Wall Street closes volatile week with gains as earnings season looms

Key points

• The Dow Jones Industrial Average rose 0.83% to 51,654.95, the S&P 500 gained 0.59% to 7,811.54, and the Nasdaq Composite climbed 0.64% to 27,366.17 on Friday, October 9, 2026.
• All three major averages posted weekly gains, capping a volatile week marked by surging long-dated bond yields and higher oil prices, both of which eased on Friday.
• Technology stocks recovered after a selloff 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.
• Oil prices fell on Friday, with Brent crude oil futures hovering around $104 per barrel after President Trump said Russia's Vladimir Putin has agreed to release diesel supplies to the U.S. and the global market.
• The University of Michigan's latest consumer sentiment survey showed consumer confidence fell to a five-month low, as elevated oil prices, which flow through to $4 gas and other inflationary pressures, continued to weigh on U.S. households in October.
• Delta Air Lines stock was unchanged after the airline reported third quarter earnings that missed the mark, as higher fuel prices outweighed strength in its premium business. Delta's report clears the way for the unofficial start of earnings season next Tuesday when the major Wall Street banks deliver results.

Background

This week's market activity follows a period of volatility driven by bond market swings and geopolitical tensions. In late September, AI names rebounded, with Microsoft shares jumping 3.66% and the Dow hitting 51,828.62. In early October, oil prices neared $100 a barrel as Brent crude climbed, while U.S. stocks slid, with the Dow falling about 1.2%. On October 2, stocks rebounded as Treasury yields retreated, with the S&P 500 and Nasdaq posting gains. On October 8, the Dow gained as Treasury yields retreated, but the S&P 500 and Nasdaq fell on AI revenue concerns, with President Trump's statement that the U.S. will not attack Iran before the midterm elections easing oil prices.

How outlets are covering it

Yahoo Finance and AP News both reported that U.S. stock markets ended the week with gains, with the Dow Jones Industrial Average rising 0.83%, the S&P 500 gaining 0.59%, and the Nasdaq Composite climbing 0.64%. Both outlets noted that the rally was supported by easing oil prices and a rebound in technology stocks. Yahoo Finance emphasized the impact of President Trump's announcement that Russia would supply diesel to the U.S. and global markets, while AP News focused on the broader context of a record-setting week. Both outlets highlighted the upcoming earnings season, with Yahoo Finance noting that Delta Air Lines' report clears the way for the unofficial start of earnings season next Tuesday when the major Wall Street banks deliver results.

Why it matters

The week's market performance sets the stage for the third-quarter earnings season, which is expected to be a key driver of market sentiment in the coming weeks. The rebound in technology stocks and easing oil prices suggest that investors are optimistic about the AI trade and energy markets, but the fall in consumer confidence highlights the ongoing impact of inflationary pressures on U.S. households. The upcoming earnings reports from major Wall Street banks will provide crucial insights into the health of the financial sector and the broader economy.

What to watch

Investors will turn their attention to the third-quarter earnings season, which kicks off next week with results from the biggest banks. Wall Street expects blockbuster earnings for the third quarter, with an AI trade keeping the rally alive. The market will also watch for further developments in oil prices and consumer sentiment, as well as any new geopolitical or economic data that could impact market sentiment.