US stocks opened higher on Friday as easing oil prices offered some relief to investors following a volatile week, while technology shares rebounded after Thursday’s sell-off.
The Dow Jones Industrial Average rose 0.1%, or 64 points, while the S&P 500 gained 0.3% and the Nasdaq Composite advanced 0.6%.
Technology stocks led the recovery, with the State Street Technology Select Sector SPDR ETF (XLK) rising around 1%. SpaceX shares gained 2% following a deal to acquire a nationwide spectrum portfolio, while AT&T, Verizon and T-Mobile fell as investors assessed the potential competitive impact of the agreement.
The rebound came after the Nasdaq Composite ended lower on Thursday, weighed in part by concerns over OpenAI’s revenue outlook.
US stock futures rise as tech shares rebound after sell-off
US stock futures edged higher on Friday, October 9, with technology shares leading gains as investors returned to the sector following a sell-off in the previous session. Easing oil prices also aided sentiment.
Nasdaq-100 futures rose 0.8%, while S&P 500 futures gained 0.4%. Dow Jones Industrial Average futures advanced around 0.2%, or 82 points.
Technology stocks rebounded after concerns over OpenAI’s revenue growth weighed on markets on Thursday.
A Financial Times report said OpenAI’s annualised revenue had reached $50 billion, below expectations of $70 billion. Bloomberg later reported that the company expects to reach or exceed $70 billion in annualised revenue by the end of the year, helping ease concerns about the outlook for artificial intelligence spending.
The Technology Select Sector SPDR Fund (XLK) rose around 1% in premarket trading. SpaceX shares gained 4% following a deal to acquire a nationwide spectrum portfolio. Shares of AT&T, Verizon and T-Mobile fell as investors assessed the potential competitive implications of the agreement.
The rebound in futures followed a weak session on Thursday, when the Nasdaq Composite fell more than 1%, marking its biggest one-day decline since mid-August. It was the index’s second consecutive session of losses after it touched record highs earlier in the week.
US Treasury yields were mostly unchanged on Friday as President Donald Trump’s pledge to refrain from attacking Iran until after the midterm elections. The 10-year Treasury yield held at 5.2399%, while the 30-year yield remained at 5.6150%.
The two-year Treasury yield rose more than 2 basis points to 4.7827%, reflecting its sensitivity to expectations for Federal Reserve policy, CNBC reported.
Oil prices also eased, with Brent crude futures, the international benchmark, falling to around $103 a barrel, offering some support to equity markets.
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