.png){kind=logo}
US stock futures traded mixed on Friday, November 6, as technology shares recovered from Thursday's steep losses. Nasdaq futures led the rebound, while investors awaited the October jobs report and assessed concerns over artificial intelligence spending and regulation.
Nasdaq-100 futures gained about 1.4% in early trading, while S&P 500 futures rose 0.3%. Dow Jones Industrial Average futures fell roughly 470 points, or 0.9%, showing that the recovery remained concentrated in technology shares. The figures reflect premarket trading and could change before Wall Street opens.
Thursday's decline wiped nearly USD 3 trillion from the market value of S&P 500 companies. The Nasdaq Composite dropped 5.5% to 24,315, its steepest daily fall in 19 months. It finished nearly 12% below its October 6 record, crossing the 10% threshold commonly used to define a market correction.
The S&P 500 lost 4.4% to close at 7,353.73, while the Dow dropped 1,833 points, or 3.4%, to 51,523.06. All 11 S&P 500 sectors ended lower. The technology sector fell 7.3%, and the Philadelphia Semiconductor Index declined more than 12%.
Nvidia rose about 4.5% before Friday's opening bell after falling more than 9% on Thursday. Shares of AMD, Intel, Broadcom and Micron also gained between 4.6% and 8.2% in premarket trading. Micron had lost more than 17% during the previous session.
Companies linked to AI infrastructure joined the rebound. IREN, Applied Digital, CoreWeave and Nebius traded higher after sharp declines. However, the gains followed a week of heavy selling, with investors reassessing spending on data centers and the pace of new construction.
The sell-off followed Democratic victories in both chambers of Congress and several state races on November 3. Some winning candidates had called for limits on large data-center projects because of concerns over electricity use, water supplies and costs for nearby communities. Those proposals have not established a nationwide ban on construction.
President Donald Trump reiterated his support for artificial intelligence on Friday. In a Truth Social post, he said he was “100% in favor of Super Intelligence” and would work with states seeking to expand the technology. He described the projects as “GOLD” and criticized leaders who reject them.
Texas Governor-elect Gina Hinojosa has taken a different position on new data centers. In a Thursday interview, she said, “We will have laws to protect Texans, and we need to stop what we are doing with data centers until we have those protections.”
Hinojosa said local communities should help decide whether projects proceed and how they operate. Her proposals have added uncertainty for companies planning facilities in Texas, a major location for power-intensive computing operations. No new statewide law has yet taken effect under her incoming administration.
Investors also awaited the October U.S. employment report, scheduled for 8:30 a.m. Eastern on Friday. Economists surveyed by Dow Jones expected employers to add about 59,000 jobs, with unemployment unchanged at 4.2%. The previous report showed 29,000 jobs added in September.
The figures will provide another measure of labor-market conditions ahead of the Federal Reserve's December 8–9 meeting. Futures markets indicated a greater than 65% probability of an interest-rate increase in December. Higher borrowing costs remain a concern for companies funding large AI projects.
Attention will then turn to October consumer price inflation, which the Bureau of Labor Statistics plans to release on Tuesday, November 10. The latest available report showed consumer prices rising 0.6% in September. Technology earnings from CoreWeave, Applied Materials and Cisco are also due next week.
Outside technology, Airbnb shares rose more than 12% in premarket trading after the company raised its full-year revenue growth outlook. Its third-quarter revenue increased 19% to $4.9 billion. Atlassian shares fell after its quarterly results, leaving individual stocks moving in different directions despite the broader technology rebound.
The U.S. market decline also spread overseas. Japan's Nikkei index closed about 6% lower on Friday, while South Korea's Kospi fell roughly 6%. In Europe, the Stoxx 600 index was down about 1.7%. U.S. stock futures therefore showed a partial recovery while other major markets remained lower.
For the week through Thursday, the Nasdaq was down about 4.4%, the S&P 500 nearly 3% and the Dow about 0.5%, leaving all three benchmarks headed for weekly declines.
ALSO READ: US Stock Market Today: Dow Futures Climb as AI and Chip Stocks Decline