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U.S. stock futures fell on Friday with big selling returning to Wall Street after a one-day respite. The latest reading of the Federal Reserve’s favorite inflation gauge was due Friday morning.
Futures for the Dow Jones Industrials capsized 265 points, or 0.6%, to 42,532.
Futures for the S&P 500 slid 62.5 points, or 1.1%, to 5,871.50
Futures for the NASDAQ dumped 351.5, or 1.6%, to 21,027.50.
Shares of Tesla, a big winner of 2024 and in the post-election run, was off by 5% in pre-market trading. Nvidia, the star of the bull market, fell 3%. Palantir and Dell shares were also lower.
Also weighing on sentiment was the failure Thursday night of a Trump-endorsed House Republican measure to fund the government for three months and avert a government shutdown. Without a deal to fund the government and a bill that’s passed the House and Senate and has been signed into law, a partial shutdown is slated to start Friday night.
During Thursday’s trading session, the Dow eked out a 15-point gain and ended a 10-day losing streak — its longest since 1974. The small gain came a day after the Dow plunged 1,100 points on Wednesday. The Dow is down 3.4% on the week, headed for its worst weekly performance since March 2023. The S&P 500 and NASDAQ are each off around 3% on the week.
In Japan, the Nikkei 225 lost 0.3% Friday, while in Hong Kong, the Hang Seng dropped 0.2%
Oil prices ditched 68 cents to $68.70 U.S. a barrel.
Gold prices captured $11.00 to $2,619.10 U.S. an ounce.