U.S. stock futures fell on Friday as Wall Street awaited the latest data on consumer inflation for guidance on interest rates, with more losses expected following a broad market sell-off.
S&P 500 (ES=F) and Dow Jones Industrial Average futures (YM=F) contracts were both down about 0.4%. Meanwhile, Nasdaq 100 futures (NQ=F) fell 0.3%, indicating renewed pressure on technology stocks.
Caution prevailed after a day of heavy selling as concerns about artificial intelligence disruption spread to sectors such as real estate, logistics and transportation – “old economy” names previously seen as safe alternatives to artificial intelligence-related stocks. Technology stocks were hammered, with all seven of the “big seven” mega-cap stocks ending lower.
That appears to be about to resume as investors closely monitor the latest earnings reports in anticipation of the next “shoot first, ask questions later” AI scare. Shares of Applied Materials (AMAT) soared more than 10% as the chip tool maker’s upbeat outlook reflected strong demand for artificial intelligence. But Pinterest (PINS) shares fell about 20% amid a revenue shortfall and analysts’ concerns about artificial intelligence risks to its discovery platform.
Markets are also awaiting Friday morning’s report on January’s consumer price index, the inflation measure favored by the Federal Reserve when making policy decisions. Key inflation measures could influence expectations for already complex Fed policy.
The slightly delayed data will reveal whether price pressures become less stubborn starting in 2026. The annual CPI rate is expected to slow to around 2.5%, and any surprises could affect the already complex calculation of interest rate trends.
On the earnings front, Rivian (RIVN) rose nearly 20% late Thursday after its fourth-quarter earnings beat estimates. The electric carmaker said it expects deliveries of its R2 midsize model before summer. Before the close, attention was focused on reports from Moderna (MRNA), which is down 10% this week as the FDA rejected a new flu vaccine.
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