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NASDAQ futures rebounded on Friday as some investors bought the dip in chip stocks following a punishing selloff that sent the NASDAQ into correction territory.
Futures for the Dow Jones Industrials tumbled another 501 points, or 0.5%, early Friday, to 53,755.
Futures for the S&P 500 perked 11.25 points, or 0.2%, to 7,394.25.
Futures for the NASDAQ Composite surged 377.75 points, or 1.4%, at 27,122.
A looming October jobs report kept a cap on the gains.
In early trading Friday, shares of Micron Technology were up 9% following a 17% decline on Thursday. Nvidia was up 3% after a 9% rout the day before.
The “Magnificent Seven” stocks shed $1 trillion in total market capitalization on Thursday alone. Along with Nvidia, Amazon and Tesla were in the green on Friday.
Top Democrats have been calling to curb the data center buildout since the Democrats’ big election win. Governor-Elect Gina Hinojosa of Texas, a key data center hub in the country, said in a CNN interview Thursday evening, “We will have laws to protect Texans, and we need to stop what we are doing with data centers until we have those protections.”
Another market catalyst awaits investors Friday morning when the Bureau of Labor Statistics releases the October nonfarm payrolls report. The Dow Jones consensus estimate among economists anticipates that employers added 59,000 jobs last month, while the national unemployment rate held steady at 4.2%.
In Japan, the Nikkei 225 withered 6% Friday, while in Hong Kong, the Hang Seng faltered 1.3% to 24,796.98
Oil prices lost 22 cents to $90.30 U.S. a barrel.
Gold prices dulled $39.90 to $4,073.60 U.S an ounce.
