Nasdaq futures gain 145 points: 5 things to know before Wall Street opens

• Semiconductor stocks (AMD, Marvell, Intel) rose approximately 2% premarket, driving tech gains as AI spending expands beyond GPUs into CPUs and cloud infrastructure.
• Akamai's $11.6 billion Anthropic contract (with potential $9 billion expansion and warrants for up to 5% equity) signals major AI infrastructure investment shift.
• Markets assign 71% probability to another Fed quarter-point rate hike in October, with August durable goods data and Fed speakers scheduled for Friday potentially moving odds.
• Brent crude holding above $100 (reaching $106.60) and sustained 10-year yields above 5% pose compression risk to technology stock multiples despite strong earnings.

Market Summary: Nasdaq Futures Rise on AI Momentum

Market Movement:

Nasdaq 100 futures gained 145 points (approximately 0.4%), while S&P 500 and Dow futures advanced roughly 0.3% each ahead of Friday's open. Markets are extending a winning week despite headwinds from oil prices and rising Treasury yields.

Key Deal & Company News:

Akamai (AKAM) surged 21% premarket after securing an $11.6 billion, seven-year cloud infrastructure contract with Anthropic. The deal includes potential expansion up to $9 billion and warrants representing as much as 5% of Akamai's equity. This agreement signals AI spending shifting beyond GPUs into CPUs, cloud networks, and distributed computing.

Sector Performance:

Semiconductor stocks led premarket gains, with AMD, Marvell, Cerebras, and Intel up approximately 2% each. Nvidia and Tesla also edged higher. Meta is positioned for its fifth consecutive weekly gain—the strongest five-week run since early 2023—driven by its Muse AI assistant.

Market Headwinds:

• Brent crude remains above $100, reaching $106.60 after a 3.4% Thursday jump
• 10-year Treasury yields near 5.1%, with sustained levels above 5% potentially compressing equity multiples
• Middle East tensions persist with no resolution on Iran-Strait of Hormuz negotiations

Economic Calendar:

August durable goods orders (expected -0.3% headline, +0.6% core) release at 8:30 AM ET, followed by final September University of Michigan sentiment data at 10 AM. Markets price in 71% probability of a quarter-point Fed rate hike in October. Three Fed speakers scheduled throughout the day.

Geopolitical Update:

US-China trade truce extended two months to January 10, removing immediate deadline but leaving tariffs, rare-earth supplies, and technology restrictions unresolved.