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What is the story about?
US stock futures attempted to stabilise on Friday, November 6, after a sharp sell-off in the previous session pushed the Nasdaq Composite into correction territory and triggered heavy losses across technology and chip stocks.
Nasdaq-100 futures rose 1.6%, signalling a potential rebound in technology shares after Thursday's rout. S&P 500 futures gained 0.3%, while Dow Jones Industrial Average futures remained under pressure, falling 444 points, or 0.9%.
Investors looked to buy the dip in beaten-down artificial intelligence (AI) and semiconductor stocks, even as caution prevailed ahead of the US government's October jobs report, scheduled for release at 8:30 a.m. ET.
Thursday's sell-off wiped out around $2.3 trillion in market value, with concerns over a potential slowdown in data centre construction and AI-related spending weighing heavily on investor sentiment.
Nasdaq enters correction territory after sharp sell-off
The three major US stock indexes recorded their steepest single-day losses since April 2025 on Thursday.
The Nasdaq Composite plunged 5.5%, closing more than 10% below its recent record high and entering correction territory. The S&P 500 declined 4.4%, while the Dow Jones Industrial Average shed more than 1,800 points, or 3.4%.
Chipmakers bore the brunt of the selling pressure, with Nvidia, Micron Technology, AMD and Sandisk among the stocks hit hardest.
However, some of these stocks staged a recovery in early Friday trading. Micron Technology shares climbed 9% after plunging 17% in the previous session, while Nvidia gained 3% following a 9% decline on Thursday.
The CBOE Volatility Index (VIX), Wall Street's widely watched fear gauge, had surged around 70% to 28 amid the sell-off, reflecting heightened market uncertainty, CNBC reported.
US jobs report in focus
Investors are also awaiting the US Labor Department's October employment report, which could offer fresh clues about the health of the world's largest economy and influence expectations around the Federal Reserve's monetary policy.
Economists expect the US economy to have added 65,000 jobs in October, pointing to a largely stable labour market.
The data will be closely monitored by investors for signs of weakness in employment and any potential implications for the Fed's interest rate outlook.
Oil Prices
Crude oil prices also remained in focus as investors assessed the possibility of renewed military escalation between the US and Iran following the midterm elections, alongside prospects of a diplomatic breakthrough.
Brent crude futures fell 1.38% to $96.93 per barrel, while US West Texas Intermediate (WTI) crude futures declined 1.49% to $89.17 per barrel as of 4:38 a.m. ET on Friday.
Both benchmarks reversed earlier gains after briefly approaching the $100-per-barrel mark. Brent crude has retreated from a weekly high above $110 per barrel on Monday, while WTI has fallen from levels above $100 during the same period.
Oil traders continue to assess geopolitical risks in West Asia and their potential impact on global supply and prices.
Nasdaq-100 futures rose 1.6%, signalling a potential rebound in technology shares after Thursday's rout. S&P 500 futures gained 0.3%, while Dow Jones Industrial Average futures remained under pressure, falling 444 points, or 0.9%.
Investors looked to buy the dip in beaten-down artificial intelligence (AI) and semiconductor stocks, even as caution prevailed ahead of the US government's October jobs report, scheduled for release at 8:30 a.m. ET.
Thursday's sell-off wiped out around $2.3 trillion in market value, with concerns over a potential slowdown in data centre construction and AI-related spending weighing heavily on investor sentiment.
Nasdaq enters correction territory after sharp sell-off
The three major US stock indexes recorded their steepest single-day losses since April 2025 on Thursday.
The Nasdaq Composite plunged 5.5%, closing more than 10% below its recent record high and entering correction territory. The S&P 500 declined 4.4%, while the Dow Jones Industrial Average shed more than 1,800 points, or 3.4%.
Chipmakers bore the brunt of the selling pressure, with Nvidia, Micron Technology, AMD and Sandisk among the stocks hit hardest.
However, some of these stocks staged a recovery in early Friday trading. Micron Technology shares climbed 9% after plunging 17% in the previous session, while Nvidia gained 3% following a 9% decline on Thursday.
The CBOE Volatility Index (VIX), Wall Street's widely watched fear gauge, had surged around 70% to 28 amid the sell-off, reflecting heightened market uncertainty, CNBC reported.
US jobs report in focus
Investors are also awaiting the US Labor Department's October employment report, which could offer fresh clues about the health of the world's largest economy and influence expectations around the Federal Reserve's monetary policy.
Economists expect the US economy to have added 65,000 jobs in October, pointing to a largely stable labour market.
The data will be closely monitored by investors for signs of weakness in employment and any potential implications for the Fed's interest rate outlook.
Oil Prices
Crude oil prices also remained in focus as investors assessed the possibility of renewed military escalation between the US and Iran following the midterm elections, alongside prospects of a diplomatic breakthrough.
Brent crude futures fell 1.38% to $96.93 per barrel, while US West Texas Intermediate (WTI) crude futures declined 1.49% to $89.17 per barrel as of 4:38 a.m. ET on Friday.
Both benchmarks reversed earlier gains after briefly approaching the $100-per-barrel mark. Brent crude has retreated from a weekly high above $110 per barrel on Monday, while WTI has fallen from levels above $100 during the same period.
Oil traders continue to assess geopolitical risks in West Asia and their potential impact on global supply and prices.
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