US Stock Futures Extend Gains, Brent Crude Drops: Markets Wrap

(Bloomberg) — US stock-index futures rose and Asian shares erased their losses, indicating a drop in technology shares on speculation about OpenAI’s revenue may be brief. Crude oil fell.

Contracts for the S&P 500 Index rose 0.2% and those for the Nasdaq 100 Index climbed 0.3%. Also lifting sentiment was OpenAI expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter, driven largely by growth in its enterprise business.

The MSCI Asia Pacific Index erased earlier losses and edged up 0.1% in holiday-thinned trading, with markets in South Korea and Taiwan closed. Japan’s Nikkei index also pared earlier losses.

Earlier, US shares retreated and a gauge of chipmakers lost 3.4% following a Financial Times report that OpenAI’s annualized revenue was $20 billion below previously signaled levels. Also, Firmus Grid Ltd., an Australian data center company backed by Nvidia Corp., abandoned its IPO plan.

Elsewhere, Brent crude dropped 0.8% to about $103.40 a barrel after President Donald Trump said the US won’t attack Iran ahead of November’s midterm elections. Treasuries held their gains from the US session, while a Bloomberg gauge of the dollar edged lower.

“For now, the focus remains on whether the selling in AI and semiconductors develops into a broader risk reduction, or whether investors use the pullback to rebuild exposure ahead of earnings,” wrote Chris Weston, head of research at Pepperstone.

Questions over OpenAI’s revenue added to concerns about AI spending as elevated borrowing costs made vast investments in data centers and computing infrastructure harder to justify. Earnings next week will provide a key test, with investors seeking evidence that revenue and profits can keep pace with the capital required to develop and run AI models.

OpenAI, Anthropic and other AI firms have often touted their annualized revenue — a projection of annual sales based on a shorter period — as a key growth metric. However, not all companies measure it the same way. Anthropic’s annualized revenue hit $65 billion by the end of July, Bloomberg News previously reported.

Meantime, US Treasuries held steady across the curve in early Asia trading as investors mulled whether yields near multi-year highs are a reason to buy.

A 30-year US auction drew solid demand on Thursday, signaling that some buyers are emerging, and that perhaps Federal Reserve interest-rate hike bets are overdone.

“The expectations at the front end — a large part of it — is priced in,” Howe Chung Wan, head of Asian fixed income at Principal Asset Management, which oversees over $600 billion in assets, said of Fed rate hike bets. “We don’t expect a full hiking cycle.”

The outlook for rates remained under pressure, however, as Fed officials signaled more tightening ahead.

Governor Christopher Waller said further increases will probably be needed to bring inflation under control, while St. Louis Fed President Alberto Musalem said rates should rise over the next six to nine months without endorsing a move this month.

“To bring inflation back to target in a timely manner, more monetary policy firming will be required,” Musalem said Thursday at a Bloomberg event in New York.

Corporate Highlights:

The Trump administration accused Microsoft Corp., Adobe Inc. and a half-dozen other companies of abusing a US worker visa program and suspended them indefinitely from a longstanding immigration initiative that’s served as a crucial talent pipeline for Silicon Valley and Wall Street. Elon Musk’s SpaceX said it acquired low-band spectrum that will enable it to use its Starlink satellites to become a “major mobile carrier” in the US, sending shares in incumbent cell providers AT&T Inc., T-Mobile US Inc. and Verizon Communications Inc. lower. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.2% as of 10:56 a.m. Tokyo time Japan’s Topix was little changed Australia’s S&P/ASX 200 rose 0.4% Hong Kong’s Hang Seng rose 1.3% The Shanghai Composite fell 0.6% Euro Stoxx 50 futures rose 0.5% Currencies

The Bloomberg Dollar Spot Index fell 0.1% The euro rose 0.1% to $1.1227 The Japanese yen was little changed at 157.84 per dollar The offshore yuan was little changed at 6.6986 per dollar The Australian dollar rose 0.3% to $0.6976 Cryptocurrencies

Bitcoin rose 0.2% to $81,900.82 Ether rose 0.3% to $2,481.32 Bonds

The yield on 10-year Treasuries was little changed at 5.22% Japan’s 10-year yield declined 4.5 basis points to 3.035% Australia’s 10-year yield declined four basis points to 5.35% Commodities

West Texas Intermediate crude fell 0.7% to $90.81 a barrel Spot gold rose 1% to $4,173.09 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Matthew Burgess and Ruth Carson.

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