Nasdaq futures rise as chip stocks stabilize after AI selloff
Nasdaq futures rose Friday as chip stocks stabilized after a tech-led selloff erased nearly $3 trillion in S&P 500 market value on concerns that Democratic control of Congress could lead to stricter AI regulation. The Nasdaq Composite suffered its steepest one-day decline in 19 months Thursday, entering correction territory, while the CBOE Volatility Index logged its biggest jump in about 19 months. Nvidia added 4.5% premarket after its worst day since January 2025, with data-center operators and AI-exposed utilities also recovering from deep losses. Investors awaited October jobs data due at 8:30 a.m. ET for interest rate clues, with traders pricing in over 65% chance of a December hike. Airbnb jumped 12.2% after raising its full-year revenue forecast, while Atlassian dropped 14.1% following quarterly results.