Nasdaq-100 futures added 0.7% on Friday, clawing back ground after Thursday's sell-off driven by an underwhelming OpenAI revenue report. Tech shares broadly were led by SpaceX, while Lumentum and the sector's main ETF also advanced and telecom stocks fell on a new SpaceX spectrum deal. The bounce follows the Nasdaq Composite's biggest one-day loss since mid-August.
Tech stocks rebound after OpenAI jolt
Nasdaq-100 futures rose 0.7% on Friday, while S&P 500 futures climbed 0.3% and Dow Jones Industrial Average futures traded around the flatline. The Technology Select Sector SPDR ETF traded 1% higher.
SpaceX gained 3% after agreeing to buy a nationwide spectrum portfolio. Lumentum rose 6% and KLA added 2%.
SpaceX deal rattles telecoms
Shares of AT&T, Verizon and T-Mobile slid as investors worried the SpaceX spectrum agreement could drive up competition in the mobile market. The deal boosted tower stocks tied to SpaceX's expansion while pressuring incumbent telecom carriers.
Nasdaq's worst day since mid-August
AI stocks had dropped Thursday after CNBC confirmed that OpenAI told investors it saw $50 billion in annualized revenue at the end of September, below a $68 billion figure widely reported last month that also included gross revenue from partners. As a result, the Nasdaq Composite dropped more than 1%, its biggest one-day loss since mid-August and its second straight down day after climbing to fresh records earlier in the week.
Adam Crisafulli of Vital Knowledge said the AI-linked tech complex is "unlikely to simply stage a sharp, V-shaped rebound" given the positioning imbalances still unwinding.
The Dow and Nasdaq Composite were both around flat week to date, while the S&P 500 was on track for a 0.6% weekly gain.
Source: CNBC
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