US stocks closed higher on Friday, capping a week of sharp swings in both directions, as the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each posted weekly gains ahead of the coming earnings season — a stretch when quarterly corporate results serve as one of the clearest readouts on business conditions across the economy.

The Dow rose 0.8%, the S&P 500 gained 0.6%, and the Nasdaq Composite climbed 0.6%. All three indexes ended the week with gains despite the volatility. Earlier in the week, both the Nasdaq and the S&P 500 touched new highs before a Thursday report triggered a brief drop in technology shares.

Delta Kicks Off Earnings Season With a Miss

Delta Air Lines released its third-quarter results on Friday, marking what is traditionally the unofficial start of earnings season. The airline missed earnings expectations, as higher fuel costs offset gains in its premium travel business. Delta's results are often treated as a bellwether for travel demand, and the fuel costs that dented its quarter underscore the connection to the oil market news below. Major Wall Street banks are scheduled to report their results next Tuesday.

Oil Prices Retreat on Diesel Supply News

Oil prices dropped on Friday, with Brent crude futures trading near $104 per barrel. The decline came after President Donald Trump said Russian President Vladimir Putin had agreed to release diesel supplies to the United States and global markets.

BREAKING: President Trump says Russia’s President Putin has agreed to deliver 3 million tons of diesel fuel to the US. pic.twitter.com/MHjkfkhA0V

— The Kobeissi Letter (@KobeissiLetter) October 9, 2026

Diesel matters well beyond the fuel market: it powers trucking, freight, and farm equipment, so shifts in its supply feed quickly into business and household costs. High oil prices have been pushing up gas prices and other costs for households. Gas prices have stayed near $4 per gallon this month.

In a separate report, the University of Michigan’s consumer sentiment survey, released Friday, showed confidence fell to its lowest point in five months, weighed down by elevated prices at the pump. The survey is closely tracked because household spending accounts for the majority of US economic activity, making it an early gauge of consumer trends.

AI Revenue Scare Fades

Technology stocks came under pressure on Thursday after the Financial Times reported that OpenAI’s annualized revenue had reached $50 billion, a figure that fell about $20 billion short of analyst estimates. The report triggered a short-lived drop in tech shares, as investors worried that the artificial intelligence boom might be slowing down. OpenAI's numbers have become a key data point as investors assess much revenue the AI boom is actually generating.

Bloomberg later reported that OpenAI expects its annualized revenue to reach or exceed $70 billion by the end of the year. The update helped ease investor concerns, and tech stocks recovered on Friday, with the rebound lifting the Nasdaq for the session.

Heading into earnings season, Jeff Blazek, co-chief investment officer of multi-asset strategies at Neuberger Berman, weighed in on investor behavior, saying the market tends to react quickly to any signs of slowing growth. Wall Street now faces pressure to deliver another strong quarter of earnings growth, with expectations remaining high across sectors. The bank results due Tuesday will provide the next read on whether those expectations are being met.

Closing Numbers

The S&P 500 closed at 7,811.54 on Friday, up 46.18 points. The Dow Jones Industrial Average finished at 51,654.95, a gain of 423.31 points. The Nasdaq Composite ended at 27,366.17, up 172.83 points for the day. All three indexes will carry that momentum into next week’s earnings reports.

This article is based on reporting by CoinCentral.