Before the bell: Nasdaq futures steady after Thursday's 2.9% rout, Brent near $115, Volvo down 27%

U.S. stock futures were mixed early Friday after Thursday's technology rout, with oil pushing higher again. On the Chronicle markets board at 6:31 a.m. ET, Nasdaq-100 futures were up 0.15% at 28,988.4, S&P 500 futures down 0.23% at 7,655.0 and Dow futures down 0.63% at 52,580.9. A bounce that small barely dents Thursday's session, when the Nasdaq 100 fell 2.9%, its worst day in three months; our close report has the numbers. A Wall Street Journal headline this morning described Nasdaq futures as steady "as AI selloff pauses". Bloomberg's Asia wrap led with a tech rout in Asian stocks and a bond rally.

Oil: Saudi risk keeps the bid

The board had WTI crude up 2.03% at $102.94 and Brent up 1.36% at $114.99. Other feeds differ by a dollar or two at the same moment: OilPrice.com showed WTI near $101.0 and Brent near $114.3, so treat all of these as approximate. OilPrice attributed the move to escalating Houthi attacks on Saudi Arabia, supply disruptions in Libya and fears of renewed U.S.-Iran hostilities. A WSJ headline said Saudi Aramco was reported to have ordered its headquarters evacuated and that oil was set for a weekly gain; we could not read the underlying report, so we cannot confirm that claim. See our earlier coverage of the Saudi staff evacuation orders.

The cost lands first on fuel-heavy businesses. Our diesel report has the pump price truckers are paying. European natural gas reached its highest level since December 2022, OilPrice reported, on Middle East supply disruption and low storage; a WSJ headline pointed to LNG supply fears.

Gold was flat at $4,025.20 an ounce on the board, silver down 1.34% at $53.86, and the dollar index up 0.12% at 101.42. EUR/USD was down 0.17% at 1.1197; a WSJ headline tied the euro's weakness to a eurozone PMI miss.

Company news

Volvo Cars shares fell about 27% after the Geely-owned automaker reported a third-quarter operating loss of 5.6 billion Swedish kronor ($563.7 million), against a 6.4 billion kronor profit a year earlier, and said it will cut 2,500 jobs, CNBC reported. Revenue in China fell almost 50% from a year earlier. CEO Håkan Samuelsson told CNBC the change in China "has come faster than we thought" and that Western brands selling cars developed in Europe and China "will not work" there.

SK Hynix shelved its plan for a U.S. listing of its Solidigm unit after South Korean regulators raised concerns; CNBC reported its shares closed 4.4% higher in Seoul. We covered the details overnight.

Investing.com's headline said SpaceX is reportedly seeking about 80,000 cell sites for a wireless network, with AT&T, Verizon and T-Mobile shares dropping. We could not read the full report, so we are not adding detail.

Rates, the economy and what it means for a borrower

The Treasury's official Thursday close put the 10-year yield at 4.96%, down from 5.13% on Wednesday, with the 2-year at 4.65% and the 30-year at 5.29%. (The board's rates line still showed Wednesday's levels at 6:31 a.m., so we are using the Treasury figures.) Freddie Mac's weekly survey put the 30-year mortgage at 7.32% on Thursday, down from 7.40% a week earlier. On a $400,000 loan that is about $2,748 a month in principal and interest at 7.32%, versus about $2,770 at 7.40%, a saving of roughly $22 a month. A buyer closing in November would need the 10-year to stay under 5% for that to last, and oil is pushing the other way.

Weekly jobless claims came in at 194,000 on Thursday, against a forecast of 200,000 and a previous 200,000, according to our economic calendar. That is another sign layoffs remain low even as companies such as Volvo announce cuts.

Today's main release is the flash S&P Global composite PMI at 9:45 a.m. ET; the previous reading was 58.4. The Fed meets Wednesday, October 28, with the board's forecast for the funds rate at 3.875%. Payrolls (November 6) and CPI (November 10, previous annual rate 3.7%) follow.

Crypto

On the board at 6:31 a.m. ET, Bitcoin was $81,596.50, down 0.42% over 24 hours, and Ether $2,397.02, down 0.27%. Live prices: crypto prices.

Sources: Chronicle markets board and economic calendar, U.S. Treasury, Freddie Mac, CNBC, OilPrice.com, headlines from the Wall Street Journal, Bloomberg and Investing.com, and Coinbase Exchange (quotes at 6:31 a.m. ET, may be delayed). Premarket moves can reverse and early volume is thin. Mortgage payments exclude taxes and insurance and are our calculations. This is market information, not investment advice.