U.S. stock futures are pointing for another negative session on Friday, following a highly volatile week that has contributed to what is shaping up to be a turbulent November for Wall Street.
As of 5:18 P.M. (GMT+7), the Dow Jones Industrial Average futures ticked up by 0.07%, or 31.30 points, to 45,783.60 points, while S&P 500 futures slightly down by 0.41%, or 27.00 points, to 6,512.00 points. The Nasdaq 100 also decreased by 0.81%, or 194.60 points, to 23,859.80 points.
The S&P 500 is heading toward its weakest November performance since 2008, as concerns intensify over the possibility of a technology-driven market bubble. Not even robust quarterly results from Nvidia and CEO Jensen Huang’s optimistic remarks could calm investor nerves.
Thursday’s session witnessed a dramatic reversal, with Nvidia shares swinging from intraday gains of up to 5% to a loss of more than 3%. The selloff rippled through chipmakers and large-cap tech names, leading the broader Nasdaq Composite to erase earlier gains of 2.5% and end the day nearly 2% lower. Both the S&P 500 and Nasdaq indices now sit at their lowest points since September.
Digital assets were not immune from the decline. Bitcoin extended its recent decline, trading near $84,000 on Friday, deepening its pullback from all-time highs reached just over a month ago.
Thursday also brought significant swings as September’s delayed jobs report was released. Although hiring figures notably exceeded subdued projections — signaling initial optimism — the unemployment rate nonetheless climbed to its highest level in nearly four years. The mixed data offered little resolution to ongoing divisions within the Federal Reserve, with the majority of market participants continuing to predict a rate pause at next month’s policy meeting.
Equity markets are on track for significant weekly declines. The S&P 500 is positioned for a drop exceeding 2%, while the Nasdaq is set for a slide of more than 3% this week. So far in November, the S&P 500 is down approximately 4%, while the Nasdaq has shed over 6%.
Investors are awaiting the final November reading on consumer sentiment from the University of Michigan on Friday, after a preliminary estimate showed confidence at a near three-year low. Several Federal Reserve officials are also scheduled to speak, which could bring further insights into the central bank’s policy trajectory for December and beyond.
