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S&P 500 futures tick lower amid tech slump; Wall Street awaits May jobs report: Live updates

Lisa Kailai Han
Traders work on the floor of the New York Stock Exchange.
NYSE

S&P 500 futures fell early on Friday as traders looked ahead to the release of May's jobs report, while the tech-heavy Nasdaq was poised to open sharply lower as Thursday's U.S. tech sell-off spread to Asian and European markets.

Futures tied to the broad market index slipped about 0.4%, while Nasdaq 100 futures dipped 1%. Futures tied to the Dow Jones Industrial Average were up 63 points, or 0.1%.

Shares in Broadcom were 1.4% lower after tumbling 12.5% on Thursday, with Marvell Technology and Micron down 2.7%.

On Thursday, the blue-chip Dow climbed 874.86 points, or 1.73% to a fresh record close. The S&P 500 added 0.41%, while the Nasdaq Composite slipped 0.09%, weighed down by a rotation out of the technology sector.

"A lot of us would prefer a broadening of the market, and when we say that I think it's no longer broadening away from Mag Seven, it's really a broadening away from semi-cap equipment and hardware," said Charles Kantor, senior portfolio manager at Neuberger Wealth, on CNBC's "Closing Bell: Overtime" on Thursday afternoon. "You had a little bit of that today, but the pipeline of demand for stuff related to building out compute and data centers from now even into 2030 is a powerful force."

Investors are now looking ahead to the May nonfarm payrolls report, which will be released at 8:30 a.m. ET on Friday morning.

Economists surveyed by Dow Jones expect the latest data to show that just 80,000 jobs were added last month, which would be lower than the average of 150,000 jobs over the prior two months. The consensus also sees the unemployment rate holding steady from April at 4.3%.

The S&P 500 is up less than 0.1% on the week. This slight gain puts it on track for its 10th straight positive week in a row, which would mark the longest positive streak for the index since 1985. The 30-stock Dow is poised to end the week up 1%, while the Nasdaq Composite is heading for a loss of 0.5%.

— CNBC's Jeff Cox and Garrett Downs contributed to this report.

Citi strategist still bullish despite 'signs of growing exuberance'

Citi strategist Beata Manthey still sees a constrictive outlook for stocks even as signs of froth emerge.

"Global equities are near all-time highs, with signs of growing exuberance," she wrote to clients. "exuberance. Valuations across several segments appear stretched, investor sentiment is turning increasingly optimistic, and the pickup in IPOs and broader equity issuance highlights strong demand for risk. None of this, on its own, signals an imminent downturn. History suggests that major peaks aren't defined by a single trigger, but by a broad set of indicators all moving into more extreme territory at the same time."

— Fred Imbert

European tech slides as global sell-off spreads

European stock markets fell on Friday, with the pan-European Stoxx 600 last seen down 0.2%, while major bourses in London, Paris, Frankfurt and Milan all traded lower.


Most regional sectors were in the green, but technology and miners were the key outliers, sliding 2.1% and 2%, respectively, as the sell-off in U.S. chipmakers spread to European markets.

Dutch semiconductor mainstay ASML was last seen 3.8% lower, while German chipmaker Infineon Technology slumped more than 6% in morning trade.

— Hugh Leask

South Korea leads losses in Asia markets as tech stocks slump

South Korea stocks plunged Friday, leading losses in the region, as the slump in Wall Street tech names overnight spread into Asia, dragging benchmark indexes lower.

The Kospi ended Friday's session 5.54% lower at 8,160.59. Index heavyweights Samsung Electronics and SK Hynix dropped 6.40% and 9.92%, respectively. The small-cap Kosdaq index fell 4.50%.

In a move that could pressure South Korea's tech sector further, the country's labor minister urged its biggest technology companies to distribute more of the gains from the AI-driven semiconductor boom with workers and suppliers, saying record profits risk exacerbating income inequality.

Japan's benchmark Nikkei 225 fell 1.31% to 66,588.12.

Australia's S&P/ASX 200 dropped 0.70% to 8,625.10.

Hong Kong's Hang Seng index was down 1.11% in its last hour of trade, while mainland China's CSI 300 dropped 1.79% to 4,816.92.

India's Nifty 50 was marginally lower in choppy trade, while the BSE Sensex was flat as of 1:00 p.m. local time (3:30 a.m. ET)

—Justina Lee

South Korea stocks fall 4% as tech heavyweights follow plunge in Wall Street’s AI-linked names

South Korea stocks plunged Friday, leading losses in the region, as the slump in Wall Street tech names overnight spread into Asia dragging benchmark indexes lower.

The Kospi was last down 4.11%, with heavyweights Samsung and SK Hynix dropping 6% and 8%, respectively, while the small-cap Kosdaq fell 2.41%.

Japan's benchmark Nikkei 225 lost 1.1%.

Australia's S&P/ASX 200 was 0.2% lower.

Hong Kong's Hang Seng index was down 0.46%, while the CSI 300 declined 0.29%.

— Lee Ying Shan

Trump said he would be 'honored' to meet Iran's supreme leader 'if it was to make a deal'

On Thursday, President Donald Trump said that he would be "honored" to meet Iranian Supreme Leader Ayatollah Mojtaba Khamenei "if it was to make a deal."

"If we make a deal, it's possible that I would meet," he said. "I'd be okay with that."

Trump added that he expects Khamenei to be a "professional."

"In some circles, he has a very good reputation, actually," the president said.

— Garrett Downs and Lisa Kailai Han

Stocks making the biggest moves after the bell: Lululemon Athletica, ServiceTitan and more

These are the stocks moving the most in extended-hours trading:

  • Lululemon Athletica — Shares sank 11% after the athleisure company lowered its full-year earnings and revenue guidance, citing headwinds.
  • ServiceTitan — The software platform provider with a focus on contractors saw shares pop 13%. ServiceTitan raised its guidance for the full year and now sees adjusted income from operations in a range of $142 million to $147 million.
  • Argan — The construction engineering company gained 12%. First-quarter results surpassed expectations, with Argan earning $3.24 per share on revenue of $291 million.

Read the full list of stocks moving here.

— Lisa Kailai Han

S&P Dow Jones Indices stands pat on index eligibility rules

On Thursday, S&P Dow Jones Indices announced that it would make no changes to the eligibility criteria for adding stocks to the S&P 500, S&P MidCap 400 or S&P SmallCap 600.

As part of its decision, S&P Dow Jones Indices will continue to require initial public offerings to trade on an eligible exchange for at least 12 months before being considered or addition to an index. One of the proposed changes the firm was weighing included shortening this so-called IPO seasoning period to six months.

S&P Dow Jones Indices' move followed a consultation with market participants on potential changes to the indexes' methodologies.

Elon Musk's SpaceX plans to go public at the Nasdaq next Friday, with a valuation of $1.77 trillion. With S&P Dow Jones Indices opting to keep its eligibility criteria the same, it could take SpaceX at least a year to join the S&P 500. In turn, this could result in dramatic variations between the broad market index's returns versus those of other averages.

— Lisa Kailai Han

S&P 500 futures open slightly lower

On Thursday night, S&P 500 futures opened marginally lower, or down less than 0.2%.

Shortly after 6 p.m. ET, Nasdaq 100 futures shed 0.3%. On the other hand, Dow futures were trading around the flatline.

— Lisa Kailai Han