The Nightcap: Nasdaq futures hold the AI selloff, Dow futures flat, gold steady near $4,040

Stock futures are doing nothing tonight, which is itself the news after the worst Nasdaq 100 session in three months. Nasdaq 100 futures traded at 29,176 at 8:51 PM ET, up 0.10% from where they stood at the 4:15 PM cash close. The selling has not resumed, and it has not been bought back either.

Futures versus the close

Futures levels sit above the cash indexes because of the normal gap between futures and spot. The cash closes were 7,663 for the S&P 500 (down 1.2%), 52,868 for the Dow (up 0.02%) and 28,959 for the Nasdaq 100 (down 2.9%), per our close story. Quotes are from Yahoo Finance, are delayed, and the 4:15 PM figures are the nearest five-minute readings.

The biggest thing: AI spending doubts

The trigger Thursday was Meta, which fell 7.0% after raising its spending plans, and chip stocks fell as much as 8.7%. Nothing tonight has reversed that. Nasdaq 100 futures are 7.3% below the October 6 peak by our chart, so a flat tape leaves the index in correction-like territory heading into Friday.

Rates and the other headlines

The Treasury's par curve put the 10-year at 4.96% Thursday, down from 5.13%. Bitcoin is $81,411, down 3.2% over 24 hours on Coinbase.

On energy, President Trump signed a Defense Production Act determination on oil production and refining. It names no project and no dollar amount, and our full story explains why crude is still near $100. Moderna's 17.6% drop after a data leak is covered here.

What to watch at the open

• The flash S&P Global composite PMI is due Friday, with the previous reading at 58.4 on our economic calendar.
• Whether the 10-year holds below 5%.
• Whether chips and Meta stabilize or extend losses.
• Next Wednesday, October 28, is the Fed decision, with a forecast of 3.875% on the calendar.

Sources: Yahoo Finance, Chronicle markets board, U.S. Treasury, White House, Coinbase. Quotes may be delayed. This is market information, not investment advice.