Wall Street Futures Slide as Tech Selloff and Oil Surge Weigh on Markets
U.S. equity futures declined early Friday after a technology-led selloff and a jump in crude oil to a five-month high. Meta shares dropped roughly 7% despite higher quarterly revenue, as investors focused on its rising AI-related capital spending. Market participants are also awaiting corporate earnings and the Federal Reserve's next rate decision.
Before Friday’s opening bell, Dow futures were down 0.60%, S&P 500 futures 0.23% and Nasdaq-100 futures 0.04%. Thursday’s cash session was split: the Nasdaq Composite lost 2.60% and the S&P 500 1.21%, its weakest day since July, while the Dow added 0.02% and the Russell 2000 0.11%.
Meta fell roughly 7% after quarterly revenue rose 26% to $64.60 billion; spending on capital projects, counting finance-lease principal, was $34.91 billion, with projected yearly outlay at $135–$145 billion. Nvidia dropped 4.4%, AMD over 8%, CoreWeave about 10%, and the Philadelphia Semiconductor Index 6.7%. Brent settled Thursday at $113.17 and WTI at $99.47.
The selloff could affect households with retirement or brokerage accounts, especially those concentrated in tech stocks. Higher oil prices may raise transport and energy costs for consumers and businesses, while elevated Treasury yields could keep borrowing costs for mortgages and credit cards higher. Tech firms’ heavier AI spending may influence hiring and supplier demand, though the outcome is uncertain.