Stock futures are experiencing a downward trend in early trading, indicating that major market indexes may face losses this week. Futures linked to the Nasdaq 100 are down by 0.4%, while the S&P 500 futures fall by 0.3%. The Dow Jones Industrial Average futures are also down by about 0.3%. This week has been marked by volatility as investors have moved away from tech stocks, despite strong earnings reports from some companies. As of Friday, the Nasdaq was down 2.8% for the week, the S&P 500 had declined over 1.7%, and the Dow was lower by approximately 1.4%. Meanwhile, the yields on the 10-year Treasury note remained around 4.09%, impacting mortgage rates and other consumer loans. Gold futures have returned above $4,000 per ounce, while oil futures are slightly up, surpassing $60 a barrel.
In corporate news, Tesla shareholders have overwhelmingly approved a monumental $1 trillion pay proposal for CEO Elon Musk, with over 75% voting in favor of the incentives-laden package. This vote came amidst concerns from some major investors regarding the hefty compensation. However, company leadership has insisted that this pay structure is vital for retaining Musk, who leads the firm’s ambitious endeavors in electric vehicles, robotics, and AI. The pay package includes ambitious goals, such as elevating the company’s valuation to $2 trillion and achieving a cumulative total of 20 million vehicle deliveries. Following the news, Tesla shares experienced a slight increase of 0.6% in premarket trading.
On the political front, U.S. lawmakers are working to resolve the ongoing government shutdown, which has now stretched into its 38th day. Senate Republicans are proposing an amendment to a House-passed spending bill aimed at extending the funding deadline beyond November 21, while incorporating long-term spending measures that have already received approval. This proposal includes a commitment to hold a vote on healthcare subsidies, a significant issue that has contributed to the stalemate, with hopes of attracting moderate Democratic support. The shutdown has led to concerns about staffing levels, with the government set to implement flight restrictions today. Additionally, this impasse has delayed the release of important economic indicators, including the October jobs report.
In the cryptocurrency market, Bitcoin briefly dipped below $100,000 as it continues to linger near its lowest levels in months. After reaching a high of approximately $104,200 earlier, Bitcoin has fallen nearly 3%, with recent trading indicating it dropped below the six-figure threshold for the first time since June. Spot bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust and Grayscale Bitcoin Trust, have also seen declines of more than 0.5% in early trading.
In entertainment and gaming news, shares of Take-Two Interactive Software have seen a significant drop following another postponement of the highly-anticipated “Grand Theft Auto VI.” The company has now rescheduled the release for November 19, 2026, pushing back from a previously planned May 2026 launch. Despite reporting fiscal second-quarter bookings of $1.96 billion, exceeding their own guidance, shares have fallen by more than 4% in premarket trading, although they had risen nearly 40% leading up to Friday’s trading session.
