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Global Desk US stock futures went up on Monday morning. Wall Street wanted to continue the strong momentum it had in October. Market gains were seen across indexes. S&P 500 futures (ES=F) rose 0.3%, Nasdaq 100 futures (NQ=F) jumped 0.6%, Dow Jones Industrial Average futures (YM=F) added about 0.1%.October was a strong month for stocks. The S&P 500 (^GSPC) rose 2.3%, the Dow (^DJI) gained 2.5%, and the Nasdaq Composite (^IXIC) climbed 4.7%. This was led by investor interest in growth and AI-linked companies, especially Big Tech and the “Magnificent Seven.”Optimism about easing US-China trade tensions helped markets. Investors were hopeful that relations between the two nations might improve. But there’s still concern in Washington. A US government shutdown has delayed key economic reports like the jobs report that was supposed to come out this week.The Supreme Court will hear a major case this week. The court is set to decide on the legality of former President Donald Trump’s tariffs. Trump made a statement about Nvidia chips. On Sunday, Trump said that advanced Nvidia (NVDA) chips will only be sold to US companies and kept out of China and other countries.Earnings season continues actively. About 300 S&P 500 companies have already reported third-quarter results. Over 100 more reports are expected this week from firms such as Palantir (PLTR), Super Micro (SMCI), and AMD (AMD).Live EventsBerkshire Hathaway stock climbed after earnings. The company’s shares (BRK-B, BRK-A) rose more than 1% in premarket trading on Monday. This came after Saturday’s earnings report showing profits up 17%, thanks to a mild hurricane season and investment gains. With no new government data, private sector reports will be important. ALSO READ: November could be a stock market goldmine — here’s where Bank of America says to bet bigReports from the Institute for Supply Management and S&P Global about manufacturing and services will get extra attention this week. University of Michigan’s consumer sentiment report due Friday will also be watched closely. This comes as people start worrying that consumers may reduce spending.IREN stock surges after $9.7 billion Microsoft dealIREN stock (IREN) jumped 24% before the market opened on Monday. This happened after IREN announced a $9.7 billion cloud services contract with Microsoft. The deal gives Microsoft access to Nvidia’s GB300 processors. The agreement lasts five years, helping Microsoft strengthen its AI and data center infrastructure as AI demand rises.IREN said the GB300 processors will be set up in stages until 2026 at its 750-megawatt campus in Childress, Texas. The company also said Microsoft has made a 20% prepayment.Berkshire Hathaway’s profits rise 17% as buffett plans exitBerkshire Hathaway (BRK-B, BRK-A) shares rose over 1% on Monday. The company reported a 17% profit increase in its third-quarter results released over the weekend. Reasons for higher profit because of the mild hurricane season helped its insurance business. It gained more from its paper investments.Warren Buffett, 95, will step down as CEO in January, as stated by AP. Berkshire Hathaway is preparing for this leadership change. Vice Chair Greg Abel will take over as CEO, while Buffett will stay as chairman. Berkshire made a $9.7 billion investment in OxyChem last month, but that won’t reduce its huge $381.7 billion cash pile as of September. The company’s Class A stock reached a peak of $812,855 before Buffett announced his exit in May.It closed Friday at $715,740. Berkshire did not buy back its own stock this quarter, showing Buffett thinks the shares are still overpriced. CFRA Research analyst Cathy Seifert said investors will want more details once Greg Abel becomes CEO. She added there might be more calls for Berkshire to pay a dividend if it doesn’t use its huge cash pile soon.But with Buffett still chairman, no big changes are expected immediately.Xiaomi shares rise after XI’s joke about phone backdoorsXiaomi (1810.HK, XIACF) shares went up more than 3% on Monday. This came after a lighthearted moment between Chinese President Xi Jinping and South Korean President Lee Jae Myung. During a meeting in South Korea, Xi gifted two Xiaomi smartphones to Lee. Lee joked, “Is the line secure?” Xi smiled and replied through an interpreter, “You can check if there’s a backdoor.” Both leaders laughed. The moment was notable because security and spying issues are very sensitive in US-China relations.ALSO READ: US stock market ends the October on a strong note — How did the S&P 500, Nasdaq and Dow perform? Here’s the top gainers and losers on Wall StreetAmerican lawmakers have accused Chinese tech firms like Huawei of possibly building “backdoors” in devices to access data — claims the companies deny. US officials have also discussed putting tracking systems in products like Nvidia chips, but Nvidia has opposed this idea.Gold prices drop below $4000 after China’s tax moveGold (GC=F) prices fell below $4000 per ounce on Monday.The drop came after China removed a tax incentive that allowed some retailers to avoid a value-added tax when buying gold from Shanghai exchanges. Gold fell as much as 1% in Asia trading. Earlier in October, gold hit a record high, driven by heavy buying from retail investors, before falling sharply later in the month.Even after the decline, gold prices are still up more than 50% this year. Analysts say demand from central banks and investors will keep supporting the market. Adrian Ash, director of research at BullionVault, said, “While Chinese gold demand has played little part in this year’s record bull market, the tax changes in gold’s heaviest consumer nation will dent global sentiment.”He added that this news could be “very welcome to traders and investors hoping for a deeper correction after last month’s spike, as per Bloomberg report. FAQsQ1. Why did US stock futures go up today?US stock futures rose because investors are hopeful about strong earnings, easing US-China tensions, and a positive start to November after big October gains.Q2. Why did IREN stock jump after the Microsoft deal?IREN stock surged after Microsoft signed a $9.7 billion deal to use its Nvidia-powered data centers for AI and cloud services.Add as a Reliable and Trusted News Source Add Now! 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