Traders works on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York on April 30, 2026.
Timothy A. Clary | AFP | Getty Images
Nasdaq-100 futures fell sharply Thursday as concerns around tech companies overspending on artificial intelligence grew, while traders awaited earnings reports and economic data after a losing session.
Contracts linked to the tech-heavy benchmark dropped 1.1%. S&P 500 futures shed 0.3%. Dow Jones Industrial Average futures outperformed, adding 139 points, or 0.3%.
CoreWeave shares dropped more than 5% in the premarket, putting the neocloud name on pace to build on Wednesday’s losses. The stock tumbled 15% in the previous session as investors grew fearful that the company was borrowing too much for its AI build-out. CoreWeave corporate bond yields also surged.
Those fears permeated through the rest of the AI trade on Wednesday, with the Nasdaq Composite suffering its biggest one-day loss since July 23.
AI-linked stocks, particularly memory chipmakers, were also lower on Thursday after another sell-off in the Korean stock market. Micron shares slid 3.7%, and Sandisk fell 4%. U.S.-listed shares of Sk Hynix dropped 7%. Overnight, South Korea’s Kospi index fell more than 7%.
Concerns that the Federal Reserve could tighten monetary policy more aggressively before year-end are also weighing on equities, after new data showed consumer prices in September rose faster than expected on a year-over-year basis.
“Inflation is cooking with gas,” said Jamie Cox, managing partner for Harris Financial Group. “It is abundantly clear where the inflation impulse originates, but two wars need to end before we get any relief. The Federal Reserve made the mistake of calling Covid era inflation transitory, and now it appears they are set to make the same mistake in reverse on the energy supply shock.”
Investors will get more inflation data on Thursday, with the September reading on producer prices due out at 8:30 a.m. ET. New retail sales figures and weekly jobless claims are also slated for release at that time.