• Futures Movement (Friday Pre-Market):
  • S&P 500: Down 0.6%
  • Nasdaq 100: Down 0.9%
  • Dow Jones: Down ~180 points
• Context:
  • Follows Thursday’s sharp sell-off, Wall Street’s worst day since October 10.
  • Tech stocks are under pressure due to concerns over high valuations in AI-related companies and potential market bubble risks.
• Interest Rate Concerns:
  • Investors worry that the Federal Reserve may delay or reduce rate cuts.
  • Market odds for a 25 bps rate cut in December have dropped to just below 50%, down from nearly 65% earlier in the week.
• Key Movers Pre-Market:
  • Nvidia: Down ~2.4%
  • Tesla: Down 3.8%
  • Applied Materials: Down >6% after missing earnings and revenue estimates
• Weekly Performance:
  • S&P 500: +0.1%
  • Dow Jones: +1%
  • Nasdaq: -0.6%

Takeaway: Tech sector weakness and Fed rate uncertainty are weighing on the market ahead of the weekend, with investors closely watching AI stock valuations and upcoming policy signals.