Dow Jones futures rebound as OpenAI sales outlook calms tech selloff
Dow Jones futures inch higher by 0.05% to trade near 51,520 during European hours on Friday. S&P 500 futures gain 0.33% to around 7,840, while Nasdaq 100 futures rise 0.82% to near 31,220.
US futures indices experienced a rebound as market sentiment recovered, driven by reports that OpenAI expects its annualized revenue to reach or exceed $70 billion by year-end. The upbeat projection helped ease investor concerns triggered by earlier reports indicating that the company's revenue had fallen $20 billion short of previously signaled levels.
The early optimism followed a mixed regular trading session on Wall Street on Thursday, where an initial, underwhelming revenue report from OpenAI led to a late-day selloff in technology and semiconductor stocks. Reports had suggested that OpenAI’s annualized revenue stood at $50 billion at the end of September, substantially below the widely circulated $68 billion figure reported the prior month. Consequently, the S&P 500 dropped 0.47%, and the Nasdaq Composite fell 1.25%, while the Dow Jones Industrial Average managed a modest 0.1% gain.
Adding to the dynamic backdrop, crude oil prices pulled back after US President Donald Trump stated that the US would refrain from military action against Iran ahead of the November midterm elections. Although lower energy costs helped alleviate immediate inflation anxieties, persistently high US Treasury yields continued to cast a shadow over the broader market outlook.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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