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Pre-Market Performance
U.S. equity futures are rebounding before the open, supported by a pullback in crude oil after a volatile week for energy markets. Nasdaq 100 futures are up 189.5 points, or 0.65%, at 29,324.8; S&P 500 futures are higher by 42.5 points, or 0.56%, at 7,641.0; and Dow Jones futures are up 297 points, or 0.57%, at 52,392.
European markets are also trading firmer. The FTSE 100 is up 59.31 points, or 0.56%, at 10,668.23, after trading between 10,602.13 and 10,678.97. France's CAC 40 is higher by 47.85 points, or 0.59%, at 8,164.61, while Germany's DAX is up 147.69 points, or 0.58%, at 25,508.84.
In commodities and foreign exchange, crude oil is lower after earlier Middle East supply-risk gains. Brent crude is around $103.95, down 3.42%, while WTI crude is near $99.20, down 3.20%. Gold futures are lower at about $4,376.70, down 0.69%, silver is near $64.35, down 0.89%, and copper is around $6.53, down 0.33%. The U.S. Dollar Index is firmer at roughly 99.16, up 0.11%, while the U.S. 10-year Treasury yield is near 4.953%.
Hot News
- Futures recover as oil retreats. U.S. stock futures moved higher as oil prices fell more than 3%, easing immediate pressure from the week's energy shock. The rebound follows four straight declines for the S&P 500, with investors balancing relief in crude against still-elevated Treasury yields.
- Hormuz diplomacy offsets supply-risk fears. Reports that Iran and Gulf states are preparing talks on a temporary arrangement for Strait of Hormuz shipping helped cool crude prices. The potential meeting in Salalah, Oman, comes after recent tanker attacks and restricted flows through a key global oil chokepoint.
- Red Sea risks remain active. Yemen's Iran-backed Houthis captured a strategic island near the Bab el-Mandeb Strait, adding a fresh threat to shipping lanes tied to Saudi oil exports and global trade. The development keeps a geopolitical risk premium embedded in energy markets even as crude pulls back in pre-market trading.
- Bond-market pressure pauses but remains a key equity overhang. Global stocks and bonds stabilized after Thursday's selloff, when rising oil prices and Treasury yields tightened financial conditions. Brent briefly reached $109.97 before easing, while traders continued to watch whether energy-driven inflation concerns could keep rates higher for longer.
U.S. Stock Focus
- Oracle: AI cloud demand drives earnings beat. Oracle shares rose about 6.3% pre-market after fiscal first-quarter revenue increased 30% to $19.3 billion and non-GAAP EPS rose 30% to $1.92. Cloud infrastructure revenue jumped 121% to $7.4 billion, while remaining performance obligations rose to $664 billion after more than $30 billion of additional AI cloud contracts.
- Adobe: record quarter, but guidance weighs on shares. Adobe reported record fiscal third-quarter revenue of $6.76 billion, up 13% year over year, with non-GAAP EPS of $6.13. The stock traded lower before the open after its fourth-quarter revenue target of $6.80 billion to $6.85 billion left investors cautious despite AI-first ARR growth of more than 150%.
- ACV Auctions: shares surge on $1.9 billion Copart deal. ACV Auctions jumped about 43.6% pre-market after Copart agreed to buy the company for $10.50 per share in cash, implying an equity value of approximately $1.9 billion. The offer represents a premium of about 45% to ACV's unaffected August 10 closing price and about 41% to its 30-day VWAP through September 9.
- Copart: acquisition overshadows EPS miss. Copart shares gained roughly 6.2% pre-market after announcing the ACV transaction, which expands its reach into dealer-to-dealer wholesale remarketing. Quarterly revenue rose 2.4% year over year to $1.15 billion, while EPS of $0.35 missed the $0.39 consensus.
- Chewy: downgrade pressures stock. Chewy slipped about 1.9% before the open after JPMorgan downgraded the online pet retailer to Neutral from Overweight and cut its price target to $24 from $29. The bank cited pressure on organic growth, weaker discretionary spending and softer premiumization trends in pet retail.
- CoreWeave: AI infrastructure read-through from Oracle. CoreWeave rose about 1.7% after hours as Oracle's cloud infrastructure results reinforced demand for AI workload hosting and GPU capacity. Oracle's disclosure that GPU utilization reached 97.9% and that it delivered more than 300,000 GPUs to AI cloud customers since the end of the prior quarter supported the broader AI infrastructure trade.
- Frequency Electronics: record quarter sparks sharp rally. Frequency Electronics surged about 30.5% pre-market after reporting record fiscal first-quarter 2027 results. Revenue rose 70% year over year to $23.5 million, and adjusted EPS of $0.41 beat the $0.29 consensus by roughly 41%.
- Alliance Entertainment: earnings beat drives large pre-market gain. Alliance Entertainment jumped about 69.1% pre-market after fiscal 2026 results exceeded expectations. Full-year revenue rose 8% to $1.15 billion, adjusted diluted EPS increased 24% to $0.46, and fourth-quarter revenue climbed 18% to $268.1 million.
- Kroger: Q2 earnings call set before the open. Kroger is scheduled to hold its second-quarter 2026 earnings call at 8:00 a.m. ET. Investors will focus on identical sales excluding fuel, gross-margin trends, e-commerce momentum and management's full-year outlook after first-quarter adjusted EPS rose 6% year over year.
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