Nasdaq Futures Steady After Asian AI Rout as Investors Brace for Jobs Day
By Joe StonorNasdaq futures recovered some ground after an artificial intelligence-led market selloff intensified in Asian trade, as investors brace for crucial U.S. jobs data later Friday.Tech-heavy Asian indexes slumped as Thursday's brutal market selloff in the U.S. spread across the globe. The South Korean Kospi closed over 6% lower to log its worst day since 2025, after trading was halted for 20 minutes amid panic selling. Japan's Nikkei 225 neared correction territory, while major indexes also fell in Hong Kong and Shanghai.The AI selloff eased in the U.S. premarket, however. Nasdaq futures rose 1.2% after the index lost $2.5 trillion in market value Thursday in its worst day since April 2025. S&P 500 futures were 0.2% higher, though the Dow Jones Industrial Average looked set to extend declines. Contracts tied to the Dow fell 0.8%.Investors are reassessing their bets on AI after a Democratic sweep in the U.S. midterm elections raised the prospect of political intervention slowing the build-out of AI data centers. Semiconductor and cloud-computing stocks were routed across the globe.In signs of a tentative recovery, Nvidia shares rose over 3% premarket as chip makers that plummeted Thursday regained some ground.Treasurys strengthened as investors fleeing risk moved into safe havens. Ten-year yields edged lower to trade close to 4.830%, the lowest level since early September. Thirty-year yields hovered around 5.250%. Yields will likely move on the U.S. October jobs print, with a hot data likely to add to the chances of Federal Reserve rate hike inOil prices edged lower, further easing pressure on Treasury yields. Benchmark Brent crude oil contracts were 0.7% lower at $97.60 a barrel. The dollar moved higher against a basket of currencies ahead of the jobs print. Gold contracts in New York fell back below $4,100 a troy ounce. Bitcoin was little moved at $75,500.For the day ahead, jobs data is the main focus. A clutch of Fed policymakers are due to speak.Write to Joe Stonor at [email protected]