Black Monday called, Nasdaq answered "hold my futures" 📈

Nasdaq 100 futures rose nearly 1% in early Monday trading, climbing to around 29,643, up 0.86%, after opening at 29,227, roughly 0.6% below the prior close. The rebound came despite widespread social media warnings of a Black Monday-style crash following Friday's chip-led selloff, which saw the Nasdaq Composite fall 2.1% and the S&P 500 drop 1.1%, marking the worst week for both indexes since June. The Kobeissi Letter said the S&P 500 was set to add $350 billion in market capitalization at the open, posting on X, "This aged well. 3 hours into the supposed 'Black Monday' stock market crash and Nasdaq 100 futures are now up nearly +1%. The S&P 500 is set to add +$350 billion in market cap at the open again. As we stated 24 hours ago: Ignore the noise." Earlier, the firm had written, "Calls for a 'Black Monday' are spreading rapidly across social media right now. If history is any guide, this means the S&P 500 should hit 8,000 soon. Ignore the noise."

The original Black Monday occurred on October 19, 1987, when the Dow Jones Industrial Average fell 22.6% in a single session, a reference point repeatedly invoked in Monday's premarket chatter. Despite the rebound in futures, Friday's close left the S&P 500 about 2% below its October 6 record close of 7,818.93, with Kobeissi projecting a path toward 8,000, roughly 4.4% above Friday's close of 7,659.44. The S&P 500 remains up 11.9% for 2026 even after the week's losses, according to the reported data.

Concerns about the market's narrow leadership persisted into Monday's session. Roughly 84% of S&P 500 members were trading at least 10% below their 52-week highs, and just 10 stocks accounted for approximately 70% of the index's gains since March 30. Chip names were among the heaviest decliners on Friday, with Micron falling 5.6% on doubts over the longevity of the AI buildout and Intel dropping 5.8%. Whether Monday's futures gains hold into the cash session will indicate if buying is broadening beyond technology, or if the index remains dependent on the same handful of names.