Futures tied to the Dow Jones Industrial Average rose 107 points, or 0.22%. S&P 500 futures were up 0.28%, and Nasdaq futures added 0.30%. These gains would extend Friday’s rally.
The yield on the 10-year Treasury fell 1.8 basis points to 4.083%. Meanwhile, the U.S. dollar inched up 0.06% against the euro and 0.16% against the yen. Gold dipped 0.11% to $3,992 per ounce.
In commodity markets, U.S. oil futures rose 0.64% to $61.37 a barrel, while Brent crude climbed 0.62% to $65.17. The gains came as OPEC+ signaled it will pause its production increases next year.
Looking ahead, the Supreme Court is set to hear arguments on Wednesday in a case challenging former President Trump’s authority under the International Emergency Economic Powers Act (IEEPA) to impose so-called reciprocal tariffs related to the fentanyl trade. Lower courts have ruled against Trump, but some trade experts believe there is still a chance the high court could decide in his favor.
On Sunday, Treasury Secretary Scott Bessent expressed optimism about the Supreme Court’s decision, citing China’s strict rare earths export restrictions that threatened various industries and critical technologies. “The president was able to push back using his IEEPA powers,” Bessent told Fox News Sunday. “If that’s not use of an emergency power at an emergency time, I don’t know what it is.”
In corporate news, Tesla shareholders will gather on Thursday for the company’s annual meeting to vote on Elon Musk’s $1 trillion compensation package. Chairwoman Robyn Denholm urged shareholders to support the deal, warning in a letter on Monday that the company risks losing significant value if the deal fails and Musk chooses to step down as CEO.
Denholm emphasized that the historic compensation package is needed to motivate Musk as Tesla pushes further into artificial intelligence, robotics, and autonomous driving. If approved, Musk will gradually receive more than 420 million Tesla shares, contingent upon meeting aggressive growth targets, including delivering 20 million Tesla vehicles and having 1 million robotaxis in commercial operation.
Musk himself told analysts during Tesla’s earnings call last month that the proposal is designed to ensure he cannot be sidelined. “It’s called compensation, but it’s not like I’m going to go spend the money,” he said. “It’s just, if we build this robot army, do I have at least a strong influence over that robot army, not current control, but a strong influence? That’s what it comes down to in a nutshell. I don’t feel comfortable wielding that robot army if I don’t have at least a strong influence.”
Meanwhile, elections in New York City, New Jersey, and Virginia could shift the political narrative in Washington, D.C., where lawmakers remain deadlocked over the government shutdown. The election outcomes could motivate one party to reach a deal sooner rather than later, paving the way for federal employees to be paid and benefits to resume.
Reopening the government would also restart the flow of vital economic data. Until then, only private-sector sources will be available, including the Institute for Supply Management’s manufacturing index on Monday, ADP’s monthly payroll report on Wednesday, and ISM’s services index later that same day.
https://fortune.com/2025/11/02/stock-market-today-dow-futures-trump-tariffs-supreme-court-elon-musk-pay-package-tesla-shareholder-vote/