U.S. equity futures weakened again on Friday, extending the heavy losses seen on Thursday as investors reassessed tech valuations, incoming economic data, and tightening export limits on advanced chip equipment. Applied Materials (NASDAQ:AMD) shook confidence further by signaling that spending on semiconductor tools in China will likely decline next year under stricter U.S. rules. Reports also indicated a small dip in jobless claims, while risk-off sentiment drove Bitcoin (COIN:BTCUSD) sharply below $100,000.
Futures signal more weakness
At 02:49 ET, futures on the Dow, S&P 500, and Nasdaq 100 were all trading in negative territory. The selloff followed Thursday’s steep decline, which erased optimism from earlier in the week after the government shutdown ended.
High-growth tech names continued to slide, with Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) leading losses. Oracle has now surrendered over a third of its value since peaking in September.
Vital Knowledge analysts wrote that “stocks suffered a steep slump thanks to continued carnage in tech as investors start throwing in the towel on a year-end rally.”
Applied Materials highlights China headwinds
Applied Materials told investors that tighter U.S. export controls blocked roughly $110 million in shipments last quarter — restrictions paused only after the Trump-Xi meeting. The company reiterated that expanded rules will cut 2026 revenue by $600 million but maintained that AI-related demand should lift sales in late 2026.
Jobless claims dip slightly
Unofficial state filings suggested first-time claims eased to around 227,000 last week. But with no official BLS data during the shutdown, markets remain in the dark. Odds of a December Fed rate cut sit near 50%.
Bitcoin tumbles
Bitcoin (COIN:BTCUSD) fell more than 6% early Friday, crossing below the $100,000 threshold and extending a multi-week decline driven by fading institutional flows.
China data disappoints
China’s October industrial output and retail sales both missed expectations, underscoring weak demand and continued pressure on manufacturers.
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