Stock Market Today: Dow, S&P 500, Nasdaq Set to Open Down Again After Sharp Selloff; Tech Stocks; Bitcoin Dropping; Shutdown Ends; Nvidia, Applied Materials, Tesla, Palantir, AMD and More Movers

Stock futures were falling again on Friday, as investors fretted about sky-high tech valuations and doubted whether the Federal Reserve was still on course to cut interest rates in December.

Futures tracking the Dow Jones Industrial Average were down 93 points, or 0.2%. S&P 500 futures slid 0.3%, and contracts tied to the tech-heavy Nasdaq 100 fell 0.5%.

The three major indexes had their worst session in a month on Thursday, with the tech-heavy Nasdaq tumbling more than 2%. Investors looked beyond the end of the government shutdown and pivoted away from the so-called Magnificent Seven, artificial-intelligence stocks, and other risk-on assets.

The moves early Friday suggest that the market remains skittish. Investors may be worried that tech and AI valuations have become over-inflated after a multi-year rally, while also questioning whether the Fed will lower rates next month, particularly given that the shutdown has disrupted the release of more than a month’s worth of economic data.

“It looks like we’ve just gone back to fretting about high valuations in tech stocks and the possibility that the Fed will duck the December rate cut,” Chris Beauchamp, chief market analyst at the online trading platform IG, said. “Neither of these things is terminal for the long-term bull market, but stocks at record highs are not best-placed to react well in the short term.”

The yield on the 10-year U.S. Treasury note climbed 1 basis point to 4.14% on Friday. The dollar climbed 0.2% against a weighted basket of its peers, and gold futures slipped 0.3% to $4,181 an ounce. Bitcoin, the world’s largest cryptocurrency, plummeted 6.5% over the past 24 hours to $96,923.