Dow Jones futures gain ahead of inflation data and tech earnings

• The forthcoming CPI figures will offer key inflation signals for traders, who are also watching CoreWeave’s results for indications of wider AI demand.
• After widespread, sizeable gains in semiconductor shares drove Monday’s strong rally, Wall Street seeks to sustain the advance.
• Controversy surrounding Nvidia’s CEO and concerns about tighter AI chip export curbs sent its shares down over 4%.

A 0.48% rise takes Dow Jones futures to around 52,750 in Tuesday’s European trading session. By comparison, S&P 500 futures are up 0.17% at around 7,590, while Nasdaq 100 futures are down 0.15% at roughly 27,970.

October’s headline Consumer Price Index (CPI) is forecast to increase by 0.3% month-on-month, half September’s 0.6% rate, with core CPI expected to ease to 0.2% from 0.3%. Ahead of the report, US stock futures showed a mixed performance.

Annual inflation readings will be absent, however: the Bureau of Labor Statistics (BLS) will not release 12-month percentage changes for the October 2026 indices, as the federal government shutdown prevented the collection of October 2025 data. Neither the standard annual headline rate nor its core counterpart will therefore be available. With the inflation picture incomplete, investors have placed greater emphasis on the forthcoming results from neocloud firm CoreWeave for crucial indications of momentum across the artificial intelligence sector.

Monday’s regular session had delivered a strong advance, with gains of 2.15% for the Dow, 2.35% for the S&P 500 and 2.74% for the Nasdaq Composite, before the more cautious mood took hold. Leading the recovery were semiconductor shares, reversing some of last week’s heavy selling. That sell-off followed concerns about stricter AI oversight and possible delays to data centre expansion after Democrats won control of Congress.

Company-specific difficulties nevertheless restrained sentiment, with Nvidia particularly affected. After CEO Jensen Huang acknowledged an alleged affair with a suspected Chinese spy, the chipmaker’s shares fell over 4%. The disclosure fuelled concerns that lawmakers might seek tighter export restrictions on the company’s hardware.

US equities recover as technology and semiconductor shares set the pace

US shares are beginning to recoup their post-Midterm election losses, according to Rabobank analysts. Describing the S&P 500, they note that, after "collapsing 4.4% in one day last week following the US Midterm elections, the S&P 500 is starting to show signs of recovery, having moved 3% higher, back to pre-November 4 levels." Rabobank also highlights a substantial bounce in the technology-heavy Nasdaq: "despite the unfortunate headlines surrounding Jensen Huang, the Nasdaq also made a strong recovery, having moved 5% higher over the past two sessions, supported by the Philadelphia Semiconductor Index, which managed to work its way more than 11% higher."