Police said the suspect opened fire on the 1300 block of Scout Drive, just off South Roxboro Street just after 2 a.m.
Eyewitnesses said the victim, who was later identified as 19-year-old Jaronte Deshon Davis, was shot in the head.
Officers found him lying in the street and transported him to Duke Medical Center, where he later died.
Authorities said a gold Ford Mustang with silver rims and a black convertible top was seen leaving the scene after the shooting.
No charges have been filed at this time.
Anyone with information on the Mustang and/or the homicide is asked to call Investigator Roberts at (919) 560-4440, ext. 29325 or CrimeStoppers at (919) 683-1200.