US stock futures were mixed on Friday.

In the prior session, the artificial intelligence sector suffered a brutal selloff, pushing the Nasdaq index into correction territory; this wave of declines has now spread to European and Asian markets.

Among Asia-Pacific markets, South Korea led the losses, with the tech-heavy KOSPI plunging more than 6%; Japan's Nikkei 225 fell 5.9%, also entering correction territory.

European markets were broadly lower, with the pan-European Stoxx 600 declining 1.23%. All industry sectors closed in the red, though the technology sector fell only 0.3%.

Market sentiment was also hit by rising oil prices. Following the conclusion of the midterm elections, investors grew pessimistic about the prospect of a diplomatic breakthrough.

US pre-market futures were mixed in early trading: Dow futures tumbled 1.02%, S&P 500 futures were roughly flat, and Nasdaq 100 futures rose 0.85%, slightly recovering from Thursday's massive losses.

All of this stemmed from a large-scale selloff during Wall Street's Thursday session, with the three major US indexes posting their worst single-day performance since April 2025.

The Nasdaq Composite plunged 5.5%, falling more than 10% from its recent high and officially entering correction territory; the benchmark S&P 500 dropped 4.4%; and the Dow Jones Industrial Average nosedived over 1,800 points, a decline of 3.4%.

All 11 S&P 500 sectors closed lower, with companies tied to AI computing infrastructure suffering the heaviest losses.

Democrats won sweeping victories in both the Senate and House, while also capturing key governorships including Texas, and traders worry that data center construction will face stricter regulation.

Quilter fund portfolio manager Stuart Clark said via email: "The scale of declines in some market giants is staggering, and it highlights the concentration risk that has been building in the US stock market."

"Today, a handful of tech and semiconductor stocks carry enormous weight in the broader market. Once these leaders weaken, the Nasdaq and S&P 500 indexes are bound to suffer sharp drops."

Micron Technology and AMD each fell 17% on Thursday; neocloud provider CoreWeave dropped 10%.

Even the "Magnificent Seven" were not spared: NVIDIA plummeted 9%, turning negative for the year; these tech giants collectively shed more than $1 trillion in market value.

The three major indexes are likely to close lower for the week: the Nasdaq is down 4.4% this week, the S&P 500 nearly 3%; the 30-stock Dow has been relatively resilient, down only 0.5% so far this week.

On Friday morning, the October nonfarm payrolls report will be another major market catalyst. The Dow Jones consensus estimate calls for 59,000 new jobs last month, with the unemployment rate unchanged at 4.2%.