Stock futures rose slightly on Monday, boosted by falling oil prices, following a losing week for the S&P 500 and Nasdaq Composite as cracks emerge around the artificial intelligence trade.
Dow Jones Industrial Average futures added 209 points, or 0.4%. S&P 500 futures were up 0.1%, while Nasdaq-100 futures traded just above the flatline.
Brent futures fell 1.7% to trade at $114.77 a barrel, while U.S. West Texas Intermediate slid 2% to $100.97 per barrel. Brent crude had hit its highest level since April last Friday amid news reports that the U.S. and Israel could be planning to launch strikes on Iran after the midterm elections.
Higher oil prices and a broadening sell-off that hit many market sectors dragged the three major averages to losses on Friday. The sell-off also dragged the S&P 500 and the Nasdaq to back-to-back weekly losses.
Neocloud stocks pressured the market last week as well, as investors worried companies may be borrowing too much cash to expand their AI capabilities. Neocloud names fell again on Monday after Elon Musk said more than 200 companies in the space face "guppy-level death."