US stock futures were mixed on Friday after a broad market sell-off as Wall Street digested a fresher-than-expected inflation reading to drive the interest rate path.
Contracts on the S & P 500 (ES = F) and Dow Jones Industrial Average futures (YM = F) both remained near the flat line. Nasdaq 100 (NQ=F) futures were also little changed on the day after intense selling pressure on technicals.
Inflation cooled more than expected in January, data released Friday by the Bureau of Labor Statistics showed. The Consumer Price Index showed that consumer prices rose by 0.2% in January from a month earlier, and 2.4% on an annual basis. The report is likely to shape expectations for an already complicated Federal Reserve policy.
Meanwhile, caution prevails after a day of heavy selling as fears about AI disruption spread to sectors such as real estate, logistics and transportation — “old economy” names previously seen as a safe alternative to AI-linked stocks. Techs got pummeled, with the seven megacaps “Magnificent Seven” finishing lower.
This could be set to resume as investors scrutinize the latest earnings for fear of the next “shoot first, ask questions later” AI. Applied Materials ( AMAT ) stock rose more than 10% as the chip toolmaker’s upbeat outlook reflected robust AI demand. But shares of Pinterest ( PINS ) fell about 20% as revenue fell and analysts wondered about AI risks to its discovery platform.
On the earnings side, shares of Rivian ( RIVN ) jumped nearly 20% after its fourth-quarter earnings beat late Thursday. The EV maker said its R2 midsize model is on track for delivery before the summer. Before the bell, eyes are on Moderna’s ( MRNA ) report, after it suffered a 10% drop in share value this week as the FDA rejected a new flu vaccine.
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