Before the bell: futures edge up as oil slips on Iran's Hormuz offer; Akamai jumps 18% premarket

U.S. stock futures were modestly higher early Friday as the bond selloff took a breather and oil fell. December S&P 500 e-mini futures were up about 0.3% at 7,788.75 and Nasdaq-100 futures about 0.6% at 30,940.50, while Dow futures added 115 points, or 0.2%, on Yahoo Finance quotes at 7:06 a.m. The Dow is heading for a fourth straight losing week, down 0.6% through Thursday, while the S&P 500 is up 0.7% and the Nasdaq 1.6% on the week, CNBC reported. Thursday's session: our close. Live levels: markets board.

Yields pause, and the Fed odds moved more than the yield did

The 10-year Treasury yield was little changed near 5.17% this morning, per CNBC, after the official Thursday close of 5.18%, up from 4.96% on Monday, according to Treasury data. The quieter number is the Fed pricing: CME FedWatch now shows roughly 68% odds of an October hike, CNBC said, down from above 75% on Thursday. The 2-year, which tracks the Fed most closely, sat near 4.90%. Charts: 10-year T-note.

Oil: Iran's offer, with conditions

November WTI crude was at $92.90, down 1.8% from Thursday's $94.61 settlement, on Yahoo Finance quotes. Iran's foreign minister Abbas Araghchi said the Strait of Hormuz could reopen within seven days and nuclear talks restart if the U.S. meets conditions from the June Islamabad memorandum, CNBC reported. The administration has said it will not return to those terms, and CNBC, citing Reuters ship tracking, said only nine vessels transited the strait on Friday. Spot gold was up about 0.9% near $4,313 and the dollar index down 0.3% on our board. Chart: crude oil.

Who it hits

For home buyers, the weekly and daily mortgage numbers have split. Freddie Mac's 30-year average was 7.03% on Thursday, while the daily rate CNBC cited is 7.45%. On a $400,000 loan that is $2,669 a month against $2,783, a gap of about $114 (our calculation, principal and interest). Anyone locking this week is paying closer to the daily figure. For a business with a prime-based line, the 68% hike odds are the number to watch: a quarter-point hike on a $250,000 drawn balance adds about $625 a year in interest.

On the calendar

August durable goods orders are due at 8:30 a.m. from the Census Bureau, after July's 1.1% rise (0.4% excluding transportation). The University of Michigan's final September sentiment reading follows at 10 a.m. The preliminary reading was 47.8, down from 51.7, and year-ahead inflation expectations jumped to 4.6% from 4.0%. That expectations figure is the one the Fed watches. About $16 billion of bitcoin options also expire today (our preview). Full calendar.

Movers

• Akamai: $130.67 premarket, up 18.4%, after disclosing an $11.6 billion, seven-year cloud commitment from Anthropic. The filing also grants Anthropic a warrant for up to about 5% of Akamai's stock at $111.33 a share.
• Costco: $894.25, down 0.3%, after fourth-quarter U.S. comparable sales rose 10.7%, or 7.2% excluding gasoline and currency (our story).
• Novo Nordisk deal: Swedish microcap Nanexa more than doubled in Stockholm after a licensing deal worth up to about $1.33 billion with Novo for long-acting obesity and diabetes injectables, CNBC reported.
• Crypto: Bitcoin was $85,164 on Coinbase at 7:17 a.m., up 2.0% from its 24-hour open, and Ether $2,735, up 3.4%.

Sources: CNBC, U.S. Treasury, Freddie Mac, Yahoo Finance, Nasdaq.com premarket quotes, Akamai SEC filing, U.S. Census Bureau, University of Michigan, Coinbase Exchange, Chronicle markets board. Payment figures are our calculations on a 30-year fixed loan. Premarket prices move quickly and early volume is thin. This is market information, not investment advice.