Nasdaq enters correction as AI stocks slide; payrolls report looms

Stock futures fell Thursday evening after a sell-off in artificial intelligence stocks pushed the Nasdaq into correction territory, with traders awaiting a key payrolls report. S&P 500 futures lost 0.8%, Nasdaq-100 futures slid 1.3%, and Dow futures shed 264 points. The regular session saw the three major averages post their worst day since April 2025, with the Nasdaq dropping 5.5% to close more than 10% below its recent high. AI-related stocks suffered heavily, including Micron and AMD falling 17% each, while Nvidia dropped 9% and turned negative for 2026. Democrats' election wins sparked worries of a slowdown in data center construction, though some investors see the pullback as a buying opportunity. The October payrolls report, due Friday, is expected to show 59,000 jobs added with unemployment steady at 4.2%.