Anthropic IPO filing in focus; Boeing to report - what’s moving markets

 Futures linked to the main U.S. stock indices point broadly lower after Anthropic’s high-profile initial public offering filing propelled gains in the prior session. Chip stocks advanced following the release of the documents, spurred on in part by massive growth in Anthropic’s first-half revenue. Jetmaker Boeing is due to report before the opening bell amid a parade of earnings releases. Voters in Israel head to the polls for a critical vote, while fresh diplomatic efforts aim to quell tensions in the Middle East. 

1. Futures slip

U.S. stock futures were subdued on Tuesday, as Anthropic’s filing for a potentially history-making IPO reinvigorated recently flagging faith in the AI boom, while traders prepared for a raft of corporate earnings and the start of the Federal Reserve’s latest two-day policy meeting.

By 03:56 ET (07:56 GMT), the S&P 500 futures contract had fallen by 11 points, or 0.1%, Nasdaq futures had dropped by 125 points, or 0.4%, and Dow futures were mostly unchanged.

The main averages on Wall Street advanced in the prior session, with the standout performer being the tech-heavy Nasdaq Composite, which gained 0.83%. The benchmark S&P 500 also added 0.7% and the blue-chip Dow Jones Industrial Average rose by 0.3%.

Suggesting that traders have a lot on their plate this week is an understatement. Even without the far-reaching disclosures offered in Anthropic’s paperwork, markets were gearing up for a bevy of major tech-sector results in the coming days, as well as an anticipated decision by the Fed to leave rates unchanged.

At the same time, politics is further muddying the investment landscape. Brazilian stocks retreated after the surprise re-election of the country’s incumbent president Luiz Inacio Lula da Silva, spooking investors worried that Brazil’s precarious fiscal strains may worsen. Another key vote is set to take place today in Israel, and the U.S. is now just a week away from its all-important midterm elections.

2. Chip stocks gain as Anthropic filing revives AI trade

Semiconductor stocks and AI-exposed names were among the outperformers on Monday, thanks largely to Anthropic’s filing before the U.S. market opened.

The iShares Semiconductor ETF jumped by almost 3% and the Philadelphia Semiconductor Index gained 2.82%. Individual players like Nvidia, Broadcom, Advanced Micro Devices and Micron also ended higher.

Along with highlighting gargantuan revenue growth of 1,304% to $1.16 billion in the six months to June, Anthropic’s roughly 400-page release underlined the ambitions of the maker of the popular Claude chatbot. Analysts have suggested that the loss-making San Francisco-based company could go public as soon as next month, with some reports saying the business could be valued at between $1.5 trillion and $2 trillion.

Despite providing a long list of possible risks, such as AI systems escaping human control and an inability to obtain enough insurance to cover costs related to a potential AI-driven catastrophe, Anthropic provided a shot in the arm to a recently faltering AI trade. In particular, the announcement helped to soothe jitters around the sustainability of huge debt-backed spending on AI infrastructure, which had sparked rollercoaster movements in tech stocks last week.

"A successful listing could also encourage more AI companies to test the public markets, accelerate broader IPO momentum, and reinforce the view that the AI trade still has room to run," analysts at Evercore ISI said in a note.

Beyond Anthropic, sentiment was bolstered by Facebook-owner Meta Platforms saying it plans to raise $95 billion to support its own AI goals, while SpaceX CEO Elon Musk revealed that the rocket company had notched a $40 billion debt agreement to accrue AI chips.

3. Boeing to report

Earnings from planemaker Boeing are anticipated to take center stage before the start of U.S. trading later today.

The third quarter featured a series of wins for the group, including the securing of the U.S. Navy’s sixth-generation F/A-XX fighter contract and the certification of the last two versions of its 737 MAX jet. A total of 363 737 MAX planes were also delivered in the first nine months of 2026, the fastest pace in Boeing history.

Still, Wall Street analysts expect the firm to report a loss per share of $0.21, according to LSEG estimates cited by Reuters. Rather than its achievements, observers will be hunting for insight into Boeing’s free cash flow and plans to build new defense production facilities, Reuters reported.

Also on the earnings slate, premarket quarterly figures are set to be unveiled by food and beverage firm Coca-Cola, as well as manufacturing company Corning. After the closing bell, Visa and Seagate Technology will be among the earnings headliners.

4. Israeli elections ahead

Elsewhere, Israel will hold legislative elections on Tuesday, the first since Hamas’ October 7, 2023 attack, the deadliest day in the country’s history. Much of the debate prior to the vote has centered around Prime Minister Benjamin Netanyahu’s leadership following the attack.

Much is at stake in what some are calling Israel’s most consequential election in recent memory, from national security to the country’s international reputation. For markets, uncertainty has also swirled around how the outcome could impact the ongoing joint U.S.-Israeli war on Iran, which is now in its eighth month.

Netanyahu’s election opponent Gadi Eisenkot has said Israel’s longest-serving prime minister is offering "eternal war," although Netanyahu’s supporters have championed his aggressive strikes on Iran, Hamas, and Hezbollah in Lebanon.

5. Oil choppy

Oil prices turned higher in choppy trading, as investors assessed diplomatic efforts to ease the U.S.-Israeli war with Iran tempered fears of a broader regional escalation.

As of 03:52 ET, benchmark Brent oil futures had ticked up by 0.4% to $116.28 per barrel, while U.S. West Texas Intermediate (WTI) crude futures added 0.5% to $102.24 per barrel.

Crude prices retreated on Monday. Last week, Brent surged to six-month highs, driven by fears of further attacks on energy infrastructure and commercial shipping in the Middle East.

The latest diplomatic push has focused on talks involving Iran, Saudi Arabia, Turkey and Pakistan, while Qatari officials have also been engaging with Tehran in efforts to prevent the conflict from widening.

Senior officials from Saudi Arabia, Turkey and Pakistan met Iranian leaders in Tehran on Monday, seeking to reduce regional tensions and open channels for negotiations.

(Reuters contributed reporting)