Stock Market: Will S&P 500 Open Up or Down Today?

U.S. stock futures are pointing toward a broad rebound early Friday as investors welcome cooling energy prices, robust pre-market tech sentiment, and growing anticipation for a blockbuster third-quarter corporate earnings season. The Polymarket (CRYPTO: POL) crowd has shifted decisively bullish heading into the final session of the week. The "S&P 500 (SPX) Up or Down on October 9?" contract currently prices a 76% chance of a positive close (up 25% intraday), while the specific opening-bell contract reflects a commanding 94% chance of a higher open. Why That Number Matters Traders are leaning into green index futures as energy-driven headline pressure pauses and solid earnings expectations take the front seat: Higher Index Futures: Equity futures indicate a firm green open across all four major benchmarks. S&P 500 futures rose 0.29%, Nasdaq 100 futures led the charge with a 0.50% gain, Dow Jones futures climbed 0.20%, and Russell 2000 small-cap futures gained 0.36%. Cooling Crude Relieves Rate Anxiety: Oil prices pulled back overnight, offering financial markets brief respite from mounting stagflation worries. WTI crude futures fell 1.16% to $90.43 per barrel, while global benchmark Brent crude slipped 1.20% to $103.03 per barrel. The dip comes even as Treasury Secretary Scott Bessent announced sweeping sanctions on 17 Iranian shadow fleet tankers under Operation Economic Outcast, targeting Tehran’s remaining petroleum revenue streams amid tight global inventories. Tech & “Super Intelligence” Momentum: Technology names remain in focus after former Rep. Marjorie Taylor Greene and Rep. Thomas Massie sparred over President Donald Trump’s executive order mandating federal agencies replace “AI” with “Super Intelligence” (SI). Despite the political skirmish, mega-cap tech shares held steady overnight. At the same time, Elon Musk‘s Space Exploration Technologies Corp. (NASDAQ:SPCX) rose 2.32% to $164.30 as its xAI division prepares to rebrand as SpaceXSI. The Bull Case and Market Outlook Fueling market optimism is Corporate America’s “Fabulous Earnings Momentum” (FEMO), according to market veteran Ed Yardeni. In a recent client note, Yardeni highlighted that Wall Street analysts have steadily revised their Q3-2026 S&P 500 EPS growth expectations upward—from an initial 27.6% year-over-year estimate to 30.6%, representing the 12th-largest upward quarterly revision in over three decades. Crucially, analysts anticipate all 11 S&P 500 sectors will deliver positive year-over-year revenue and profit growth simultaneously—a rare sweep previously matched only in Q2-2021. With consensus top-line growth forecasted at 11.6% and net earnings growth exceeding 30%, bulls argue underlying fundamental expansion remains strong enough to absorb persistent geopolitical tensions and elevated bond yields. How the Previous Bet Played Out The Oct. 8 Polymarket contract resolved “Down.” The market recorded $30,102 in total trading volume. On Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq-100, respectively, closed mixed. SPY fell 0.42% to $773.93, while QQQ declined 1.34% to $747.58. Meanwhile, the Dow tracker, State Street SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA), ended 0.12% higher at $511.65. Read Also: Elon Musk Will ‘Eventually’ Make a Phone, Says Gene Munster: Starlink Device Will Be a ‘Bigger Problem’ for Apple, Samsung Photo courtesy: Shutterstock