US Stock Market Outlook: Oil Rises, Gold Pressured; Concerns Over Capital Expenditure Persist

US Stock Futures Decline Ahead of Trading Resumption

As of Tuesday morning, US stock futures are down, with the Dow Jones futures falling by 0.26%, Nasdaq futures down by 0.87%, and S&P 500 futures decreasing by 0.45%. Following the holiday break, trading resumes with the tech giants and software stocks also declining.

Tech Giants Experience Pre-Market Drop

All seven major tech companies saw declines in pre-market trading:

• Apple (AAPL) down 0.3%
• Microsoft (MSFT) down 0.62%
• Meta Platforms (META) down 0.58%
• Amazon (AMZN) down 0.33%
• Tesla (TSLA) down 1.23%
• Nvidia down 0.95%
• Google (GOOG) down 1.71%

Investors are concerned about high capital expenditures from large cloud service providers and are questioning when returns will materialize. They are closely monitoring the disruptive impact of AI across various industries.

Chinese Stocks Show Mixed Performance

In contrast, many popular Chinese stocks rose in pre-market trading:

• Hesai (HSAI) up over 5%
• Baidu (BIDU) up over 1%
• Alibaba (BABA) up nearly 1%

Oil and Gold Market Reactions

Oil prices increased due to military exercises in Iran, leading to gains in US oil stocks:

• Murphy Oil (MUR), EOG Resources (EOG), and Occidental Petroleum (OXY) all up over 1%.

Conversely, gold stocks fell, with Harmony Gold (HMY) down over 4%, Coeur Mining (CDE) down over 3%, and Newmont Mining (NEM) down nearly 3%.

Apple Announces Offline Experience Events

Apple (AAPL) has announced an offline event on March 4, 2026, in Shanghai, New York, and London, inviting media to experience new products. This event is expected to feature pre-recorded release videos and hardware experiences.

Alibaba Launches New AI Model

Alibaba (BABA) has released its new AI model, Qwen 3.5-Plus, which rivals Gemini 3 Pro. The model features advanced capabilities and a competitive pricing structure.

General Mills Lowers Sales and Profit Forecast

General Mills (GIS) fell over 3% in pre-market trading after lowering its annual sales and profit expectations due to weak consumer sentiment.

Danaher Nears Acquisition of Masimo

Danaher (DHR) is close to acquiring Masimo (MASI) for approximately $10 billion, which would be its largest deal in over five years.

BHP Reports Strong Financial Growth

BHP (BHP) reported a 28% increase in net profit, driven by rising copper prices and record output from core mines. The company announced a dividend increase as well.

Medtronic's Earnings Miss Expectations

Medtronic (MDT) fell nearly 3% in pre-market trading after its annual guidance fell short of market expectations.

Market Sentiment and Trends

Market analysts note a cautious sentiment due to multiple holidays and a lack of new catalysts. The focus remains on developments between the US and Iran.

Hedge Funds Bullish on Asian Markets

Goldman Sachs reports that hedge funds are buying into Asian markets at the fastest pace in a decade, driven by optimism around AI infrastructure companies.