US STOCKS-Nasdaq futures fall as oil prices jump, key earnings loom

Halliburton

Tue 12:24

Futures: Dow up 0.06%, S&P down 0.2%, Nasdaq down 0.62%
3M expands Amazon data center partnership, lifts annual profit forecast
Brent hits five-month high as attacks on ships, Saudi sites fuel supply worries
Updates prices
By Tharuniyaa Lakshmi and Ragini Mathur
Oct 20 (Reuters) - Nasdaq 100 futures slipped on Tuesday, pressured by renewed weakness in AI-linked stocks and a rebound in oil prices, as investors braced for major corporate earning reports.
CoreWeave CRWV.O dropped 4.7% and Nebius Group NBIS.O lost 4.9% in premarket trading, while Apple AAPL.O fell 1.2% and Nvidia NVDA.O slipped marginally.
The pullback followed a brief rebound on Monday, when the S&P 500 .SPX and Nasdaq .IXIC indexes advanced as investors bought the dip in technology stocks following last week's sharp selloff, driven in part by concerns over CoreWeave's debt load and the cost of financing the AI buildout.
"I see this as a dip inside a selective market rather than a genuine AI buying opportunity or the start of a deeper repricing," said Ion Jauregui, analyst at ActivTrades. "Investors are pickier about AI stories than they were a year ago."
Elsewhere, shares of South Korean AI infrastructure company Elice Group 0158S0.KQ tumbled nearly 30% in their market debut, slipping below their IPO price after the company raised 201.1 billion won ($151.12 million) in its offering.
At 07:06 a.m. ET, Dow E-minis YMcv1 were up 31 points, or 0.06%, S&P 500 E-minis EScv1 were down 15.5 points, or 0.2%, and Nasdaq 100 E-minis NQcv1 were down 183.75 points, or 0.62%.
Brent crude was near a five-month high, as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. O/R
Investors will now watch this week's corporate earnings for clues on whether companies can maintain strong growth in the face of mounting macroeconomic risks.
Quarterly results from SpaceX SPCX.O and Netflix NFLX.O are due after the market close on Tuesday, while heavyweights Meta Platforms META.O and Tesla TSLA.O are scheduled to report on Wednesday.
Steel Dynamics STLD.O fell 5.7% after the steelmaker missed third-quarter profit estimates.
General Motors GM.N beat expectations for third-quarter results, yet its shares dropped 5.2%.
Halliburton HAL.N jumped 5.7% after the oilfield services provider topped Wall Street expectations for quarterly profit.
3M MMM.N shares were up 0.5% after the industrial conglomerate said it was expanding its commercial relationship with Amazon AMZN.O and had issued a warrant to an Amazon subsidiary, allowing it the right to buy 3M common stock worth over $521 million. The company also raised its full-year profit forecast on Tuesday.

 (Reporting by Tharuniyaa Lakshmi and Ragini Mathur in Bengaluru; Editing by Shilpi Majumdar)
 ((tharuniyaa@thomsonreuters.com))