Nasdaq futures rebounded on Friday as some investors bought the dip in chip stocks following a punishing sell-off that sent the Nasdaq into correction territory. Nasdaq-100 futures bounced by 1.6%, S&P 500 futures rose 0.2%, while Dow Jones Industrial Average futures remained under pressure, down by 478 points, or 0.9%. A strong October jobs report sent Treasury yields higher, which held back the gains in equity futures. Worries of a potential slowdown in data center construction following big Democratic wins in the House and Senate and key state governorships hit U.S. markets hard on Thursday. The heavy selling Thursday sent the three major stock averages to their worst one-day losses since April 2025. The Nasdaq Composite tumbled 5.5%, closing more than 10% below its most recent high and putting it in what Wall Street regards as a correction. The broad-market S&P 500 lost 4.4%, while the Dow fell more than 1,800 points, or 3.4%. All 11 sectors in the S&P 500 closed lower, but shares of companies tied to the AI build-out led the decline. In early trading Friday, shares of Micron Technology were up 9% following a 17% decline on Thursday. Nvidia was up 3% after a 9% rout the day before. “The scale of the falls in some of the market’s biggest names has been striking. But it also highlights the concentration risk that has built up in U.S. equity markets,” Stuart Clark, portfolio manager at Quilter, said by email. “With a relatively small number of technology and semiconductor stocks now carrying so much weight, weakness in those names quickly translates into sizeable falls for the Nasdaq and S&P 500.” The “Magnificent Seven” stocks shed $1 trillion in total market capitalization on Thursday alone. Top Democrats have been calling to curb the data center buildout since the Democrats’ big election win. Governor-Elect Gina Hinojosa of Texas, a key data center hub in the country, said in a CNN interview Thursday evening, “We will have laws to protect Texans, and we need to stop what we are doing with data centers until we have those protections.” Investors reacted to the latest nonfarm payrolls report, which came in much better than expected at an increase of 165,000 in October. That was well above the 59,000 that economists polled by Dow Jones had anticipated. The unemployment rate also moved down to 4.1%. Economists had expected it to hold steady at 4.2%. All three major averages are poised for losses this week, even after Wednesday’s big rally in the wake of the election. The Nasdaq is off by some 4.4% and the S&P 500 by almost 3% through Thursday. The 30-stock Dow is the outperformer, lower by just 0.5% week to date. Looking at the history of Nasdaq corrections shows tech stocks often find their footing over the next three-to-six months, but trading can remain rocky in the near term. The 10-year Treasury note yield rose early Friday after Thursday’s bond market rally spurred by investors moving into safe-havens amid a huge tech stock sell-off. Early Friday attention was turning to the release of the U.S. nonfarm payrolls report for October at 8:30 am ET. The benchmark 10-year yield was recently higher by almost 2 basis points, at 4.855%. The yield on the 2-year Treasury note rose 1.4 basis points to 4.49%, while the 30-year Treasury yield added 2.2 basis points to 5.273%. Asia-Pacific markets tumbled on Friday, as a sharp sell-off in technology stocks swept across the region. South Korea’s Kospi fell more than 6%, leading losses in the region to end at 5,059.69 and declining 11.7% this week. The small-cap, tech-focused Kosdaq fell 5.03%, closing at 644.27. Japan’s Nikkei 225 dropped 5.96% to 57,434.77, entering bear market territory. Mainland China’s CSI 300 fell 1.44% lower at 4,054.28, while Hong Kong’s Hang Seng was down 1.32% as of its last hour of trade. Taiwan’s Taiex also entered a bear market, dropping 4.51% to 39,701.64. Australia’s S&P/ASX 200 was down 0.49% at 9,020.80. Oil prices rebounded a touch on Friday, extending earlier gains, as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections, alongside prospects for a diplomatic breakthrough. International benchmark Brent crude futures were recently higher by 36 cents, or 0.39%, to $98.65 a barrel, having jumped to almost $100 a barrel earlier in the session. U.S. West Texas Intermediate crude futures were ahead 43 cents or 0.48% to $90.98 a barrel. Gold slipped on Friday, as a see-saw session in oil kept inflation worries alive ahead of key U.S. October jobs data, though the metal was still ⁠headed ‌for its strongest week in more than two months. Spot gold fell 0.3% to $4,076.91 an ounce but was up 5% for the week. U.S. gold futures for December delivery dropped 0.6% to $4,088.