U.S. stock futures edged higher early Friday after artificial intelligence (AI) and tech-related stocks led notable market declines driven by valuation risks. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.21%, 0.16%, and 0.11%, respectively, at 3:55 a.m. EST on November 7.
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During Thursday’s regular trading session, all three major indexes closed lower as valuation concerns weighed on key technology names, including Nvidia (NVDA), Advanced Micro Devices (AMD), Palantir Technologies (PLTR), and Microsoft (MSFT). The Nasdaq Composite closed down 1.90%, the S&P 500 slid 1.12%, and the Dow Jones declined 0.84%.
All three indexes are on track for weekly losses, with the S&P 500 down 1.8%, the Dow Jones off about 1.4%, and the Nasdaq losing 2.8% so far. The declines began Tuesday after major AI-related stocks fell due to concerns about high tech valuations and market concentration.
After the market closed, Tesla (TSLA) CEO Elon Musk won a key shareholder vote approving his proposed $1 trillion compensation package, pushing its shares up 1.6%.
No major earnings reports are scheduled for today.
Key economic data releases, however, are delayed due to the ongoing government shutdown. The major economic report expected today is the University of Michigan Consumer Sentiment Index for November. It measures consumer confidence and will likely be closely watched by the market.
Notably, the U.S. 10-year Treasury yield was up, floating near 4.10%. WTI crude oil futures were trending higher, hovering near $60.10 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $4,006 per ounce on Friday.
Elsewhere, in Europe, stocks opened higher on November 7, as investors eased concerns about tech valuations. The Bank of England signaled a possible rate cut in December, boosting sentiment.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded mostly lower on Friday, tracking Wall Street’s selloff in technology shares. China’s October import and export figures missed expectations amid persistent macroeconomic headwinds.
Hong Kong’s Hang Seng index declined 0.92%. In China, the Shanghai Composite fell 0.25%, while the Shenzhen Component added 0.19%. Meanwhile, Japan’s Nikkei dropped 1.19%, and the Topix lost 0.44%.
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