Stock futures showed signs of recovery on Friday, following a significant decline in major indexes the previous day that reflected a risk-off sentiment among investors. Despite this upward movement, the Nasdaq and S&P 500 remained on track for substantial weekly losses.
Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average rose by 0.7%, 0.6%, and 0.4%, respectively. This uptick comes after the tech-centric Nasdaq and the benchmark S&P 500 faced their third consecutive day of losses, finishing down 1.6% and 1.2%, respectively. Meanwhile, the Dow Jones Industrial Average also declined by 1.2%, equating to a drop of nearly 600 points.
As the week progressed, both the Nasdaq and S&P 500 recorded weekly declines of approximately 4% and 2%, respectively, while the Dow remained slightly positive. The Nasdaq and Dow have now experienced three weeks of consecutive decline, although the S&P 500 managed to break a two-week losing streak just last Friday.
In premarket trading, Amazon’s stock plummeted by 7% following an underwhelming earnings report released after the market close the previous day. Among its peers in the so-called “Magnificent Seven,” which consists of leading tech companies, some stocks saw gains while others struggled. Nvidia and Tesla were notable gainers, climbing roughly 3% and 2%, respectively. Microsoft, however, was the most significant decliner in the group the previous day, suffering a drop of 5% but bounced back with nearly a 2% increase in premarket trading.
Qualcomm also experienced a mild rebound after suffering an 8.5% drop the day before, due to executives citing softer current-quarter forecasts linked to a global memory shortage.
In the automotive sector, shares of Stellantis, one of the “Big Three” automakers, plummeted by 23% before the market opened after the company announced a sweeping business “reset” that would involve a substantial charge of around $26 billion.
Post-earnings trading saw significant movements for some companies, with shares of Roblox surging by 15% and Reddit rising 10%. Conversely, shares of Coty fell by 8%.
In the cryptocurrency sphere, Bitcoin had a tumultuous trading session; it dipped below $60,000 overnight, ultimately trading around $65,800—this still marked a 15% decline for the week and put it at its lowest value since October 2024. Conversely, shares of bitcoin-associated firms showed some recovery, with Strategy rising by 6%, following a 17% drop on the previous day, and firms like MARA Holdings, Coinbase Global, and Robinhood Markets rebounding 7.5%, 6%, and 5.5%, respectively.
In commodities, silver futures fell by 3% to approximately $74 an ounce, considerably down from their peak of about $121.75 earlier this year. Gold futures, which had experienced a significant surge to approximately $5,625 an ounce the previous week, also saw a slight increase, trading at around $4,900.
The yield on the 10-year Treasury bond, which significantly influences interest rates on consumer loans such as mortgages, rose slightly to 4.20%, up from 4.18% the previous day. West Texas Intermediate crude futures remained relatively stable at $63.35 a barrel. Meanwhile, the U.S. dollar index, which measures the value of the dollar against a basket of global currencies, stayed steady near 97.83.
