07.11.202500:21:43UTC+00US Futures Edge Higher After Sharp Selloff

U.S. stock futures edged upward on Friday following a significant selloff in the prior session, where tech and AI-related stocks pulled Wall Street downward. On Thursday, the Dow decreased by 0.84%, the S&P 500 by 1.12%, and the Nasdaq Composite by 1.9%. Leading AI stocks faced substantial losses, with Nvidia falling 3.7%, AMD dropping 7.3%, and Palantir declining 6.8%. This downturn highlighted renewed concerns about inflated AI valuations and was exacerbated by fears of a more pronounced slowdown in the labor market. Data from Challenger indicated 153,000 announced job cuts in October, marking the highest for that month in 22 years, largely due to AI integration and cost-cutting measures. With the government shutdown hindering the release of official data, investors turned to private indicators, which pointed to weakening economic conditions, further impacting market sentiment. All three major indexes are poised to finish the week lower, with the tech-focused Nasdaq currently down 2.83%.