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Pre-Markets Back Up as Oil & Bond Levels Moderate

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Key Takeaways

  • Pre-Markets Move Higher on Cooling of Tensions Over AI
  • Delta Air Lines Misses on Earnings 1st Time in 7 Quarters
  • Next Week, CPI, PPI and Q3 Earnings Take Over

Friday, October 9th, 2026

Pre-market futures are higher this morning following a mixed close among major indexes in Thursday’s session. Bond yields are up slightly from their lows earlier, but are down from the 24-year highs we were seeing mid-week: the 10-year if at +5.26%, the 2-year +4.79% and the 30-year is +5.265%.

Oil prices are also down modestly, despite a ramping-up of hostilities in the Middle East, with Iran-backed Houthi rebels in Yemen attacking Saudi Arabia’s Riyadh airport, killing three. The WTI is presently trading at around $91 per barrel (/bbl), while Brent crude is $103/bbl. These are off recent highs, but seeming to plateau at four-year highs.

OpenAI’s revenue guidance gave pause to the AI trade yesterday, but is rebounding this morning. The Nasdaq is up +210 points at this hour, the Dow — which finished in the green yesterday — is +59 points at this hour, and the S&P 500 is +25 points. The small-cap Russell 2000 has gained +6 points thus far in early trading.
 

Delta Posts First Earnings Miss in 2 Years


Delta Air Lines’ (DAL - Free Report) seven-quarter string of earnings beats ends this morning: Q3 earnings of $1.72 per share missed the Zacks consensus by 8 cents (-4.44%), while revenues in the quarter came up -0.89% short of estimates: $17.59 billion. The company press release clearly sees fuel costs as the problem: +62% year over year, and a cool $500 million more than the company guided back in July. Estimates going forward are also lower, as fuel costs are now expected to continue into next quarter’s numbers. For more on DAL’s earnings, click here.
 

What to Expect from the Stock Market Today and Next Week


At 10am ET today, the latest preliminary University of Michigan Consumer Survey for October comes out. This is among the most advanced looks at consumer spending, and is expected to tick up slightly to 48 from 47.8 posted for the prior month. This numbers would still be below the 50 threshold, which indicates negative sentiment from the American consumer. Prior to 2026, this index had never dropped below 50.

Next week, we’ll get Inflation Rate data from the retail Consumer Price Index (CPI) and wholesale Producer Price Index (PPI) for September. While year-over-year CPI, aka the Inflation Rate, was higher but not out of control last month at +3.4%, it will be interesting to see if the 200 basis-point margin between year-over-year CPI and PPI (which was +5.4% last month) holds, or if one or the other metrics changes course.

Also next week, of course, Q3 earnings season finally shifts into gear. The biggest Wall Street banks — like JPMorgan (JPM - Free Report) , Citigroup (C - Free Report) and Wells Fargo (WFC - Free Report) — begin reporting results as of Tuesday morning. At a glance, JPM looks to have gained +17% on earnings year over year and +12% on revenues. Citi is projected to have grown +18.75% on earnings and +7% on revenues. WFC is looking for +7% earnings growth and +3% on revenues.

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