U.S. stock futures steady after Nasdaq slides on OpenAI revenue concerns

Investing.com-- U.S. stock futures were little changed Thursday night after Wall Street fell for a second straight session, as concerns over OpenAI's revenue outlook weighed on artificial intelligence-related stocks and rising oil prices revived inflation worries.

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S&P 500 Futures inched 0.1% higher to 7,825.25.0 points, while Nasdaq 100 Futures traded flat at 30,978.75 points by 20:26 ET (00:26 GMT). Dow Jones Futures traded 0.2% higher at 51,570.0 points.

In the regular session, the NASDAQ Composite fell 1.3% to 27,193.34, while the S&P 500 lost 0.5% to 7,765.36. The Dow Jones Industrial Average edged up 0.1% to 51,231.64, outperforming the broader market as technology shares came under pressure.

The pullback came two days after the Nasdaq Composite and S&P 500 reached record closing highs, with investors also assessing the outlook for interest rates ahead of the start of the third-quarter earnings season.

The technology-heavy Nasdaq bore the brunt of the selloff after a Financial Times report said OpenAI had told investors its annualized revenue was approaching $50 billion at the end of September, below the $70 billion figure previously reported by media outlets.

The discrepancy stemmed from differences in how OpenAI and rival Anthropic account for sales through cloud partners, the FT reported. Anthropic includes revenue from partners such as Amazon Web Services and Google Cloud, while OpenAI excludes those sales from its calculation, according to the report.

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The figures raised questions about the scale of AI demand and the financial returns on heavy investment in computing infrastructure.

Chipmakers and companies financing AI infrastructure were among the session's biggest losers. The Philadelphia Semiconductor Index fell 3.4%, while Nvidia (NASDAQ:NVDA) dropped 2.9%, Advanced Micro Devices (NASDAQ:AMD) slid 3.9%, and Micron Technology (NASDAQ:MU) lost 4.8%.

Broadcom (NASDAQ:AVGO) declined 4.4%, and Oracle (NYSE:ORCL) shed 5.5%, amid concerns about the financing required to support large-scale AI infrastructure projects.

Investors were also monitoring oil prices amid heightened concerns about Middle East supply disruptions. U.S. crude futures settled 3.6% higher, while Brent crude rose 4.1% above $104 per barrel, adding to inflation concerns at a time when borrowing costs remain elevated.

Hurricane-related production cuts in the Gulf of Mexico further tightened supply expectations.

Treasury yields retreated from their session highs after a $22 billion auction of 30-year bonds drew steady demand, providing some relief to bond markets.

The benchmark 10-year Treasury yield fell to around 5.23%, after earlier climbing to levels near its highest since 2002. However, elevated yields continued to weigh on the appeal of growth stocks, whose valuations are particularly sensitive to borrowing costs.

Investors are now looking ahead to the start of the third-quarter earnings season next week, when major U.S. banks are due to report results.

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