Stock futures fell Thursday evening after a punishing sell-off in artificial intelligence stocks that sent the Nasdaq into correction territory. Traders also awaited a key payrolls report.
S&P 500 futures lost 0.6%, while Nasdaq-100 futures slid 0.8%. Futures tied to the Dow Jones Industrial Average shed 291 points, or 0.6%.
The moves follow a bout of heavy selling during Thursday's regular session that saw the three major averages post their worst one-day performances since April 2025. The Nasdaq Composite tanked 5.5%, closing more than 10% below its most recent high and landing in correction territory. The broad-market S&P 500 lost 4.4%, while the Dow fell more than 1,800 points, or 3.4%.
While all 11 sectors of the S&P 500 closed with losses, shares of companies tied to the AI build-out suffered keenly. Democrats' big wins in the House and Senate, as well as key governorships in states like Texas, sparked traders' worries of a potential slowdown in data center construction.
Micron Technology and Advanced Micro Devices plummeted 17% each, while neocloud CoreWeave slid 10%. Even the Magnificent Seven weren't spared, as Nvidia dropped 9%, turning negative for 2026, and the cohort of tech juggernauts shed more than $1 trillion in aggregate market cap.
The three major averages are poised for losses on the week, with the Nasdaq down 4.4% and the S&P 500 off almost 3% in the period. The 30-stock Dow is the relative outperformer of the three, off just 0.5% week to date.
The pullback creates a buying opportunity, Victoria Greene, CIO at G Squared Private Wealth told CNBC Thursday. "The AI trade, in my opinion, is not dead here," she said, adding, "it's a good discount." She's interested in memory stocks, citing how management teams throughout this earnings season have been talking about the capacity crunch. "Buying a volatile dip tends to be good as long as we're still in a non-recessionary period," she said.
Another market catalyst awaits investors on Friday morning in the form of the October payrolls report. The Dow Jones consensus estimate is for 59,000 jobs added last month and for the unemployment rate to hold steady at 4.2%.
Correction: Victoria Greene is the CIO of G Squared Private Wealth. An earlier version misspelled her name.
9 Min AgoTrump says Democrats are to blame for the stock market suffering
President Donald Trump said, "The Stock Market suffered one of the Worst Days in History based on the results of the Election," in a post on Truth Social, late Thursday.
The S&P 500, Nasdaq, and Russell 2000 all saw their worst sessions since April 2025, according to FactSet.
The artificial intelligence-driven sell-off pushed the tech-heavy Nasdaq into correction territory.
Democrats' big wins in the House and Senate ignited worries of a potential slowdown in data center construction.
— Paulina Likos
30 Min AgoAsia-Pacific markets set to plunge after AI sell-off sinks Wall Street
Asia-Pacific markets were set to open sharply lower Friday, tracking steep losses on Wall Street as a sell-off in technology stocks sent the Nasdaq Composite into correction territory.
Futures for Japan's Nikkei 225 in Chicago were at 57,110 while in Osaka they were last at 57,400, compared with the index's previous close of 61,077.9.
Futures for Hong Kong's Hang Seng index last traded at 24,494 compared with the index's last close of 24,796.98.
Australia's S&P/ASX 200 was down over 1% in early trade.
Concerns over the implications of a Democratic sweep in the U.S. midterm elections for the artificial intelligence sector have dented sentiment around AI plays, already under scrutiny over capex, profitability and debt.
— Lee Ying Shan
19 Min AgoJob growth in October is expected to come in at 59,000, per Dow Jones
The Bureau of Labor Statistics will release the October nonfarm payrolls Friday.
Economists are expecting growth of 59,000 jobs, an increase from the 29,000 jobs produced in September, according to the Dow Jones consensus
The unemployment rate is forecast to hold at 4.2%.
The Federal Reserve sees the labor market as being on a solid footing, although uncertainty remains.
The market is pricing in about a 70% chance of a 25-basis point interest rate hike at its Dec. 9 meeting, according to the CME FedWatch Tool.
— Paulina Likos
19 Min AgoMegacap tech's 'Magnificent Seven' lost more than $1 trillion in market value
The "Magnificent Seven" lost more than $1 trillion in aggregate market cap in Thursday's tech-led sell-off.
Nvidia led the way, losing more than $440 billion in market value.
Shares of the AI chip leader fell more than 9% and turned negative on the year.
The stock is now down 2.6% for the year.
Tesla sank 10.8%, Meta fell 3.9%, Microsoft shed 3.6%, Alphabet closed down 2.2%, Amazon fell 2.2% and Apple dropped 1.5%.
— Paulina Likos
21 Min AgoStocks making the biggest moves after hours: DraftKings, Airbnb & more
Several stocks saw dramatic moves in extended trading as another raft of earnings releases rolled out.
DraftKings — The online sports betting platform tanked 24% after the company posted a wider-than-expected third-quarter loss. DraftKings posted a loss of 94 cents per share, worse than the 39 cents per share loss analysts polled by LSEG anticipated. Revenue of $1.33 billion fell short of the $1.40 billion estimate. Sportsbook revenue for the period came in at $784 million, missing the $811.8 million StreetAccount consensus estimate.
Airbnb — The vacation rental platform jumped 11%. Airbnb reported third-quarter earnings of $3.16 per share, topping analysts' consensus estimate of $2.85, while revenue of $4.87 billion beat the Street's $4.75 billion, LSEG data showed.
Iren – The neocloud reported first fiscal quarter revenue of $228 million, up from $137 million in the prior quarter. Iren also said that more than $4 billion in annual recurring revenue that was projected to arrive in 2026 has been delayed until at least January 2027. Shares gained 4% in extended trading. The stock has been battered in the latest rout of artificial intelligence-focused names, dropping 31% in the past week.
—Darla Mercado
1 Hour AgoStock futures fall Thursday evening
U.S. stock futures fell shortly after 6 p.m. ET on Thursday.
Futures linked to the S&P 500 were down 0.4%, while Nasdaq-100 futures dropped 0.4%. Dow futures lost 201 points, or 0.4%.
--Darla Mercado
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