U.S. stock futures moved higher on Friday, October 9, supported by a rebound in technology shares from the previous day’s losses alongside falling oil prices. Nasdaq-100 futures paced the advance, coming on the heels of recent questions surrounding OpenAI’s revenue figures.
Meanwhile, SpaceX stock climbed following a spectrum acquisition deal, whereas telecommunication equities experienced a downturn. Market participants additionally kept a close eye on company earnings, Treasury yields, and upcoming major bank reports slated for next week.
U.S. Stock Futures Recover After Tech Sell-Off
By 7:05 a.m. ET, Nasdaq-100 futures had increased by 224.5 points, or 0.72%. Contracts tied to the S&P 500 gained 27.5 points, or 0.35%, while Dow Jones futures picked up 38 points, or 0.07%. Both technology and semiconductor equities moved upward ahead of the opening bell.
This bounce-back arrived in the wake of Thursday’s losses, during which the Nasdaq Composite dropped 345.35 points, or 1.25%, to finish at 27,193.34. The S&P 500 slid 36.41 points, or 0.47%, down to 7,765.36, though the Dow managed a 51.77-point, or 0.1%, gain to close at 51,231.64.
Both the S&P 500 and the Nasdaq remained on track to secure weekly profits after reaching records earlier in the period. Furthermore, the equal-weighted S&P 500 headed toward its initial weekly advance following seven straight weeks of declines.
AI Stocks Rebound After OpenAI Revenue Concerns
OpenAI recently informed investors that its annualized revenue hit USD 50 billion by the conclusion of September, coming in lower than a previously cited USD 68 billion figure. According to an individual with knowledge of the matter, the earlier metric incorporated partner gross revenues. Bloomberg subsequently reported that OpenAI anticipates reaching or exceeding USD 70 billion prior to the year’s end.
ALSO READ: OpenAI’s September Revenue Run Rate Nears USD 50 Billion, Trails Earlier Estimate
During premarket trading, Nvidia shares rose 1.5% and CoreWeave shares advanced 2.5%. Both Oracle and Broadcom saw their stocks climb roughly 1.5%. An exchange-traded fund designed to follow American chip producers ticked up 1.4% following a steep pullback in chip equities on Thursday.
Adam Crisafulli of Vital Knowledge cast doubt on the durability of any prospective market recovery. “The sell-off reflected extreme positioning imbalances that have further to unwind in our view,” Crisafulli wrote, while also pointing to anxiety regarding capital-raising needs among artificial intelligence enterprises.
Oil Prices Retreat as Treasury Yields Stay High
Brent crude dropped 1.2% to settle at USD 103.01 per barrel, while the U.S. benchmark crude dipped 0.9% to USD 90.69. Crude prices softened after President Donald Trump announced that the United States would refrain from launching an attack against Iran ahead of the November 3 midterm elections.
Trump noted that his administration had been “having productive discussions with the Islamic Republic of Iran.” Brent’s downward movement followed a 4.1% jump on Thursday, when escalating energy costs placed added burdens on equities. Even with Friday’s pullback, Brent stayed above the USD 100 threshold.
Elsewhere, the 10-year Treasury yield hovered around 5.24%–5.25%, pulling back from a peak of 5.364% on Wednesday. The 30-year yield sat near 5.62% in the wake of Thursday’s USD 22 billion Treasury auction. Investors were also standing by for the release of Friday’s U.S. consumer sentiment data.
SpaceX Shares Rise as Telecom Stocks Decline
SpaceX shares moved up 3.9% subsequent to an agreement to purchase a nationwide low-band spectrum portfolio intended for Starlink Mobile offerings. Telecommunication equities retreated as this transaction sparked worries about intensified competition throughout the domestic wireless sector.
T-Mobile shares tumbled 7.3%, AT&T dropped 5.8%, and Verizon fell 5.4%. Conversely, American Tower gained about 6%, Crown Castle climbed nearly 8%, and Lumentum advanced 6% after CEO Michael Hurlston reported that optical component capacity was completely sold out through 2029.
Delta and Apple Shares Decline Before Bank Earnings
Delta Air Lines shares sank 4.5% after the carrier lowered its full-year profit projection by nearly 25% at the midpoint, with quarterly earnings missing forecasts due to escalating fuel expenditures. Apple shares lost 1.8% in response to a report detailing component production reductions for the iPhone 18 Pro and Pro Max.
On a positive note, Humana jumped 14.2% after government statistics revealed that 95% of its members in Medicare Advantage plans received ratings of four stars or higher for 2027. Major American financial institutions are set to kick off quarterly earnings reporting next week, with FactSet consensus estimates pointing toward nearly 30% annual growth for S&P 500 quarterly profits following two consecutive quarters of growth exceeding 25%.
