US Futures Stabilize After Sharp Reversal
US stock futures stabilized on Friday after a sharp reversal on Thursday due to AI jitters. Strong jobs data reinforced expectations that the Federal Reserve will not cut interest rates in December. Major tech stocks, including Nvidia, AMD, Palantir, Micron Technology, and Oracle, saw significant declines. The Dow fell 0.84%, the S&P 500 dropped 1.56%, and the Nasdaq Composite slid 2.15%.
US stock futures steadied on Friday after a dramatic reversal in the previous session as AI jitters persisted, while solid jobs data reinforced expectations that the Federal Reserve will hold off on cutting interest rates in December.
Stocks opened sharply higher on Thursday after Nvidia’s strong earnings revived confidence in the AI trade, but sentiment shifted later in the session.
The Dow fell 0.84%, the S&P 500 dropped 1.56% and the Nasdaq Composite slid 2.15%.
Major tech names recorded sharp losses as concerns about an AI bubble continued, with Nvidia, AMD, Palantir, Micron Technology and Oracle declining between 3.2% and 10.9%.
Meanwhile, delayed employment data from the BLS, expected to be the final release before the December FOMC meeting, showed stronger than expected job growth in September.
