Nasdaq Futures Jump as Chip Stocks Gain, Brent Crude Holds Above $100

U.S. stock futures rose on Friday, September 25, as gains in AI-related shares helped offset concern about oil prices and rising Treasury yields.

At 5:15 a.m. ET, Dow futures gained 0.31%, S&P 500 futures rose 0.31%, and Nasdaq 100 futures advanced 0.61%, according to Reuters. 

The stronger Nasdaq move reflected demand for technology shares, while investors also watched for economic data that could shape the Federal Reserve’s next rate decision.

Which Stocks Led the Rise in Futures?

Advanced Micro Devices, Marvell, Cerebras and Intel each gained about 2% in premarket trading. Tesla, Nvidia and SpaceX also edged higher. The moves followed a week of renewed interest in companies tied to AI products and computing.

Akamai Technologies rose 21% before the opening bell after the company signed an $11.6 billion cloud services deal with Anthropic. The agreement gave investors a fresh company announcement to assess alongside the week’s gains in chip stocks.

Meta’s shares were little changed before the bell, though the stock was heading for a fifth consecutive weekly gain. Investor interest in its Muse AI agent helped lift technology shares this week. Meta was also approaching a $2 trillion market value.

Why Are Oil and Bond Yields Still in Focus?

Brent crude remained above $100 a barrel on Friday, despite a pullback in oil prices. Investors continued to follow the Iran conflict and the Strait of Hormuz, a key route for oil shipments. Reports that U.S. and Iranian negotiators were exploring a phased path out of the war offered a possible route to reopening the strait.

Treasury yields added pressure. The 10-year yield stood near 5.1% in the Reuters morning report after climbing above 5% this week. The 30-year yield reached 5.5016% on Thursday, its highest level in 22 years. Higher yields raise borrowing costs and give investors another option when weighing stock purchases.

Traders saw a 71% chance of a Federal Reserve rate increase of at least 25 basis points in October, according to the CME FedWatch Tool cited by Reuters. That estimate had risen from about 50% earlier in the week. The changing odds kept attention on inflation and comments from Fed officials scheduled to speak on Friday.

Where Did Investors Put Their Money This Week?

U.S. equity funds recorded their first weekly inflow in five weeks. Investors added a net $37.6 billion in the week ended September 25, the largest weekly purchase since June 17, according to LSEG Lipper data reported by Reuters.

Most of that money went to large-company funds, which received $36.62 billion. Technology sector funds took in $4.89 billion, their largest weekly inflow since July 29. By contrast, investors withdrew $2.53 billion from financial sector funds, while small-company funds lost $1.02 billion.

The fund figures show where buyers concentrated their purchases. They also match the split within the stock market this month: technology shares have gained, but nine of the S&P 500’s 11 sectors were down for September through Thursday. An index that gives each S&P 500 company equal weight had fallen about 4%.

What Could Test the Market Next Week?

Friday’s durable goods report and comments from Fed officials may give traders more information before the weekend. The next major tests arrive with the personal consumption expenditures inflation report on Wednesday and the September employment report on October 2.

Economists polled by Reuters expect the jobs report to show 100,000 new positions and a 4.2% unemployment rate. Stronger hiring could add to expectations of another rate rise. But the figures have yet to be released, and the Fed’s October decision remains uncertain.

Matthew Maley of Miller Tabak warned that, given the bond market’s recent moves, stocks “could turn south rather quickly.” His comment reflects a risk investors are watching, rather than a forecast of Friday’s outcome. For now, futures pointed to a higher opening, led by Nasdaq-linked shares.

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