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
S&P 500 futures fell on Friday as pressure on Nvidia and other artificial intelligence stocks persisted, as did that on bitcoin, following a massive intraday reversal in the previous session.
Contracts tied to the broad market heavy shed 0.4%, while Nasdaq-100 futures were down 0.7%. Dow Jones Industrial Average futures rose 28 points, or 0.1%.
Nvidia shares slid more than 2%. AMD and Oracle also came under pressure. Those stocks also ended Thursday’s session lower as uncertainty about the Federal Reserve’s upcoming interest rate decision.
Additionally, bitcoin dropped roughly 6%, putting its week-to-date losses at more than 13%. The cryptocurrency has fallen to levels not seen since April as investors have pulled back on their risk-taking in the market amid reduced rate cut bets from the Federal Reserve and concerns over AI valuation levels.
The Dow at one point on Thursday rose more than 700 points as investors cheered a blockbuster Nvidia fiscal third-quarter earnings report. The benchmark, along with the S&P 500 and Nasdaq Composite, ended the day sharply lower after new U.S. jobs data raised doubts about whether the Fed will cut rates once more before year-end.
AI stocks led the declines, with Nvidia ending the day lower by 3% after rising as much as 5%. Thursday’s reversal put the stock down more than 10% for the month.
“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.