A trader works during the Evommune Inc. initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, Nov. 6, 2025.
Michael Nagle| Bloomberg | Getty Images
Stock futures moved slightly higher Thursday night after a pullback in the market’s biggest technology names led to a losing session for U.S. equities.
Futures tied to the Dow Jones Industrial Average added 95 points, or about 0.2%. S&P futures and Nasdaq 100 futures each rose about 0.3%.
Key artificial intelligence leaders lost steam on Thursday, with names such as Nvidia, Advanced Micro Devices, Tesla and Microsoft posting significant declines that weighed on the broader market. The drop in stocks was also exacerbated by data reflecting job cuts for October hit the highest level for the month in more than two decades, making 2025 the worst year for layoffs since 2009.
Major U.S. stock averages closed lower across the board in the previous session, with the tech-heavy Nasdaq Composite notably dropping 1.9% and the 30-stock Dow closing lower by almost 400 points.
The three benchmark indices are each in the red this week, with losses accumulating on-and-off since Tuesday when major AI names declined on fears about elevated tech sector valuations — which have also contributed to a highly concentrated market. The S&P 500 is down 1.8% week to date, while the 30-stock Dow Jones Industrial Average and Nasdaq have lost nearly 1.4% and 2.8% during the period, respectively.
To be sure, some market participants remain hopeful that an end to the lengthy U.S. government shutdown and a potential December interest rate cut from the Federal Reserve could alleviate the pain in U.S. stocks. Investors are also monitoring the Supreme Court’s skepticism about the legality of President Donald Trump’s far-reaching tariffs and how third-quarter corporate earnings results are progressing.
“There’s still hope for a year-end rally once the government shutdown ends and the tariff situation is resolved. We are still two weeks from the very important Nvidia earnings, and strength there might be the catalyst to reaffirm the AI narrative. If that is followed by a December Fed cut, we may still go out on a high at year’s end,” Louis Navellier, founder and chief investment officer at Navellier & Associates, said. “Corrections with these levels of gains are normal and to be expected, not something to panic over.”
The Bureau of Labor Statistics normally would release the nonfarm payrolls report Friday. For the second month in a row, however, it is unable to do so due to the government shutdown. Economists surveyed by Dow Jones had been expecting the report to show a decline of 60,000 jobs and an increase in the unemployment rate to 4.5%.
Tesla says shareholders approve Musk’s $1 trillion pay plan
Tesla said shareholders voted in favor of CEO Elon Musk’s almost $1 trillion pay plan, with 75% support among voting shares.
Results of the vote were announced on Thursday at the company’s annual shareholders meeting in Austin, Texas. A separate proposal for investors calls for Tesla to be able to invest in xAI, Musk’s artificial intelligence startup created to compete with OpenAI. Tesla said that more votes were in favor than against but results are so far inconclusive.
The pay package for Musk, already the world’s richest person, consists of 12 tranches of shares to be granted if Tesla hits certain milestones over the next decade. It would also give Musk increased voting power over the company, acceding to demands that he’s made publicly since early 2024. His ownership would increase from about 13% to 25%, adding more than 423 million shares to his holdings.
The first tranche of stock gets paid out if Tesla hits a market capitalization of $2 trillion. Tesla’s current market cap is $1.54 trillion.
Tesla stock performance over the past year.
Tesla shares were higher by roughly 0.2% in extended trading Thursday. The stock is up 10.4% this year.
— Lora Kolodny, Pia Singh
Stocks moving in extended trading include Airbnb, Peloton, Take-Two Interactive
Check out the companies making headlines in after-hours trading.
- Take-Two Interactive Software — Shares of the video game developer tanked 7% after Rockstar Games, a subsidiary of Take-Two, announced a further delay in the release of Grand Theft Auto VI to November 2026 from May 2026. The announcement marks the second delay for the highly anticipated game.
- Airbnb — Shares of Airbnb rose about 5% in extended trading after the company reported strong third-quarter results and guidance. Airbnb earned $2.21 per share on revenue of $4.1 billion, while analysts polled by LSEG expected $2.34 per share on revenue of $4.08 billion. For the fourth quarter, Airbnb said it expects revenue of $2.66 billion to $2.72 billion, exceeding the $2.67 billion analysts were anticipating, per LSEG.
- Affirm — Shares jumped more than 12% in extended trading after the company beat on top and bottom lines, with results showing that quarterly gross merchandise volume topped the Street’s forecasts. The fintech firm earned 23 cents per share in the fiscal first quarter and reported revenue of $933 million. Analysts polled by LSEG expected a profit of 11 cents per share and $883 million in revenue.
- DraftKings — The sports gambling stock declined nearly 4% on the back of the company’s disappointing third-quarter results. DraftKings reported a loss of 52 cents per share, greater than the 42 cents per share loss analysts polled by LSEG forecasted. Revenue of $1.14 billion for the period also failed to meet analysts’ consensus expectation of $1.22 billion, per LSEG.
For the full list, read here.
— Pia Singh
