Nasdaq futures steady after Asian AI selloff as US jobs data nears

Nasdaq futures rose on Friday, November 6, after a steep selloff tied to artificial intelligence deepened in Asian trade. Chip stocks showed signs of stabilizing.

What happened

Futures on the Nasdaq recovered some ground in early trading. The move followed an AI-led market selloff that intensified during the Asian session. The rebound remained limited as the market weighed the wider macro picture.

Chip stocks, which sat at the center of the decline, showed signs of steadying. The session reports did not give a size for the futures gain or for the fall in Asia, so the scale of the move is not clear from the data available.

The recovery came before the US cash session. Investors had to judge the Asian losses and the coming US data at the same time, which kept the rebound measured.

Why it matters

The AI theme has been a major driver of equity sentiment, and a sharp drop in chip shares in Asia can set the tone for US trading. A partial recovery in futures suggests the first reaction has paused. It does not show that the selloff has ended.

The timing adds weight. Investors are bracing for the US jobs report, described as crucial, which arrives later on Friday. Labor data shapes views on the economy, so it can add to or ease pressure on stocks already under strain. A sector shock and a major data release landing in the same session can both move prices, and that is the setup investors face on Friday.

What to watch next

The October report is due at 13:30 UTC. Nonfarm payrolls have an estimate of 65 K, against a previous reading of 29 K. Private nonfarm payrolls have an estimate of 64 K, against a previous 46 K.

The unemployment rate has an estimate of 4.2%, the same as the previous figure. The broader U-6 rate has an estimate of 7.6%, also matching the previous reading. None of these figures has been published yet.

At 15:00 UTC, the University of Michigan consumer sentiment index for November is scheduled. The estimate is 48, and the previous reading was 48. The open question for the session is whether chip stocks hold their early stabilization once US trading starts and the jobs numbers are known.