US stock futures traded mixed on Friday as Wall Street tried to end one of the year’s most volatile weeks for technology shares and Treasuries on firmer ground.
Dow futures rose about 145 points or 0.3%, S&P 500 futures gained 0.2% and Nasdaq 100 futures plunged 0.23%.
The 10-year Treasury yield held near 5.09%, well below this week’s 5.3% peak, after Federal Reserve Chair Kevin Warsh declined to signal an October rate increase.
That eased some pressure on valuations, but AI-credit concerns remain unresolved and investors still face industrial data, regional-bank earnings and a sharp Tesla premarket move.
5 things to know before Wall Street opens
1. Warsh lowers the temperature on October rate fears
Warsh said he would not prejudge the Fed’s October 27-28 meeting, reinforcing expectations that policymakers may pause after September’s rate increase.
CME pricing put the probability of another October hike at about 15%, while The Wall Street Journal showed similar odds near 14%.
2. AI stocks stabilise, but CoreWeave keeps credit risk in focus
The AI sell-off looked calmer, but the financing problem has not disappeared.
CoreWeave fell more than 4% premarket after rebounding on Thursday, while its bonds continued to yield above 15%.
BNP Paribas analyst Daniel Wang told Barron’s that CoreWeave still has substantial revenue visibility, but said sustainable cash generation remains the key test.
AI demand is still strong; markets are questioning whether debt-funded expansion can generate adequate returns.
3. Industrial production is the next test for the bond rally
September industrial production is due at 9:15 am ET, according to the Federal Reserve.
The report matters less than CPI or PPI, but the timing is important after this week’s violent yield reversal.
Strong output could revive concern that demand remains too resilient for inflation to cool quickly, while a weak reading would strengthen the argument that borrowing costs above 5% are beginning to restrain activity.
4. Regional banks offer a cleaner read on high-rate stress
Truist Financial, M&T Bank, Citizens Financial and Regions Financial are among the lenders reporting before the bell, alongside Travelers.
Investors will focus on net interest income, deposit costs, loan growth and credit quality.
Regional banks offer a direct test of whether high rates are still supporting margins or beginning to weaken borrowers.
After this week’s bond-market swings, deterioration in deposits or credit could matter more than an earnings beat.
5. Tesla jumps after the Roadster finally returns
Tesla rose about 5% premarket after unveiling a redesigned Roadster with SpaceX-developed thrusters capable of brief aerial manoeuvres. Production is now targeted for 2028 after years of delays.
Analysts noted that the car is likely to have limited near-term financial impact, making Friday’s move more a sentiment and innovation trade than an earnings re-rating.
The test is whether enthusiasm survives once investors refocus on delivery timing and Tesla’s broader growth challenges.
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