Wall St futures gain as AI enthusiasm eases worries over higher oil prices, yields
SPY•U.S. stock index futures rose, with the Dow up 0.36%, the S&P 500 up 0.37% and the Nasdaq 100 up 0.69%, as AI optimism offset concerns about high oil prices and rising Treasury yields. Chipmakers led premarket gains.
1. Futures rise
U.S. stock index futures climbed on Friday as AI-related optimism offset concerns about high oil prices and rising Treasury yields. Advanced Micro Devices, Marvell, Cerebras and Intel each gained more than 1% in premarket trading.
2. Company moves
Akamai Technologies surged 18.5% after an $11.6 billion cloud services deal with Anthropic. Meta was set for a fifth consecutive week of gains, putting it less than 1% away from a $2 trillion market value, while Comcast slipped 1.4% after KeyBanc downgraded it to underweight.
3. Oil and rates concerns
Brent crude hovered above $100 a barrel, and the 10-year Treasury yield stood at 5.1%. Traders saw a 71% chance the Federal Reserve would raise interest rates by at least 25 basis points in October, up from about 50% earlier in the week, according to the CME Group's FedWatch Tool.
