US Stock Market: Futures Climb as SpaceX Shares Gain and Telecom Stocks Decline

US stock futures advanced Friday, October 9, as technology shares rebounded from Thursday’s losses and oil prices declined. Nasdaq-100 futures led the gains following concerns about OpenAI’s revenue figures. 

SpaceX shares rose after a spectrum acquisition agreement, while telecom stocks fell. Investors also monitored Treasury yields and company earnings ahead of major bank reports next week.

U.S. Stock Futures Recover After Tech Sell-Off

At 7:05 a.m. ET, Nasdaq-100 futures rose 224.5 points, or 0.72%. S&P 500 futures gained 27.5 points, or 0.35%, while Dow Jones futures added 38 points, or 0.07%. Technology and chip shares advanced before the opening bell.

The recovery followed Thursday’s decline in the Nasdaq Composite, which lost 345.35 points, or 1.25%, to 27,193.34. The S&P 500 fell 36.41 points, or 0.47%, to 7,765.36. However, the Dow gained 51.77 points, or 0.1%, closing at 51,231.64.

The S&P 500 and Nasdaq remained on course for weekly gains after reaching records earlier in the week. The equal-weighted S&P 500 also headed toward its first weekly advance after seven consecutive weekly declines.

AI Stocks Rebound After OpenAI Revenue Concerns

OpenAI told investors its annualized revenue reached USD 50 billion at the end of September, below the previously reported USD 68 billion figure. A person familiar with the figures said the earlier amount included gross revenue from partners. Bloomberg later reported OpenAI expects to reach or exceed USD 70 billion by year-end.

ALSO READ: OpenAI’s September Revenue Run Rate Nears USD 50 Billion, Trails Earlier Estimate

Nvidia shares gained 1.5% in premarket trading, while CoreWeave shares rose 2.5%. Oracle and Broadcom shares each advanced around 1.5%. An exchange-traded fund tracking U.S. chipmakers gained 1.4% after chip stocks fell sharply Thursday.

Vital Knowledge’s Adam Crisafulli questioned the strength of a potential recovery. “The sell-off reflected extreme positioning imbalances that have further to unwind in our view,” Crisafulli wrote. He also cited concerns about financing demands from AI companies.

Oil Prices Retreat as Treasury Yields Stay High

Brent crude fell 1.2% to USD 103.01 a barrel, while U.S. benchmark crude declined 0.9% to USD 90.69. Oil prices eased after President Donald Trump said the U.S. would not attack Iran before the November 3 midterm elections.

Trump said his team had been “having productive discussions with the Islamic Republic of Iran.” Brent’s decline followed a 4.1% increase Thursday, when rising energy prices added pressure to stocks. Brent remained above USD 100 despite Friday’s retreat.

Meanwhile, the 10-year Treasury yield traded around 5.24%–5.25%, below Wednesday’s 5.364% peak. The 30-year yield stood near 5.62% following Thursday’s USD 22 billion Treasury auction. Investors also awaited Friday’s U.S. consumer sentiment release.

SpaceX Shares Rise as Telecom Stocks Decline

SpaceX shares climbed 3.9% after an agreement to acquire a nationwide low-band spectrum portfolio for Starlink Mobile services. Telecom shares declined as the acquisition raised concerns about competition in the U.S. wireless market.

T-Mobile shares fell 7.3%, AT&T shares dropped 5.8%, and Verizon shares declined 5.4%. In contrast, American Tower shares gained around 6%, while Crown Castle shares rose nearly 8%. Lumentum shares also advanced 6% after CEO Michael Hurlston said optical component capacity was sold out through 2029.

Delta and Apple Shares Decline Before Bank Earnings

Delta Air Lines shares fell 4.5% after the airline reduced its annual profit forecast by nearly a quarter at the midpoint. Quarterly profit missed estimates as fuel costs increased. Apple shares declined 1.8% following a report about component production cuts for the iPhone 18 Pro and Pro Max.

Humana shares gained 14.2% after government data showed 95% of members enrolled in Medicare Advantage plans rated four stars or higher for 2027. Major U.S. banks begin releasing quarterly earnings next week. FactSet estimates pointed to nearly 30% annual growth in S&P 500 quarterly earnings, following two quarters with growth above 25%.