Business
Nasdaq Futures Drop as AI Rally Halts Ahead of Jobs Report. Dow Edges Up After Record High.
Stocks were headed for the red on Friday as investors ditched tech ahead of the May jobs report, which will give the market a better idea of whether there will be scope for the Federal Reserve to hike interest rates later this year.
Futures tracking the Dow Jones Industrial Average rose 29 points, or 0.1%. S&P 500 futures fell 0.5% and contracts tied to the tech-heavy Nasdaq 100 dropped 1.0%.
The Dow was the star performer of the three major indexes on Thursday, notching a record close as investors pivoted away from artificial-intelligence stalwarts. The rotation looked set to accelerate on Friday, with Wall Street still reeling from chip maker Broadcom’s mediocre revenue guidance.
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