Wall St set to open higher as AI enthusiasm eases worries over oil prices and yields
SPY•U.S. stock futures rose, with Dow and S&P 500 futures up 0.27% and Nasdaq 100 futures up 0.46%, as AI optimism offset concerns over high oil prices and rising Treasury yields.
1. Futures point higher
Wall Street’s main indexes were set to open higher Friday, with chip stocks leading premarket gains. Advanced Micro Devices, Marvell and Cerebras each rose more than 1%, while Akamai Technologies surged 12% after an $11.6 billion cloud services deal with Anthropic.
2. Oil and yields weigh
Brent crude hovered above $100 a barrel and the 10-year Treasury yield stood at 5.1%, capping optimism. August durable goods orders were flat, against economists’ expectations for a 0.4% decline. Traders saw a 69% chance of a Federal Reserve rate increase of at least 25 basis points in October, up from about 50% earlier in the week.
3. Other market moves
Meta was set for a fifth straight week of gains and was less than 1% from a $2 trillion market value, though its shares slipped 1% premarket. People jumped 10% after a report said MGM Resorts was discussing a bid, while Comcast fell 2.1% after a KeyBanc downgrade.
