OpenAI's revenue report weighed on AI stocks, and tonight Delta Air Lines reports third-quarter results.
The Nasdaq Composite fell more than 1% on Thursday, its biggest one-day loss since mid-August. The S&P 500 lost 0.5%, while the Dow ended slightly above flat, according to CNBC.
The trigger: OpenAI told investors its annualized revenue was about $50 billion at the end of September. That is below the $68 billion figure widely reported last month. Tonight, the market reads Delta's results and October consumer sentiment data.
Tonight's Watchlist
| Stock | Movement | What to Watch |
|---|
| DAL | -1.00% Thursday at $82.14 | Reports third-quarter earnings before the US open. Watch the results and company guidance. |
| NVDA | -2.94% Thursday at $230.48 | Firmus, a data center operator backed by Nvidia, withdrew its planned $5 billion IPO. Watch sentiment toward AI stocks. |
| ORCL | -5.48% Thursday at $135.69 | Fell after OpenAI's revenue report. Watch whether pressure on AI stocks continues. |
| MSFT | -1.35% Thursday at $522.61 | The US government suspended Microsoft from a green card program for foreign workers. Watch the market's response. |
| XOM | +2.71% Thursday at $168.50 | Oil rose amid US-Iran tension. Watch oil prices tonight. |
Source: closing prices from Nasdaq. What to Watch: Nasdaq and CNBC (DAL), CNBC (NVDA), CNBC (ORCL), CNBC (MSFT, XOM).
Tonight's Key Events
Delta Air Lines earnings
Delta Air Lines (DAL) reports third-quarter results before the open, according to CNBC. It is one of the early reads of the earnings season, with oil prices elevated.
OpenAI's revenue report and AI stocks
According to CNBC, CoreWeave fell more than 7% on Thursday, while Oracle (ORCL) and Intel lost around 5%. Nvidia (NVDA) shed almost 3%.
Pressure grew after Firmus, an Australian data center operator backed by Nvidia, withdrew its IPO. According to CNBC, Firmus had planned to raise $5 billion and will now seek capital from private markets.
October consumer sentiment
Preliminary October consumer sentiment data comes out in the US morning, according to CNBC. It offers a read on how US households view the economy.
Pre-Market Pulse 📊
S&P 500 futures rose 0.3% and Nasdaq 100 futures added 0.49% early Friday, according to CNBC. SoftBank Group shares in Tokyo fell more than 6% after the OpenAI report.
Macro Note 📝
On Thursday, Brent rose 4% to top $104 a barrel, according to CNBC. Early Friday, Brent fell 0.77% to $103.48 after President Trump said the US will not attack Iran before the midterm elections, according to CNBC. The 10-year Treasury yield stood at 5.227%.
Conclusion
OpenAI's report shows the market remains sensitive to news about AI-sector revenue. The Nasdaq fell for a second straight day after setting records earlier this week.
Delta's results and tonight's consumer sentiment data are worth following for a read on market direction into the weekend.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
What stocks are you watching tonight?
