Nasdaq futures find a footing, with the jobs report still ahead
Technology futures rebounded after Thursday's rout, but the October employment report is the next test.
A rebound in technology futures offered Wall Street a little breathing room early Friday. It was a pause in the selling, not yet evidence that the AI trade had found a durable floor.
Nasdaq 100 futures were higher in early U.S. trading, while Dow futures remained lower. That split matters: the bounce was uneven rather than a broad return of confidence after Thursday's steep losses.
The next scheduled test arrives at 8:30 AM ET, when the Bureau of Labor Statistics releases the October employment report. No October payroll result had been released at this article's publication time.
Economists in the Dow Jones survey cited by CNBC expect 59,000 additional jobs and an unemployment rate of 4.2%. Those are forecasts, not the official figures.
A stronger or weaker report could change the debate over how much room the Federal Reserve has to move interest rates. But stocks will also have to contend with the separate questions driving the AI selloff: the cost of construction, the returns from that spending and the risk of delays to new projects.
The overnight damage is covered in our Asia and Europe report. Futures move before the cash market opens and do not guarantee where shares will finish the day.
