US stock futures took a leg lower on Friday after the week’s latest bout of turbulence, while bitcoin kept tumbling to hit a multimonth low as AI worries continued to spook investors.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) were down 0.6%, deepening small losses, while those on the S&P 500 (ES=F) entered the red to trade 0.3% lower. Dow Jones Industrial Average futures (YM=F) lost hold of earlier slight gains to trade around the flatline. Stocks closed sharply lower on Thursday in a remarkable turnabout.
While stocks are under slight pressure after Thursday’s losses, cryptocurrencies are feeling greater heat — signs that the risk-off mood still haunts markets as AI trade worries persist and rate-cut hopes dissipate. Geopolitics are starting to weigh, too, amid reports Ukraine and European allies have rejected key parts of the US-Russian plan to end the war.
Bitcoin (BTC-USD) sank 10% on Friday to trade at around $82,000, deepening a slide from record-high levels just more than a month ago. It is now heading for its worst month since the crypto collapse of 2022.
It’s shaping up to be a rocky month on Wall Street, too, with the S&P 500 (^GSPC) headed for its worst November since 2008 amid mounting concerns over an AI-fueled “bubble”. Not even Nvidia (NVDA) and its CEO, Jensen Huang, could allay those fears after its blowout earnings reveal on Wednesday.
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The major US gauges are also facing steep weekly losses across the board. The S&P 500 and Nasdaq Composite (^IXIC) are on track for declines of over 2% and 3%, having ended Thursday their lowest levels since September. The blue-chip Dow (^DJI) faces a drop above 3%, too.
Also sparking investor whiplash Thursday was the long-delayed release of September’s jobs report. The release initially portended optimism, with hiring far surpassing meager expectations. But the unemployment rate rose to its highest rate in nearly four years. And ultimately, the report didn’t do much to change the narrative of a deeply divided Federal Reserve, and most bets were on a rate hold at its meeting next month.
On Friday, investors will get a final read of November consumer confidence from the University of Michigan, after the preliminary reading found the measure near a three-year low. Several Fed officials are also set to speak, perhaps offering further clarity on the central bank’s rate path in December — and beyond.
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