-quarter results were overall in line with expectations, but its operating profit outlook for the October–December 2026 quarter fell below market expectations. The company expects adjusted operating profit for that quarter to be around 2 trillion yen (approx. $12.7 billion), lower than the market consensus of approximately 2.32 trillion to 2.35 trillion yen. Delayed deliveries of certain enterprise storage products and slowing NAND price increases also weighed on market sentiment regarding short-term performance.

SpaceX (SPCX) rose over 2% in pre-market trading: Musk expects monthly additions of orbital computing capacity to significantly surpass terrestrial capacity by 2029

SpaceX rose over 2% in pre-market trading. Musk posted on social media platform X on October 30 that the monthly newly deployed orbital computing capacity could exceed terrestrial computing capacity around the end of 2028 and lead significantly by 2029.

SpaceX is advancing its orbital data center project, aiming to deploy space-based AI computing infrastructure using low Earth orbit satellites. The company plans to conduct initial orbital AI computing demonstrations before the end of 2027 to provide technical verification for subsequent commercial deployment.

Google (GOOGL) rose over 1% in pre-market trading, reportedly in talks with the U.S. Department of Defense on cooperation

Google rose over 1% in pre-market trading. According to a Bloomberg report on October 30, Alphabet's Google is in discussions with the U.S. Department of Defense to explore participating in the Trump administration's approximately $185 billion "Golden Dome" missile defense initiative, providing technical support for relevant military systems.

Reports indicate that discussions between the two sides cover areas such as data storage, network infrastructure, and cybersecurity. However, negotiations remain in early stages, with no formal agreement reached yet, and the specific scope of cooperation and commercial value remain uncertain.

INOVIO Pharmaceuticals (INO) surged over 230% in pre-market trading.

INO jumped as much as 230.5% in pre-market trading, with its share price rising to around $1.99. The company disclosed that the U.S. Food and Drug Administration (FDA) has granted accelerated approval for its drug Voceryq to treat recurrent respiratory papillomatosis (RRP) in adults. Regulatory approval progress has prompted the market to re-evaluate the drug's commercial prospects.

Market News

Apple and Palantir to report earnings tonight, with AI business and core revenue in focus.

Apple (AAPL) will report its fourth-quarter fiscal 2026 financial results after the U.S. market close on November 2. The market expects revenue of approximately $113.38 billion and adjusted earnings per share of around $1.99.

Investors will focus key attention on iPhone sales, services revenue, gross margin, and next-quarter guidance, while paying close attention to statements from new CEO John Ternus regarding AI strategy and product planning.

Palantir (PLTR) will also report its third-quarter 2026 financial results after the close. The market expects revenue of approximately $2.17 billion to $2.18 billion and adjusted earnings per share of about $0.41.

U.S. commercial business growth, government contracts, customer expansion for the Artificial Intelligence Platform (AIP), and full-year guidance will be key metrics to watch.

As U.S. midterm elections approach, tech regulation and fiscal policy come into focus.

The U.S. will hold midterm elections on November 3, with all 435 seats in the House of Representatives and about one-third of the seats in the Senate up for election. A shift in congressional control could impact tax policy, fiscal spending, trade policy, and tech sector regulation over the next two years.

For U.S. stocks, investors will focus on subsequent changes in tech antitrust policy, corporate taxation, energy policy, and cryptocurrency regulation. However, the actual market impact of the election results will still depend on the distribution of seats in Congress and the subsequent legislative process.

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