Woofun AI reports that US stock index futures declined, with Nasdaq 100 index futures dropping over 2% and S&P 500 index futures falling more than 1%. Nvidia led the decline among the "seven giants" in pre-market trading, while the Philadelphia Semiconductor Index approached bear market territory, extending Thursday's losses.

Despite the S&P 500 closing down 0.5% on Thursday with 369 stocks rising and 132 falling, overall market breadth remained healthy. Barclays strategist Venu Krishna stated that "AI capital expenditure enthusiasm is starting to wane," noting that semiconductor stocks still outperform the broader market while software stocks lag, suggesting the recent rotation is incremental rather than decisive.