TLDR
- Stock futures showed minimal movement Friday morning as Wall Street prepared to close out a turbulent week with the S&P 500 headed toward its worst November since 2008
- Nvidia shares swung dramatically Thursday from up 5% to down 2% despite strong earnings, pulling other tech stocks down with it and erasing the Nasdaq’s 2.5% gains
- Bitcoin fell to around $84,000 on Friday, continuing its slide from record highs reached just over a month ago
- The September jobs report released Thursday showed hiring beat expectations but unemployment rose to its highest level in nearly four years
- The S&P 500 is tracking toward a weekly decline of over 2% while the Nasdaq faces a drop of more than 3%
Stock futures showed little movement on Friday morning as investors prepared to end another rough week on Wall Street. Contracts on the Nasdaq 100 edged up 0.1% while S&P 500 futures held near flat.
The S&P 500 is on track for its worst November since 2008. Tech stocks have faced intense pressure despite some strong earnings reports from major companies.
Nvidia reported earnings on Wednesday that exceeded expectations. The chip maker’s CEO Jensen Huang presented results that initially lifted the stock.
However, Thursday brought a sharp reversal. Nvidia shares jumped as much as 5% before closing down more than 2%.
Other tech stocks followed Nvidia lower. The Nasdaq Composite erased gains of as much as 2.5% to close down nearly 2%.
Both the S&P 500 and Nasdaq now sit at their lowest levels since September. The broader selloff has spread beyond just technology companies.
Crypto Markets Join the Decline
Bitcoin continued falling on Friday, trading around $84,000 per token. The cryptocurrency dropped below $87,000 on Thursday.
This marks a steep decline from record highs Bitcoin reached just over a month ago. The crypto market has mirrored the broader weakness in risk assets.
Mixed Jobs Data Adds to Uncertainty
The September jobs report finally released on Thursday added to market confusion. Hiring numbers came in far above the low expectations analysts had set.
But the unemployment rate climbed to its highest level in nearly four years. This mixed picture left investors uncertain about the economy’s direction.
The report did little to clarify Federal Reserve policy. Most traders still expect the Fed to hold rates steady at its December meeting.
Fed officials are scheduled to speak on Friday. Investors hope to gain more insight into the central bank’s rate plans.
The University of Michigan will also release its final November consumer confidence reading on Friday. The preliminary report showed confidence near a three-year low.
For the week, the S&P 500 is tracking toward a decline of over 2%. The Nasdaq faces an even steeper drop of more than 3%.
In November alone, the S&P 500 has fallen around 4%. The tech-heavy Nasdaq has dropped over 6% for the month.
Dow Jones Industrial Average futures ticked up 0.2% on Friday morning. The blue-chip index has held up better than its tech-focused peers during the selloff.
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