Traders work on the floor of the New York Stock Exchange (NYSE) on November 20, 2025 in New York City.
Spencer Platt | Getty Images News | Getty Images
Stock futures edged slightly lower Thursday night after major averages tumbled on a dramatic sell-off in artificial intelligence names.
Futures tied to the Dow Jones Industrial Average rose 13 points, or less than 0.1%. S&P futures shed 0.1%, while Nasdaq 100 futures slipped 0.2%.
Thursday’s market saw a swift reversal in technology stocks, which sold off in the latter half of the session as investors’ expectations grew tepid about the Federal Reserve’s upcoming interest rate decision.
Strong third-quarter results and upbeat guidance from Nvidia had, at one point on Thursday, led the Dow Jones Industrial Average nearly 718 points higher and gave the S&P 500 a 1.9% pop — but the chipmaker’s rally ultimately fizzled as a broader downturn in stocks took place. Nvidia closed about 3.2% lower, putting the stock on track to end November down 10.8% and on pace for its worst month since March.
At the market’s close, the 30-stock Dow declined about 386 points, or 0.8%. The S&P 500 closed 1.6% lower, while the tech-heavy Nasdaq Composite slid nearly 2.2%. Bitcoin fell to its lowest level since April 21.
Adding to the market’s stress on Thursday was overdue jobs data that reflected stronger-than-expected job growth for September, but still painted an uneven picture of the U.S. labor market as the unemployment rate came out unexpectedly weak. The market’s expectation of a December rate cut remained low following the release of this data. Traders were last pricing about a roughly 40% chance of a quarter-point rate cut next month, according to the CME FedWatch Tool.
“It seems the corrective action in the stock market that has been underway since late October has not yet been fully exhausted,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott. “Conditions are getting somewhat oversold, setting up for at least a bounce, but more economic news due to be released this week could be a determining factor as to how big a bounce or do we need a deeper pullback to lure buyers since the data could influence Fed rate cut bets.”
Major U.S. indexes are tracking for a losing week after investors have raked in profits from several high-flying stocks. The S&P 500 is down 2.9% week to date, while the Dow has declined almost 3%. The Nasdaq has shed 3.6%.
Some investors believe that Thursday’s market dip is not a sign of a deeper decline, but rather a normal pullback following strong gains earlier in the year.
“At the start of the month things were getting a tad frothy, but now with the past three weeks of frustration for investors, various signs of sentiment are flashing extreme levels of fear and worry. From a contrarian point of view, this was necessary to shake out any weak hands,” said Ryan Detrick, chief market strategist at Carson Group.
