Wall Street futures dip after AI rout, telecoms slide
SPY•U.S. stock futures edged lower Friday: Dow futures fell 0.58%, S&P 500 futures dropped 0.2%, and Nasdaq 100 futures were nearly flat. AI-linked stocks remained volatile, while AT&T, Verizon and T-Mobile fell more than 3% in premarket trading amid reported SpaceX wireless-carrier talks.
1. Futures edge lower
U.S. stock futures ticked down Friday after a sharp selloff in AI-linked shares over concerns about the sector’s funding needs. At 6:09 a.m. ET, Dow futures were down 308 points, or 0.58%, S&P 500 futures fell 15.5 points, or 0.2%, and Nasdaq 100 futures were nearly flat.
2. Telecom shares slide
AT&T, Verizon and T-Mobile fell more than 3% in premarket trading after a report said SpaceX was in talks with cellular infrastructure companies about a nationwide wireless carrier program. Cell tower operators rose, with Crown Castle up 8.5% and American Tower up 5.6%; SpaceX shares gained 2.2%.
3. AI shares remain volatile
The Nasdaq fell nearly 3% Thursday, with the decline accelerating after Meta dropped nearly 8% following its first cash outflow in more than a decade. Brent crude held near a more than five-month high amid Middle East supply concerns, while third-quarter S&P 500 profit growth was forecast at 32.3%, up from 30.7% previously.
