All Three U.S. Stock Futures Fall as JPMorgan Says Selloff May Be Nearing Its End
nashnova research
All three US index futures dropped in pre-market trading on October 22, 2026, with Nasdaq futures down 1.60% leading the decline, but JPMorgan argues most long positions in semiconductors have already been unwound, potentially capping further downside.
How deep is the pre-market drop?
Dow futures fell 0.57%, S&P 500 futures 0.94%, and Nasdaq futures 1.60% — tech led the decline, erasing the previous session's rebound.
Europe fell in lockstep: Germany's DAX down 0.71%, the UK's FTSE 100 down 1.11%, Euro Stoxx 50 down 1.37%.
France's 10-year yield rose 8 basis points intraday, topping the US Treasury yield for the first time since 2013. This means → the bond market is now pricing in sustained concern over France's deteriorating fiscal position.
Why does JPMorgan say "the worst may be over"?
The core call from JPMorgan strategist Nikolaos Panigirtzoglou's team: the recent semiconductor sell-off has already forced most long positions to unwind, including those of momentum investors — funds that chase trends.
In plain terms = the money that rode chip stocks higher has largely exited; fewer sellers are left, so the selling pressure itself may be running out of fuel.
The team flagged one caveat: rising funding costs for emerging cloud companies. But because demand for compute is so strong, those companies may pass the higher costs on to end clients — holding up for now.
How are Big Tech and chip stocks performing pre-market?
IBM fell over 5%, Applied Materials over 4%, Micron and Intel about 4%, Nvidia over 2%. Chip stocks bore the heaviest pressure.
Meta, which surged over 7% the prior day on Q3 results, reversed to a roughly 2% pre-market decline. Q3 revenue hit $64.6 billion, up 26% year-over-year, beating estimates — but a $9.89 billion one-time legal settlement dragged EPS to $3.83, missing expectations.
Excluding the settlement, EPS would have reached $7.40. Meta raised Q4 revenue guidance to $73–76 billion and lifted the 2026 capex floor from $130 billion to $135 billion.
Why is Tesla's capital spending making the market nervous?
Q3 revenue was $28.05 billion, just below the $28.13 billion estimate; adjusted EPS of $0.48 beat the $0.44 consensus.
The key variable is capex: the full-year target was cut from "over $25 billion" to roughly $20 billion, and this quarter's actual spend of $4.73 billion was far below the $7.95 billion Street estimate.
This means → investors fear the pace of investment in AI, humanoid robots, and robotaxis will slow — less money spent now means those stories take longer to pay off.
What about the rest of earnings season?
Texas Instruments: Q3 revenue $6.06 billion, up 27.7% year-over-year, beating estimates; EPS $2.62, 8% above consensus. Next-quarter revenue guidance midpoint of $6.05 billion tops estimates by 5.6%. Analog chips — the kind that convert physical signals like temperature and sound into electrical data — are seeing renewed demand.
Procter & Gamble: fiscal 2027 Q1 net sales $23.3 billion, up 4%, beating the roughly $22.8 billion estimate; core EPS $2.00 versus the company's own guidance of a 5%+ year-over-year decline — it rose instead.
American Airlines: Q3 revenue $16.34 billion, a record outside post-pandemic years, but the company expects a full-year loss for 2026 as jet-fuel costs outpace fare increases, squeezing margins.
What is happening with oil and sovereign wealth?
WTI crude rose 2.34% to $99.42/barrel; Brent rose 2.85% to $111.92/barrel. Trump denied negotiations with Iran, saying the situation would be resolved "very soon" and calling it "a minor conflict with Iran" — geopolitical tension continues to lift energy prices.
Norway's sovereign wealth fund — the world's largest at $2.3 trillion in assets — reported a $30 billion loss in Q3, driven by rising rates dragging down bond holdings. Fixed-income returns came in at -3.5%.
This reflects the damage high rates inflict on large, long-duration pools of capital: when even the world's biggest "conservative" fund loses money on bonds, the current rate environment is a headwind for every investor holding fixed income.
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