Stock futures were sliding Friday on continued concerns about bloated artificial-intelligence valuations following the previous session's stunning selloff.
These stocks were poised to make moves Friday:
Nvidia dropped 1.7% in premarket trading. The chip maker's shares see-sawed on Thursday, starting the session higher following a solid third-quarter earnings report before reversing course to close down 3%. Nvidia's report and better-than-expected guidance gave the market a solid read on artificial-intelligence demand but failed to reassure investors who have been fretting about where the money is coming from and whether it will be well spent.
Intel fell 0.9%. CEO Lip-Bu Tan downplayed rumors that a recent hire from $Taiwan Semiconductor Manufacturing(TSMWF)$ had taken company data from the Taiwanese chip manufacturer. Local media reported this week that Taiwanese officials were investigating Wei-Jen Lo, who joined Intel in October. U.S.-listed shares of TSMC were down 3.1%.
Cryptocurrency stocks were slumping ahead of the opening bell as a brutal Bitcoin selloff raged on. Digital-asset exchange Coinbase Global slid 1.8%, trading platform Robinhood Markets fell 2.2%, and Strategy was down 4.1%.
Intuit rose 3.1% after the maker of TurboTax beat analysts' estimates for earnings and revenue in its fiscal first quarter. The business software company aims to boost growth through artificial-intelligence products. Intuit's earnings guidance looked a little soft, although Chief Financial Officer Sandeep Aujla told Barron's that the company doesn't raise its financial guidance before the company is finished with the crucial tax season, which brings in the most revenue for it each fiscal year.
Gap gained 3.2% after the clothing retailer reported that its third-quarter comparable-store sales had jumped 5% from a year ago; analysts were predicting a 3% increase. Profit was better than expected as well: Earnings came in at 62 cents a share, topping estimates of 59 cents.
Ross Stores climbed 2.7% after the off-price retailer raised its fiscal-year earnings guidance to a range of $6.38 to $6.46 a share, up from $6.08 to $6.21 previously. The guidance hike came the same day as Walmart delivered a "beat-and-raise" quarter, helping to reassure investors that consumer spending remains robust.
Elastic N.V. plunged 12%, even though the Dutch-American software company reported better-than-expected fiscal second-quarter earnings and raised its fiscal-year revenue guidance. Investors have been punishing tech stocks amid the AI bubble fears, which is probably what fueled the selloff. It was a similar story for cloud software provider Veeva Systems, which tumbled 8.5% despite topping analysts' earnings targets.
Warehouse chain BJ's Wholesale Club is set to report earnings ahead of the opening bell Friday. Shares were 0.1% lower in premarket trading.