Dow, S&P 500, Nasdaq futures fall after AI-stoked sell-off with CPI inflation on deck

U.S. stock futures fell on Friday, showing further losses after a broader market sell-off as Wall Street awaited the latest reading on consumer inflation for a steer on the path of interest rates.

The S&P 500 (ES=F) and Dow Jones Industrial Average futures (YM=F) both contracted about 0.4% lower. Meanwhile, Nasdaq 100 futures (NQ=F) fell 0.3%, signaling a return to pressure on technologies.

Caution prevails after a day of heavy selling as fears of AI disruption spread across sectors such as real estate, logistics and transportation — “old economy” names previously seen as safer options for AI-linked stocks. After all seven megacaps of the “Magnificent Seven” finished low, the techs pounced.

It could be set to resume as investors scrutinize the latest earnings for another “shoot first, ask questions later” AI scare. Applied Materials ( AMAT ) stock rose more than 10% as the chip toolmaker’s upbeat outlook reflected strong AI demand. But Pinterest ( PINS ) shares fell nearly 20% as revenue fell and analysts worried about AI risks to its search platform.

Markets are also bracing with Friday morning’s report on January’s consumer price index, the inflation measure adopted by the Federal Reserve in policymaking. The key inflation measure is likely to shape expectations for an already complicated Federal Reserve policy.

Slightly delayed data will shed light on whether price pressures are sticking less stubbornly to start 2026. The annual CPI rate is expected to slow to around 2.5%, and any surprise is likely to shape the already complex calculations for the path of interest rates.

On the earnings front, Rivian ( RIVN ) shares jumped nearly 20% after missing fourth-quarter earnings late Thursday. The EV maker said its R2 midsize model is on track for delivery before summer. Before the bell, eyes are on Moderna’s ( MRNA ) report, after a 10% drop in share price this week after the FDA rejected a new flu vaccine.

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