S&P 500 futures are little changed after OpenAI’s revenue report prompts tech sector turmoil: Live updates

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S&P 500 futures were near flat Thursday night after an underwhelming revenue report from OpenAI took some steam out of the high-flying artificial intelligence trade.

S&P 500 futures were up 0.1%, while Nasdaq 100 futures added 0.3%. Dow Jones Industrial Average futures advanced 41 points, or 0.08%.

Shares of SpaceX rose about 3% in extended trading after the rocket company announced a deal to buy a nationwide spectrum portfolio. Shares of AT&T, Verizon and T-Mobile slid as investors wondered worried the agreement could drive up competition.

AI stocks dropped on Thursday after CNBC confirmed that OpenAI told investors that it saw $50 billion in annualized revenue at the end of September. A $68 billion figure was widely reported last month, though a person familiar with the matter said it also included gross revenue from partners.

CoreWeave fell more than 7%, while Oracle, Intel and Super Micro Computer all lost around 5%. Advanced Micro Device slid close to 4%, while Nvidia shed almost 3%.

"If we have a number of days like this … we could see a real rout in AI-related names," said Kristina Hooper, chief market strategist at Man Group, on CNBC's "Closing Bell: Overtime." "That could sour investors."

The Nasdaq Composite dropped more than 1%, marking its biggest one-day loss since mid August. Thursday marked the second down day in a row for the tech-heavy index after it climbed to fresh all-time records earlier in the week.

Tech's troubles dragged down the S&P 500 to a 0.5% loss, marking its second straight day in the red. But the blue-chip Dow bucked the downtrend, with the 30-stock index ending the session slightly above flat.

The Dow and Nasdaq Composite are both around flat week to date. The broad S&P 500 is on track for a gain of 0.6% for the week.

Investors will monitor Delta Air Lines earnings before the bell on Friday. Consumer sentiment data for October is also expected in the morning.

New Updates4 Mins AgoSpaceX rises after announcing spectrum portfolio deal; telecom stocks fallSpaceX shares rose almost 3% in extended trading on Thursday after the rocket company unveiled an agreement to buy a nationwide spectrum portfolio.

Shares of AT&T, Verizon and T-Mobile tumbled as traders worried that they could lose market share as competition rises.

Here are the companies making headlines in extended trading.

Telecom providers – Grain Management announced it has reached an agreement with SpaceX in which Elon Musk's space company will purchase its nationwide 800 megahertz spectrum portfolio, a move that will bolster Starlink Mobile's capabilities. T-Mobile dropped 6%, AT&T fell almost 7% and Verizon lost more than 6%.

Managed care providers – Insurers' shares swung sharply after the Centers for Medicare & Medicaid Services rolled out its 2027 Star Ratings on its Medicare Plan Finder for open enrollment this fall. Shares of Humana surged 12% after the insurer's largest Medicare Advantage contract saw its rating improve. Alignment Healthcare cratered 23%.

Park Aerospace – The manufacturer of composite materials for the aerospace market shed earlier gains and traded down 1%. Park Aerospace earned 21 cents per share on revenue of $20.8 million in the second quarter. That compares to 12 cents a share and $16.4 million in the year-ago period.

U.S. stock futures were little changed as the futures market opened in New York.

S&P 500 futures were up 0.02%, while the Nasdaq-100 futures added 0.1%. Dow futures were about flat.