Nasdaq futures surge 220 points: 5 things to know before Wall Street opens on Oct. 9

• Nasdaq 100 futures rose 0.72% with Nvidia up 1.6% premarket as AI stocks recovered after clarification that OpenAI still targets a $70B+ revenue run-rate by year-end
• SpaceX's $8 billion spectrum purchase from Grain Management for Starlink mobile services sent telecom stocks (AT&T, Verizon, T-Mobile) sharply lower in premarket trading
• The 10-year Treasury yield held near 5.25%, below Wednesday's peak of 5.364% but still close to a 24-year high, keeping pressure on expensive growth stock valuations

Market Summary: Nasdaq Futures Surge Amid Oil Retreat and Tech Recovery

Key Market Movements

US stock futures rebounded Friday following Thursday's tech sell-off. Nasdaq 100 futures jumped 220 points (+0.72%), S&P 500 futures gained 0.4%, and Dow futures rose 0.17%. Nvidia climbed 1.6% premarket, while Tesla and Amazon each added approximately 1%.

Oil and Treasury Yields

WTI crude retreated toward $90 per barrel after President Trump stated the US would not attack Iran before November midterm elections, easing inflation concerns. However, the 10-year Treasury yield remained elevated at 5.25%, near the 5.364% 24-year high reached Wednesday, continuing to pressure growth stock valuations.

Sector Developments

AI Stocks: The sector attempted recovery after Financial Times reported OpenAI's revenue figures well below initial $70 billion estimates. A subsequent report indicated OpenAI still expects to reach or exceed $70 billion run rate by year-end, supporting AI-linked stocks.

Telecom Disruption: SpaceX agreed to purchase approximately $8 billion in low-band spectrum from Grain Management, strengthening Starlink's mobile service ambitions. AT&T, Verizon, and T-Mobile dropped sharply premarket. Citi analysts called the sell-off excessive, noting meaningful SpaceX impact unlikely before 2029.

Individual Stock Movers

• Apple: Fell nearly 2% despite Morgan Stanley maintaining earnings estimates and detecting no major supply-chain changes
• Humana: Surged after announcing 95% of Medicare Advantage members enrolled in 4+ star-rated plans for 2027
• Delta: Earnings in focus

Upcoming Catalyst

University of Michigan's preliminary October consumer sentiment reading expected at 10 AM ET, with inflation expectations closely watched.