Stock market today: Dow, S&P 500, Nasdaq rise as oil prices fall, tech recovers
US stocks rose on Friday as oil prices fell and tech stocks rebounded. The Dow Jones Industrial Average (^DJI) and the S&P 500 (^GSPC) rose 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) gained 0.5% after stocks lost ground on Thursday.
Delta Air Lines (DAL) stock slipped after the airline reported third quarter earnings that missed the mark, as higher fuel prices outweighed strength in its premium business. Delta's report also clears the way for the unofficial start of earnings season next Tuesday when the major Wall Street banks deliver results.
Tech stocks recovered after an AI scare on Thursday, when the Financial Times reported that OpenAI's annualized revenue topped out at $50 billion, $20 billion short of estimates. Bloomberg later reported that OpenAI expects to reach or exceed $70 billion in annualized revenue by the end of the year, helping quell worries that the AI boom is running out of steam.
Falling oil prices also boosted stocks, as Brent crude oil futures (BZ=F), the international benchmark, declined to $103 per barrel.
Elevated oil prices, which flow through to $4 gas and other inflationary pressures, continued to weigh on US households in October, as the University of Michigan's latest consumer sentiment survey showed consumer confidence fell to a five-month low.