Stocks rise as tech shares rebound on SpaceX deal, oil prices slip after Trump vows not to strike Iran before midterms

Stocks rose Friday morning as tech shares bounced back from a rough trading session and oil prices fell after President Trump vowed not to strike Iran before the midterm elections.The Nasdaq jumped 0.3% by about 10 a.m.ET – rebounding from a losing session on Thursday following reports that OpenAI had recorded $50 billion in annualized revenue, far below estimates of a reported $68 billion figure.SpaceX jumped 1.6% Thursday, leading the tech sector higher after Elon Musk’s company secured a massive spectrum license deal – sending shares of AT&T, Verizon and T-Mobile lower.Brent crude oil futures, meanwhile, slipped 0.3% to $103.93 a barrel, while West Texas Intermediate crude fell 0.5% to $91.43.Trump wrote in a Thursday post on Truth Social that the US “will not be attacking Iran at any time prior to the Midterm Elections,” following reports that the president was weighing whether to resume a large-scale operation.Falling oil prices helped the Dow Jones Industrial Average rise 126 points, or 0.3%, while the S&P 500 jumped 0.3%.A global bond sell-off continued, though it seems to be losing steam.

The US 10-year Treasury yield hit 5.259% and the US 30-year Treasury yield ticked up to 5.622%, though both were lower than multi-decade highs seen earlier in the week.Bob Edwards, chief investment officer of Edwards Asset Management, argued recent market jitters have presented good buying opportunities for investors.“Higher oil prices, geopolitical conflict, rising yields, AI investment concerns and November’s midterm elections have contributed to investor pessimism,” he wrote in a Friday note.“Yet technology stocks have demonstrated resilience, earnings expectations remain robust, and I believe the eventual resolution of election uncertainty could provide another catalyst for equities.”Brent had jumped as much as 5% Thursday, pushing bond yields higher and sending stocks lower, as Iranian attacks on vessels in the Strait of Hormuz disrupted ta...