Futures tied to all three major US stock indexes fell Friday morning after Thursday’s steep tech sell-off, while Brent crude rose to five-month highs amid Middle East tensions.
Here’s where US index futures stood at 6:35 a.m. ET on Friday:
S&P 500: 7,688, down 0.2%
Dow Jones Industrial Average: 52,749, down 0.6%
Nasdaq 100: 29,139, down 0.01%
The Nasdaq 100 plunged 2.9% Thursday, its worst day since June, as concerns about AI spending hit tech stocks despite solid earnings from Meta and Tesla. Tesla cut its annual capital-spending estimate to $20 billion from $25 billion, raising concerns about CEO Elon Musk’s conviction in his AI and robotics investments.
On Thursday, the iShares Semiconductor ETF lost nearly 7%, while AI cloud provider CoreWeave sank 10%. The S&P 500 fell 1.2%, though the Dow ended nearly flat and most US stocks rose.
The fallout rippled through Asia on Friday. South Korea’s Kospi slid as much as 4% before recovering to trade 0.3% higher, while Japan’s Nikkei pared a drop of as much as 2%.
On Friday, SK Hynix announced it would be scrapping a planned US listing of its memory-chip unit, citing market conditions. CoreWeave and other AI cloud stocks rebounded in early US premarket trading.
Brent crude briefly reached $114.72 a barrel Friday, its first move above $114 since May, before easing slightly down to $114.47 near the futures snapshot.
The rise in oil prices followed attacks in Saudi Arabia amid a wider Houthi campaign. Saudi officials said a drone targeting Aramco’s Shaybah oilfield was intercepted Wednesday, with no effect on operations. On Wednesday, UK maritime authorities reported that a tanker near Oman was struck by an unknown projectile; its crew was safe.
Investors took cover in US Treasurys during Thursday’s stock rout, driving the 10-year yield down to about 4.97%.
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Georgia is a Business News Fellow at Business Insider’s London office.Before joining Business Insider, she worked at Japan’s largest newspaper, The Yomiuri Shimbun, and interned at the Financial Times. She is an NCTJ-qualified journalist with a degree in Philosophy from the University of Birmingham.
