Preview of US Stock Market | All three major stock index futures rise together; Goldman Sachs raises its expectations for Federal Reserve rate hikes; the three major U.S. telecom operators plunge in premarket trading.

Premarket Market Trends 1. On Friday, October 9, in premarket trading, all three major U.S. stock index futures rose together. As of press time, Dow futures were up 0.14%, S&P 500 index futures were up 0.42%, and Nasdaq futures were up 0.88%. 2. As of press time, Germany's DAX index was up 1.29%, the UK's FTSE 100 index was up 1.18%, France's CAC 40 index was up 0.94%, and the Euro Stoxx 50 index was up 1.05%. 3. As of press time, WTI crude oil was down 1.04% at $90.54 per barrel. Brent crude oil was down 1.49% at $102.73 per barrel. Market News After Waller's hawkish remarks, Goldman Sachs Group, Inc. raised its rate hike expectations: possibly two more hikes, with a 25 basis point increase in December. After Federal Reserve Governor Christopher Waller delivered hawkish remarks at the Turkish central bank forum in Istanbul, Goldman Sachs Group, Inc. chief economist Jan Hatzius said the Fed may choose to raise rates two more times rather than only once in December. Hatzius said in a report that two more hikes may be more appropriate, and the probability of only one hike in December has declined. The analyst said Waller's remarks marked a shift in his stance from previously emphasizing the three-month annualized rate of core PCE inflation to a hawkish position, although Goldman Sachs Group, Inc. still expects the Fed to raise rates by another 25 basis points in December. OpenAI and Anthropic executives privately game out AI disaster scenarios, worried a major incident could trigger public backlash. According to reports, senior executives at Anthropic, OpenAI, and other artificial intelligence companies are privately gaming out various scenarios to prepare for the large-scale public backlash and political resistance that could follow a catastrophic AI incident. These executives expect that a major accident may occur in the future, most likely in the form of a cyberattack that disrupts financial services, internet connectivity, and even power and water systems. Multiple AI industry insiders believe a major incident may be difficult to avoid. OpenAI expects annualized revenue to reach $70 billion by the end of 2026. According to people familiar with the matter, OpenAI expects that, driven by growth in its enterprise business, its annualized revenue will reach or exceed $70 billion by the end of this year. The people said OpenAI's annualized revenue as of the end of September was about $50 billion. This metric extrapolates full-year revenue based on sales over a shorter period. They said OpenAI disclosed the figures to investors while discussing its latest funding round. It was previously reported that OpenAI is in talks to raise at least $30 billion in new funding at a pre-money valuation of $1.4 trillion. Bank of America: Investor cash is flooding into cash assets, and the trend is unlikely to change in the short term. Bank of America Corp strategist Michael Hartnett said investors are pouring money into cash-like funds at the fastest pace since the COVID-19 pandemic, and the allocation trend is unlikely to change in the short term. In a report released Friday, Hartnett noted that unless the Fed implements "massive monetary easing" and continues cutting rates, the large pile of sidelined cash is expected to remain in money market funds. In the week through October 7, money market funds saw net inflows of $166.4 billion, the highest level since April 2020. The U.S. plans to propose a new Russia-Ukraine ceasefire plan involving energy facilities and grain shipments. According to reports, U.S. Middle East envoy Witkoff and Kushner will hold talks in Miami on Friday with Ukrainian and European officials to propose a new plan to break the deadlock in the Russia-Ukraine war, including a partial ceasefire proposal to stop attacks on energy infrastructure and grain shipments. Ukraine has said it is willing to consider it, but Russia has so far taken a negative attitude. Witkoff and Kushner reported the latest plan to Trump on Thursday, and the talks will also discuss security guarantees for Ukraine and a post-war economic plan. Sources said the two may travel to Moscow later this month for further consultations with Putin. Trump: The U.S. will not attack Iran before the midterm elections; the two sides are holding "productive discussions." Trump said on Thursday that the United States will not launch a military strike on Iran before the November 3 midterm elections. Just one day before Trump's remarks, there were reports that the White House had asked the Pentagon to draw up attack plans against Iran, and those plans could be carried out before the midterm elections. Trump wrote on Truth Social that the United States is holding "productive discussions" with Iran, while stressing that Iran is currently "in a very bad position, both economically and militarily." IDC: Global PC shipments fell 20.1% year over year in the third quarter. The latest preliminary data released by International Data Corporation (IDC) showed that global PC shipments in the third quarter of 2026 were 62.7 million units, down 20.1% year over year. This was already the second consecutive quarterly decline, and the drop was significantly larger than the 3.8% decline in the second quarter. On a quarter-over-quarter basis, third-quarter shipments were also down 9.1%, and the usual pattern of "the third quarter being stronger than the second" did not appear this time. Supply has not recovered, and earlier this year manufacturers and channel partners concentrated on stockpiling before price increases, pulling demand forward, leaving little demand to be released by the third quarter. Individual Stock News Delta Air Lines, Inc. (DAL.US) Q3 revenue hit a record high, but high oil prices weighed on the profit outlook. Delta Air Lines, Inc. shares fell sharply in premarket trading on Friday. The earnings report showed that demand for air travel remains strong, and the airline even reported record third-quarter revenue of $17.6 billion. But elevated jet fuel prices are indeed beginning to hit the entire industry. Adjusted earnings per share were $1.72, below the market estimate of $1.77. The company now expects full-year earnings per share of between $5.10 and $5.60, below its previous range of $6.50 to $7.50 and below the analyst consensus of $5.50. Chief Executive Ed Bastian said the company expects to achieve $4.5 billion in pretax profit this year, but will also absorb as much as $6 billion in increased fuel costs. SpaceX (SPCX.US) spent heavily to acquire low-band spectrum and enter the mobile carrier market, sending U.S. telecom stocks broadly lower. SpaceX announced the acquisition of nationwide 800MHz low-band spectrum and received FCC authorization to deploy 15,000 direct-to-cell satellites, formally declaring its independent entry into the U.S. mobile carrier market. Affected by this, AT&T (T.US), T-Mobile (TMUS.US), and Verizon (VZ.US) all fell in premarket trading. Musk, with $93.5 billion in cash and 12 million Starlink subscribers, is reshaping the competitive landscape of the entire telecom industry with the "final piece of the puzzle." Lumentum (LITE.US): Demand for optoelectronic components is strong, and "sold-out capacity" will last until 2029. As tech companies race to build faster AI data centers, Lumentum said its capacity for optoelectronic components is almost fully booked, a situation that will persist until around 2029. Lumentum Chief Executive Michael Hurlston said the company will be unable to meet about 70% of product demand next year, and by 2028 there will still be 30% unmet. Hurlston previously said the company is on track to sell out its capacity by 2028. Apple Inc. (AAPL.US) reportedly cuts iPhone 18 Pro orders due to weak demand. According to multiple people familiar with the matter, because a sharp rise in memory chip costs forced Apple Inc. to raise prices, dampening consumer demand, Apple Inc. has asked some suppliers to cut component production for the newly released iPhone 18 Pro and iPhone 18 Pro Max. Two of the people said Apple Inc.'s component orders this month were cut by at least 15% from initial requests. Another person familiar with the matter said this may be related to Apple Inc. adjusting its iPhone model release plan. Affected by this, Apple Inc. shares fell nearly 2% in premarket trading. GlobalFoundries (GFS.US) reached a $2 billion silicon interposer supply agreement with Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (TSM.US). GlobalFoundries announced on Thursday that it has reached a five-year, $2 billion agreement to provide U.S.-based capacity to Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR. Under the agreement announced on Thursday, GlobalFoundries will help supply components known as "silicon interposers." The U.S. chipmaker will rely on its fab in Malta, New York, for production and said it has the option to expand capacity if customer demand grows. Starbucks Corporation (SBUX.US) declined to comment on rumors of acquiring Chipotle (CMG.US): fully focused on turnaround; a potential acquisition could be costly. Starbucks Corporation on Thursday declined to comment on a report that Starbucks Corporation had tried to acquire Chipotle Mexican Grill. Starbucks Corporation said it is "highly focused" on its turnaround under Chief Executive Brian Niccol. Foreign media previously reported, citing people familiar with the matter, that Starbucks Corporation had worked with advisers in recent months to study a potential acquisition of Chipotle. Before becoming Starbucks Corporation CEO in 2024, Niccol led Chipotle for about six years. Key Economic Data and Event Preview Beijing time 20:30: Canada September employment change. Beijing time 22:00: U.S. October University of Michigan consumer sentiment index preliminary reading. Beijing time 01:00 the next day: U.S. total rig count for the week ending October 9. Beijing time 04:00 the next day: Boston Fed President Collins, a 2028 FOMC voter, speaks.