The Nightcap: Nasdaq futures fall 3.45%; Sunday reopen is the next test

Friday night's futures screen is closed, not calm. Nasdaq 100 futures finished at 28,543, down 3.45% from Thursday's final trade, as the technology selloff spread beyond Intel. S&P 500 and Dow futures also fell, gold dropped despite lower Treasury yields, and the first tradable evidence of whether the repricing has run its course will come when U.S. equity and commodity futures reopen Sunday.

Friday's final futures readings

The table uses Yahoo Finance's timestamped final trades at 4:59:59 p.m. ET Friday, retrieved at 9:01 p.m. ET. These are last-session observations, not live Friday-night quotes. Equity-futures premiums compare each contract with its related cash index close; the session changes compare final futures trades with Thursday's final trades.

The calculations use the retained Thursday and Friday Yahoo observations: 7,754.25 to 7,614.50 for S&P futures, 29,562 to 28,543 for Nasdaq futures, 52,512 to 51,928 for Dow futures and $4,031.40 to $3,884.90 for gold. The cash closes were 7,580.07 for the S&P 500, 28,384.85 for the Nasdaq 100 and 51,770.31 for the Dow. Yahoo's gold figure is a continuous-contract observation and should not be relabeled an official exchange settlement.

Bonds cushioned the shock, gold did not

The Treasury rally was the clearest counterweight to falling equities. The Treasury's daily par curve put the 10-year yield at 4.94% Friday, down four basis points from Thursday, and the 2-year at 4.56%, down five basis points. Falling yields ordinarily help long-duration technology shares and gold, yet both sold off. That makes forced position reduction and concern about AI capital spending more persuasive explanations than a simple interest-rate shock.

Nasdaq 100 futures ended 9.3% below their Oct. 6 peak, according to the one-year Yahoo series retained with our chart. That drawdown is the number that matters into Sunday. A modest rebound would still leave the contract well below its recent high; another decline would show that Friday's repricing was not exhausted at the closing bell.

Sunday's reopen will separate pause from reversal

The closing levels provide clear markers for the next session. Nasdaq futures would need to regain 29,562 merely to erase Friday's decline, while a move below 28,543 would extend it. The contract's 0.56% premium to the cash Nasdaq 100 does not contradict the selloff: futures and the index have different closing times, and the comparison is a level spread rather than a same-session return.

The same discipline applies across the screen. S&P futures closed 0.45% above their related cash index and Dow futures 0.30% above theirs, even after both contracts declined. Those small premiums should not be described as gains. With the Friday session complete and the market closed, there is no new futures price to interpret until the next scheduled trading session.

What comes next

The first evidence is cross-asset: oil, gold and Nasdaq futures at Sunday's reopen. On Tuesday, AMD reports fiscal third-quarter results after the close, according to the company's investor-relations calendar. That result is a direct test of the chip and AI-spending concerns that dominated Friday.

The week's main macro release arrives Friday, Nov. 6, at 8:30 a.m. ET. The Bureau of Labor Statistics will publish the October employment report after September payroll growth slowed to 29,000 and unemployment held at 4.2%. Until futures reopen, every market level above remains Friday's final reading.

Sources: Yahoo Finance chart endpoints, CME Group, U.S. Treasury, AMD and the Bureau of Labor Statistics. Quotes may be delayed. This is market information, not investment advice.