Nasdaq Futures Jump 357 Points as Earnings Season Heats Up

Futures on the Nasdaq-100 Index (NDX) and Dow Jones Industrial Average (DJI) are up triple digits this morning, with chip stocks and risk-on appetites overshadowing a continued flurry of U.S-Iran tensions. The U.S. has carried out 10 consecutive days of airstrikes, though mediators pushing for a 10-day ceasefire is keeping a cap on oil price gains today. Earnings season is an effective distraction from the Middle East instability, with blue chip 3M (MMM) up 6% before the bell after a beat-and-raise.

Continue reading for more on today's market, including:

• How a rangebound SPX impacts the bulls vs. bears case, per Senior V.P. of Research Todd Salamone.
• A pre-earnings roundup of GE Vernova stock.
• Plus, Novo slams Eli Lilly with lawsuit; steel stock slides; Nvidia bets on Nebius.

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 2.2 million call contracts and 1.4 million put contracts traded on Monday. The single-session equity put/call ratio fell to 0.66, while the 21-day moving average remained at 0.58. 
2. Novo Nordisk (NYSE:NVO) stock is down 0.7% before the bell, after the drugmaker filed a lawsuit against rival Eli Lilly (LLY), citing misleading advertising for its GLP-1 drugs. Novo Nordisk also had a GLP-1 dispute with Hims & Hers Health (HIMS) earlier this year. NVO is below its year-to-date breakeven level, an area that roughly coincides with its 320-day moving average.
3. Steel Dynamics Inc (NASDAQ:STLD) stock is off by1.3% in electronic trading, brushing off a top- and bottom-line beat after incurring a non-cash impairment charge of $16 million. Although STLD is 20% off its June 15 record high, the shares remain 36% higher year-to-date.
4. Nebius Group NV (NASDAQ:NBIS) stock is up 6.8% in premarket trading, after Nvidia (NVDA) said it took a 9.3% stake in the cloud company. NBIS is up 118% in 2026 with support at the 120-day moving average.
5. More big name earnings scheduled for this week.

Earnings Boost European stocks

Asian markets closed mostly higher as crude cooled. Japan’s Nikkei returned from its holiday break with a 3.3% pop as traders rush back into the beaten down index. Elsewhere, China’s Shanghai Composite gained 1.8%, the South Korean Kospi jumped 3.6%, and Hong Kong’s Hang Seng inched 0.04% lower.

European bourses are higher too, while investors focus on today’s wave of corporate earnings. At last glance, London’s FTSE is rising 0.2%, Germany’s DAX is 0.2% higher, and France’s CAC is up 0.05%