Wall Street Wrap: Pre-Market, October 9, 2026

Futures rise as tech rebounds from the OpenAI selloff, while SpaceX's spectrum deal hits telecoms and Delta cuts its outlook

Wall Street looks set for a higher open on Friday as technology shares rebound from Thursday's AI-driven selloff, with the Fed still leaning toward more rate hikes.

Futures Snapshot

Futures rose early Friday, led by technology, as traders weighed a rebound in AI names against the prospect of more Fed hikes.

What's Driving the Open

Tech is trying to recover from its worst day in weeks. The Nasdaq 100 fell 1.4% on Thursday, its worst session in seven weeks, after OpenAI told investors it had $50 billion in annualized revenue at the end of September, against the $68 billion widely reported a month ago. The S&P 500 closed at 7,765.36 (-0.47%), the Nasdaq Composite at 27,193.34 (-1.25%) and the Dow at 51,231.64 (+0.10%). Chip stocks took the brunt: the Philadelphia Semiconductor Index fell 3.4%, with Broadcom (NASDAQ:AVGO) down 4.35%, Micron (NASDAQ:MU) down 4.79%, AMD (NASDAQ:AMD) down 3.90% and Nvidia (NASDAQ:NVDA) down 2.94%. In pre-market trading, CoreWeave (NASDAQ:CRWV) is up 2.5%, while Oracle (NYSE:ORCL) and Broadcom are up 1.5%. The S&P 500 is on track for a weekly gain of 0.6%.

Treasury yields are steady near multiyear highs. The 10-year yield ended Thursday near 5.23% after touching 5.35%, helped by a solid 30-year auction that drew a bid-to-cover ratio of 2.54. It is at 5.236% this morning. Fed officials keep the door open to more tightening: St. Louis Fed President Alberto Musalem said the central bank must hike again, and Waller also signaled that more hikes may be needed. CME FedWatch shows a 19% chance of a hike in October and 84% odds of at least one by December.

Oil is easing after a sharp jump. Brent is down about 1% near $103 after rising 4.1% to $104.28 on Thursday, as President Trump said the US will not strike Iran before the Nov. 3 midterms. Attacks on shipping in the Strait of Hormuz and by Houthi rebels still keep supply risks elevated.

What could change the picture: More hawkish talk from Fed speakers could lift yields and cap the rebound, another scare over AI revenue would hit chip stocks again, and a flare-up in the Gulf would send oil back up.

Overnight Markets

Mainland China's CSI 300 advanced 0.16% to 4,317.26, and Hong Kong's Hang Seng index was up 1.4% in its last hour of trade. Japan's Nikkei 225 was little changed at 69,030.92, while the broader Topix rose 0.33% to 4,104.81. Australia's S&P/ASX 200 added 0.64% to 8,716.6. South Korean markets were closed for a holiday.

Pre-Market Movers

Rates, FX & Crypto

The euro is near $1.12, recovering from a 17-month low of $1.1161 as French bond yields fell and the dollar softened, but it is on track for a fifth straight weekly loss. ING warns that France's fiscal premium and a hawkish Fed could send the pair back toward $1.110 to $1.112. Bitcoin is bouncing after a two-day decline that broke support at $82,500, with traders watching University of Michigan sentiment and next week's US consumer price report for direction.

Commodities

Energy prices fell across the board as Trump's pledge on Iran took some of the heat out of oil. Metals moved the other way, with gold, silver and copper all higher. Gold is on pace for its first weekly gain in three, even as Fed officials talk up more rate hikes.

Key Levels & Catalysts Today

Economic data

• University of Michigan consumer sentiment is on traders' watch list today.
• Fed speakers remain in focus after Musalem and Waller signaled more hikes. CME FedWatch puts the odds of an October hike at 19% and of at least one hike by December at 84%.
• Next week's US consumer price report is the next big inflation test.

Already reported this morning

• Delta holds its earnings call at 10 a.m. ET. United Airlines (NASDAQ:UAL), American Airlines (NASDAQ:AAL) and Southwest Airlines (NYSE:LUV) report later this month. Ryanair CEO Michael O'Leary warned on Thursday that European airlines could face more than another year of elevated fuel costs because of the war.

Corporate

• SpaceX needs FCC approval for the Grain deal. The agency has said it will vote on a proposal to auction 25 megahertz of spectrum for satellite-to-phone services, and on Oct. 29 on seeking public comment on making another 482 megahertz available. Both proposals could also benefit Amazon (NASDAQ:AMZN), which is building its own satellite network.
• Microsoft (NASDAQ:MSFT) has been suspended from a green-card sponsorship program, the Trump administration said, accusing it of abusing the visa system and excluding Americans from jobs. Adobe (NASDAQ:ADBE) and Infosys (NYSE:INFY) were also barred. Microsoft said most of its US workers are American citizens.
• Blockchain.com has applied to the CFTC for two licenses, as a designated contract market and a futures commission merchant, to offer event contracts and crypto derivatives. The crypto firm has also filed confidentially for an IPO, with a reported target valuation of $4 billion to $6 billion.

Top Stories

OpenAI's revenue figure rattles the AI trade. OpenAI told investors it had $50 billion in annualized revenue at the end of September. A $68 billion figure was widely reported last month, though a person familiar with the matter said it also included gross revenue from partners. A separate report says OpenAI expects $70 billion or more by year-end, which eased some of the worry. Adam Crisafulli of Vital Knowledge said the selloff reflected "extreme positioning imbalances that have further to unwind," and pointed to growing signs that markets are pushing back on the flood of AI-linked debt and equity.

Trump says the US will not hit Iran before the midterms. The president said on Thursday that America would hold off until after the Nov. 3 elections, a slim prospect of calm that trimmed oil prices. Brent had jumped 4.1% on Thursday to $104.28 and nearly touched $106 at one point, with traders spooked by Houthi attacks on Saudi Arabia, a big oil exporter. Treasury yields steadied after the pledge.

France's debt worries deepen. Economist Paul Krugman wrote on Thursday that France may have gone from "too big to fail" to too big to save for the European Central Bank, arguing that it is on a fiscally unsustainable path. France's 10-year bond yield has hit its highest level since 2002, and Prime Minister Sébastien Lecornu is struggling to pass a 2027 budget with tens of billions of dollars of fiscal consolidation, while student protests continue. Former ECB chief Jean-Claude Trichet said the French government and parliament must deliver something credible, one of the conditions for activating the ECB's Transmission Protection Instrument, an unused tool meant to keep euro-area markets stable.

The UN trade agency cuts its global growth forecast. UNCTAD expects the world economy to grow 2.6% in 2026, down from 2.9% last year, as the energy shock from the Middle East crisis weighs on activity. Trade in goods and services should expand 4% in constant prices, but the rise is driven by higher energy prices. US-China trade has fallen by more than 20% since 2024, and Asia is projected to contribute 59% of global growth. The agency also warned that the AI boom brings financial stability risks as markets become more exposed to just a few companies. The World Bank forecasts 2.5% growth, and the IMF 3%.

Navi Pillay wins the Nobel Peace Prize. The 85-year-old South African, a former International Criminal Court judge, was honored "for her efforts to promote peace and international law." She oversaw a UN inquiry that concluded Israel committed genocide in Gaza, a finding Israel has rejected. The Nobel committee said the system of international law is under severe pressure, and its citation did not mention Trump or Israel. The Trump administration has sanctioned several ICC prosecutors and judges.

Eyes on the University of Michigan sentiment survey for clues on whether the tech rebound can hold while rate-hike bets stay alive.