North American Morning Briefing: Nasdaq Futures Jump, Oil Prices Slip

Stock futures were up Friday as AI-related stocks recovered and oil

prices eased.

The Nasdaq was set to advance on Friday following a selloff in chip stocks and shares linked to the artificial-intelligence trade on Thursday.

The rebound comes as third-quarter earnings season kicks off next week, where investors will get an updated view on the AI sector.

"The big consensus for the coming earnings season is that if headline earnings growth remains strong enough, investors can postpone worrying about rising yields a little longer," Swissquote said.

Meanwhile, oil prices fell after President Trump said the U.S. wouldn't attack Iran before the midterms, citing "productive" talks with Tehran. Bond markets have also calmed, although Treasury yields reversed course and turned slightly higher on Friday after falling in early trading.

Investors will next focus on the University of Michigan's preliminary consumer sentiment data due later Friday.

Stocks to watch

AT&T, Verizon, T-Mobile US: U.S. cellphone carrier stocks sank sharply premarket on news of competition with SpaceX.

Delta Air Lines will report its results this morning, shedding light on how the sector is holding up against rising jet-fuel prices. The shares ticked up ahead of the bell.

Humana gained premarket after the U.S. government improved its rating for the company's Medicare Advantage plans, putting it in line for more bonus payments.

Nvidia, Oracle, CoreWeave: Stocks riding the AI boom gained ground premarket.

Space Exploration Technologies climbed premarket after the company struck a deal for cellular spectrum licenses in a big play to become a wireless carrier.

Watch For:

University of Michigan Preliminary Consumer Survey for September; World Agricultural Supply & Demand Estimates (WASDE); Canada Labour Force Survey for September

Today's Top Headlines/Must Reads:

- Scrapped IPO of Nvidia-Backed Company Points to Limits of AI Boom

- Iran and Houthis Try to Regain Upper Hand in Hormuz With Spate of New Attacks

- American Oil Refiners Are Printing Money as Wars Shrink Global Energy Supplies

MARKET WRAPS Forex:

The dollar fell modestly as oil prices eased after President Trump said the U.S. won't attack Iran before November's midterm elections.

Bonds:

Eurozone government bond yields slid in early trade, catching up with earlier falls in Treasury yields following Thursday's well-received 30-year Treasury auction.

Treasury yields reversed course and turned slightly higher on Friday, although long-dated yields remained comfortably below the 24-year highs reached earlier in the week, helped by falling oil prices.

Energy:

In early European trading, Brent crude was down 0.8%, while WTI futures slipped 0.7%.

Brent's risk premium reached an estimated $22 a barrel in September, the second-highest monthly level on record, reflecting persistent fears of disruptions in the Middle East and demand for oil as a portfolio hedge, Goldman Sachs said.

Metals:

Gold gained more than 1% as a softer dollar and lower oil prices supported the metal, while market participants reassessed the inflation and interest-rate outlook.

Iron

Iron ore prices were lower, weighed by weak demand from steelmakers amid widespread losses across the steel industry, Baocheng Futures said.

TODAY'S TOP HEADLINES

American Oil Refiners Are Printing Money as Wars Shrink Global Energy Supplies

The earnings of America's largest oil refiners are set to go gangbusters in the third quarter, spurred on by the conflicts in the Middle East and in Ukraine that have sent the world scrambling for fuel.

Wall Street analysts are projecting that independent U.S. fuel makers Valero Energy, Marathon Petroleum, Phillips 66 and others are on track to crush their near-record earnings in the second quarter that ended in June. All three companies that quarter posted their highest profits since the onset of Russia's war in Ukraine.

Airtel Money Shares Open Higher on First Trading Day But $7 Billion Valuation Misses Mark

Shares in African digital financial-services platform Airtel Money opened slightly higher on its first trading day in London, but its $7 billion valuation came in softer than the company had targeted.

In opening trade, shares in the company, which is also known as Airtel Mobile Commerce, were 2% higher at 200 pence ($2.65) a share.

Scrapped IPO of Nvidia-Backed Company Points to Limits of AI Boom

SYDNEY-Nvidia-backed cloud-computing company Firmus Grid scrapped plans for Australia's largest initial public offering in almost 30 years, a new sign that investors are growing leery of lofty valuations for companies exposed to artificial-intelligence demand.

Firmus, which sells Nvidia-powered computing capacity to large technology companies such as OpenAI and Meta Platforms, pulled plans to raise $5 billion after investors balked at its proposed $30 billion valuation. Firmus said it would instead pursue further private investment.

Porsche Deliveries Fell 16% in First Nine Months of Year

Porsche car deliveries fell 16% in the first nine months of the year, weighed by a tough Chinese market, the end of production of the combustion-engined 718 model line and strong demand for the all-electric Macan in the same period last year.

The German luxury sports-car maker said Friday that it delivered 178,532 cars, down from 212,509 in the prior year period.

AI Stocks Recover as Futures Rise, Oil Slips

Stock futures rallied after a tech-led selloff in the previous session, as lower oil prices and a rebound in artificial-intelligence sentiment boosted markets.

Nasdaq futures rose 0.8%, partly recovering losses from a sharp drop in AI-linked stocks Thursday after a Financial Times report said OpenAI's annualized revenue would be $20 billion lower than expected. But the market shrugged off those fears, pushing chip makers and hyperscalers higher in the premarket.

U.S. Treasury Yields Edge Higher, Eurozone Bond Yields Decline

U.S. Treasury yields reversed course and turned slightly higher on Friday, although long-dated yields remained comfortably below the 24-year highs reached earlier in the week, helped by falling oil prices.

Eurozone government bond yields slid in early trade, catching up with earlier falls in Treasury yields following Thursday's well-received 30-year Treasury auction.

Oil Prices Retreat After Trump Appears to Rule out Iran Strikes Before Midterms

Oil prices fell Friday after surging the previous day, as traders weighed President Trump's pledge not to attack Iran before the U.S. midterm elections against persistent shipping risks in the Persian Gulf and extensive offshore production shut-ins in the Gulf of Mexico.

December Brent crude futures fell 1.3% to $102.90 a barrel, while December West Texas Intermediate futures dropped 1.4% to $89.50 a barrel. Both benchmarks had gained 4.4% Thursday, with Brent rising as much as 5% earlier in the session to $105.23 a barrel and WTI also climbing 5% to $92.70 before paring gains.

Iran and Houthis Try to Regain Upper Hand in Hormuz With Spate of New Attacks

DUBAI-Just last week, Iran appeared to have its back against the wall in its war with the U.S., its ports blockaded and its leverage over the Strait of Hormuz slipping. Now, Tehran is trying to regain the upper hand.

Iran and its Houthi allies in Yemen delivered a one-two punch against Persian Gulf oil producers in separate attacks on Wednesday night and Thursday morning that sent oil prices sharply higher and further shattered the sense of security in Saudi Arabia's capital city.

Trump Says U.S. Won't Resume Strikes on Iran Before Midterms

The U.S. won't attack Iran before the November midterm elections, President Trump said Thursday, citing "productive" talks with Tehran.

"We are having productive discussions with the Islamic Republic of Iran," Trump said in a Truth Social post. "We will not be attacking Iran at any time prior to the Midterm Elections to be held in the United States on November 3rd. IRAN WILL NOT HAVE A NUCLEAR WEAPON!"

Iran and Houthis Try to Regain Upper Hand in Hormuz With Spate of New Attacks

DUBAI-Just last week, Iran appeared to have its back against the wall in its war with the U.S., its ports blockaded and its leverage over the Strait of Hormuz slipping. Now, Tehran is trying to regain the upper hand.

Iran and its Houthi allies in Yemen delivered a one-two punch against Persian Gulf oil producers in separate attacks on Wednesday night and Thursday morning that sent oil prices sharply higher and further shattered the sense of security in Saudi Arabia's capital city.

Vance Says U.S. Will Suspend Microsoft and Other Firms From Green Card Program

Vice President JD Vance said Thursday that the administration is suspending several tech firms, including Microsoft, from a program that allows H-1B visa holders to apply for green cards.

The action by Vance's antifraud task force targets Microsoft, Adobe and several tech recruiting companies over what officials have alleged are widespread abuses of the visa system. The announcement came the same day that President Trump recognized Microsoft's CEO and other tech leaders at an event in Washington.

In Spain, Grief and Politics Mix After Death of Evicted Woman

MADRID-Hours after the death of an elderly woman known as Maricarmen in Madrid, the political jockeying over her legacy had already begun.

María del Carmen Abascal, 87, died in a hospital two weeks after she was forcibly evicted from a flat where she had lived for decades. Televised scenes of her being carried away from the flat on a stretcher sparked nationwide protests against Spain's housing crisis.

Write to priscila.barrera@wsj.com

TODAY IN CANADA Earnings:

MTY Food Grp Inc. 3Q

Economic Indicators (ET):

0830 Sep Labour Force Survey Stocks to Watch:

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October 09, 2026 06:17 ET (10:17 GMT)