Why Are Nasdaq Futures Surging Premarket? SPCX, ASTS, AAPL, TMUS, VZ, NVDA, MU, LITE Stocks In Focus

On Stocktwits, retail sentiment toward SPY and QQQ has remained ‘extremely bullish’ this week.

• Investors weighed fresh concerns about OpenAI’s revenue trajectory against continued demand for AI infrastructure.
• SpaceX’s agreement to acquire low-band spectrum licenses puts Starlink’s wireless ambitions in focus, while telecom stocks continued the selloff in premarket trade. 
• Hawkish remarks from Fed Governor Christopher Waller and St. Louis Fed President Alberto Musalem support expectations that the central bank could tighten further, though expectations from the October meeting remain subdued. 

U.S. stock futures were higher early Friday even as concerns about OpenAI’s revenue figures triggered fresh questions about the sustainability of the artificial intelligence investment boom. Investors are also digesting SpaceX’s push into wireless communications, a hawkish Federal Reserve outlook, and the start of third-quarter earnings season next week. 

As of 4:00 a.m. ET, Nasdaq futures rose 0.8%, S&P 500 and Russell 2000 futures gained 0.3%, while Dow futures were up 0.1%.

However, on Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has remained ‘extremely bullish.’

Fed Hawkishness Returns

On Thursday, Fed Governor Christopher Waller signaled that two additional rate hikes could be appropriate if economic data continues on its current trajectory. Goldman Sachs chief economist Jan Hatzius noted this shift reduces the likelihood of a Fed pause in December, though the firm maintains its base-case forecast for one 25 bps rate hike. Goldman added that Waller's message also aligned with comments last week from President Williams and Vice Chair Jefferson, who pointed toward skipping a hike in October.

St. Louis Fed President Alberto Musalem struck a similarly hawkish tone, saying additional tightening may be needed to bring inflation back to the Fed’s 2% target within a timely horizon. He suggested that if the horizon is around 18 months, another rate increase could be appropriate over the next six to nine months. 

According to CME Fedwatch, traders are pricing in only a 19% chance of a Fed rate hike at the October policy meeting, with 81% expecting rates to stay the same. 

Meanwhile, crude oil prices fell after President Donald Trump said the U.S. would not attack Iran ahead of November's midterm elections, according to Bloomberg. However, other news reports also suggest U.S. military officials were instructed to prepare for a potential resumption of major combat operations. 

The Tech Radar: AI Spending, Chips And Cloud 

AI stocks are attempting to stabilize after a sharp selloff triggered by questions surrounding OpenAI’s revenue trajectory. According to reports, OpenAI told investors its annualized revenue was approaching $50 billion at the end of September, which was below the roughly $70 billion estimate widely reported last month.

Semiconductor stocks, including Nvidia (NVDA), Micron Technology (MU), and Taiwan Semiconductor Manufacturing Co (TSM), which took a hit in the previous session, were up more than 1% in early premarket trading.

Apple (AAPL): Shares fell more than 1.5% in early premarket trading after Nikkei reported that Apple asked suppliers to cut component orders for the iPhone 18 Pro and Pro Max by 15–20% because initial demand was soft and price points were higher.

Lumentum (LITE), Coherent (COHR), Applied Optoelectronics (AAOI) and POET Technologies (POET) stocks rose between 3%-5% in early premarket trade after  Lumentum CEO Michael Hurlston reportedly said the company’s optoelectronic components were effectively sold out through early 2029.

Bitdeer Technologies (BTDR): Shares rose over 2% in early premarket trading after the company announced a long-term data-center services agreement in Malaysia and said its active AI cloud pipeline exceeded $10 billion.

Space, Telecom And Defense Stocks 

SpaceX (SPCX) shares rose over 3% in early premarket trade after agreeing to acquire a nationwide portfolio of low-band spectrum licenses in the 800 MHz band from Grain Management. The Federal Communications Commission also approved SpaceX's application for a next-generation constellation of 15,000 satellites. Separately, Barclays initiated coverage of SpaceX with an Overweight rating and $254 price target. 

The prospect of a new competitor prompted a sharp overnight reaction in traditional telecom stocks. AT&T (T), Verizon (VZ), and T-Mobile US (TMUS) shares continued their selloff, falling 6% in early premarket trade.

AST SpaceMobile (ASTS) shares remained under pressure after SpaceX's spectrum deal, with analysts noting Ligado and Viasat could be next in spectrum positioning.

Rocket Lab (RKLB): Shares rose over 2% in early premarket trade as Barclays initiated coverage with an Overweight rating and an $85 price target. Cathie Wood's ARK Invest has also drawn attention to the company's Neutron rocket, with analysts highlighting the shortage of launch capacity and the potential market opportunity if Rocket Lab executes successfully. 

Archer Aviation (ACHR): Shares rose over 2% in early premarket trade as Barclays upgraded Archer to Overweight from Equal Weight and raised its price target to $8 from $4.50. Separately, ARK Invest also purchased approximately 149,000 shares on Thursday.

Raytheon Technologies (RTX): The defense contractor is in focus after receiving a reported $6.3 billion multiyear contract for SM-3 Block IB missile interceptors. 

Trending Stocks

Tesla (TSLA) drew attention after the Texas DMV reportedly recorded 150 additional Cybercab registrations, taking the cumulative total to 319. 

Chipotle Mexican Grill (CMG): Shares are heading toward a second consecutive weekly gain amid speculation that Starbucks may have explored a takeover.

PepsiCo (PEP): Goldman Sachs lowered its price target to $165 from $180 but maintained a Buy rating after the company delivered better-than-expected organic sales growth. 

Nio Inc (NIO): The Chinese electric vehicle maker is looking to extend its three-day rally as reports emerged of discussions involving Xiaomi and Nio’s remaining German sales and service hub. 

Delta Air Lines (DAL) is reporting quarterly results before the open, with analysts watching for demand trends, guidance and the impact of fuel costs. 

Other tickers trending on Stocktwits at the time of writing included Revolution Medicines (RVMD), Verastem (VSTM), and Nokia Corp (NOK).

What Else To Watch On Friday 

On the economic front, traders will watch the release of factory orders data at 10:00 am ET. Also keep an eye out for Kansas City Fed President Jeffrey Schmid speaking at 9:30 am ET, followed by Federal Reserve Bank of Boston President Susan Collins’s speech later in the day.

On the earnings slate, other than DAL, New Horizon Aircraft Ltd - Ordinary Shares - Class A (HOVR) reports before the bell, and Lunai Bioworks Inc (LNAI) will report after market close today. 

The Week Ahead: Earnings Season Takes Center Stage 

Next week brings a busier third-quarter earnings calendar, with major U.S. banks among the first large companies scheduled to report. Investors will also track inflation data and Treasury yields, and further central-bank commentary from Fed speakers. 

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