U.S. stock futures showed slight gains early Friday following a mixed day in the markets, where a lackluster revenue report from OpenAI weighed heavily on the artificial intelligence trade. S&P 500 futures rose by 0.3%, Nasdaq 100 futures climbed 0.49%, and Dow futures increased by 0.2%. Meanwhile, Asian markets opened mostly subdued, with Japan’s Nikkei falling more than 1%, while Australia and Hong Kong indices posted modest gains. SpaceX shares surged 2% in extended trading after announcing a deal to acquire a nationwide spectrum portfolio, triggering declines in telecom stocks AT&T, Verizon, and T-Mobile due to concerns about rising competition.

The tech sector faced notable declines after OpenAI disclosed it reached $50 billion in annualized revenue by the end of September, a figure lower than the previously reported $68 billion. This revenue revision caused investors to reevaluate the outlook for AI investments, leading to a drop in shares of AI-related companies including CoreWeave, Oracle, Intel, AMD, and Nvidia. Industry experts cautioned that if such negative sentiment continues, it could result in a significant sell-off in AI-focused stocks. The Nasdaq Composite experienced its biggest single-day loss in nearly two months, pulling the S&P 500 down by 0.5%, while the Dow managed to stay flat.

In other areas, U.S. Treasury yields remained steady near multi-decade highs amid ongoing inflation concerns and fiscal pressures. The 10-year Treasury yield held close to 5.227%, with forecasts suggesting a gradual tightening of monetary policy from the Federal Reserve and no expected rate cuts before mid-2027. Oil prices retreated as President Donald Trump’s statement that the U.S. would avoid attacking Iran before the midterm elections eased geopolitical tensions. Brent crude futures dropped below $104 per barrel, calming supply fears in the energy sector.

Additionally, Australian AI firm Firmus, backed by Nvidia, withdrew its planned $5 billion IPO due to market volatility and pricing concerns, opting to pursue alternative funding sources. The withdrawal marks a significant setback in what would have been one of Australia's largest public listings. Investor sentiment overall showed more optimism compared to recent weeks, with increased bullishness among individual investors and declining bearishness noted in the latest American Association of Individual Investors survey. Key upcoming events include earnings from Delta Air Lines and new consumer sentiment data, which market participants will closely monitor.