US stock futures inched up Friday morning, hinting at a modest rebound after a steep tech-led sell-off rattled Wall Street.
Dow Jones Industrial Average futures (YM=F) rose 0.2%, with S&P 500 (ES=F) and Nasdaq 100 futures (NQ=F) gaining 0.2% and 0.3% respectively.
47,122.00
+94.00
+(0.20%)
As of 2:23:27 GMT-5. Market open.
YM=F ES=F NQ=F
A broad decline for the major gauges was led by weakness in mega-cap technology and artificial intelligence names. Nvidia (NVDA), Advanced Micro Devices (AMD), and Microsoft (MSFT) all posted sharp losses for the day.
The Nasdaq Composite (^IXIC) tumbled 1.9%, while the Dow (^DJI) shed nearly 400 points. The S&P 500 (^GSPC)has fallen 1.8% for the week, with the Dow and Nasdaq down 1.4% and 2.8%, respectively, as investors prepare themselves to close the week in the red.
With investors hungry for any news, Tesla (TSLA) approved Musk’s $1 trillion pay package in a shareholder general meeting held in Austin. The mammoth pay package announcement led to a brief 2% bump in stock price before the increase flattened in after-hours trade.
New data showed October job cuts hit their highest level for the month in more than 20 years, underscoring what’s shaping up to be the worst year for layoffs since 2009.
Market participants are now looking ahead to several potential catalysts. The end of the prolonged U.S. government shutdown, a possible December Fed rate cut, and Nvidia’s upcoming earnings report could help stabilize sentiment and revive risk appetite. Meanwhile, the Supreme Court’s review of former President Donald Trump’s tariff policies adds another layer of uncertainty.
The Bureau of Labor Statistics was expected to release its October nonfarm payrolls report Friday, but for a second straight month, publication has been delayed by the government shutdown. Economists had forecast a 60,000-job decline and an uptick in the unemployment rate to 4.5% per a Dow Jones economist survey cited by CNBC.
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