LIVE MARKETS-US stock index futures rise after oil drop, recent equity selloff

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US STOCK INDEX FUTURES RISE AFTER OIL DROP, RECENT EQUITY SELLOFF

US stock index futures are higher early on Monday following a recent market selloff and as oil futures dropped about 6% on hopes of a deal to end the Iran war.

On Friday, the Nasdaq .IXIC put in its biggest one-day decline as the latest earnings reports fueled worries about AI spending and how long the AI boom can last.

Oil futures dropped amid talks between Iranian and Qatari officials on a deal to end the US-Israeli war with Iran. Higher oil prices have fueled inflation worries that have weighed on the market this year.

The Federal Reserve in September raised interest rates for the first time in three years in an effort to bring down inflation.

Investors will be closely watching results of US midterm elections on Tuesday because they will determine which party will be able to control Congress. US President Donald Trump's Republican party currently controls both the US House and Senate.

Also ahead this week is the key US monthly jobs report, due Friday.

Here is the early market snapshot:

(Caroline Valetkevitch)

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