US stock futures took a breather on Friday after the week's latest bout of turbulence, but bitcoin kept tumbling to hit a multimonth low as AI worries continued to spook investors.

Contracts on the tech-heavy Nasdaq 100 (NQ=F) fell 0.2%, while those on the S&P 500 (ES=F) hovered around the flatline. Dow Jones Industrial Average futures (YM=F) moved up roughly 0.4%. Stocks closed sharply lower on Thursday in a remarkable turnabout.

While stocks are stabilizing somewhat after Thursday's losses, cryptocurrencies continue to feel the heat — a sign that the risk-off mood still haunts some markets as AI trade worries persist and rate-cut hopes dissipate.

Bitcoin (BTC-USD) sank over 9% on Friday to trade at around $84,000, deepening a slide from record-high levels just more than a month ago. It is now heading for its worst month since the crypto collapse of 2022.

It's shaping up to be a rocky month on Wall Street, too, with the S&P 500 (^GSPC) headed for its worst November since 2008 amid mounting concerns over an AI-fueled "bubble". Not even Nvidia (NVDA) and its CEO, Jensen Huang, could allay those fears after its blowout earnings reveal on Wednesday.

Read more: Live coverage of corporate earnings

The major US gauges are also facing steep weekly losses across the board. The S&P 500 and Nasdaq Composite (^IXIC) are on track for declines of over 2% and 3%, having ended Thursday their lowest levels since September. The blue-chip Dow (^DJI) faces a drop above 3%, too.

Also sparking investor whiplash Thursday was the long-delayed release of September's jobs report. The release initially portended optimism, with hiring far surpassing meager expectations. But the unemployment rate rose to its highest rate in nearly four years. And ultimately, the report didn't do much to change the narrative of a deeply divided Federal Reserve, and most bets were on a rate hold at its meeting next month.

On Friday, investors will get a final read of November consumer confidence from the University of Michigan, after the preliminary reading found the measure near a three-year low. Several Fed officials are also set to speak, perhaps offering further clarity on the central bank's rate path in December — and beyond.

Gap (GAP) stock rose 4% before the bell on Friday after the apparel company topped earnings expectations and delivered an upbeat outlook.

The retailer reported earnings per share of $0.62, which surpassed estimates, and $3.9 billion in revenue as same-store sales grew 5% year over year. Wall Street was expecting $3.9 billion in revenue and $0.59 per share in earnings, according to S&P Global Market Intelligence.

Gap's three core brands — the namesake Gap brand, Old Navy, and Banana Republic — showed strength during the quarter, while athleisure brand Athleta was the clear laggard. Same-store sales at Gap rose 7% year over year, sales at Old Navy rose 6%, and sales at Banana Republic rose 4%. Athleta's same-store sales, meanwhile, dropped 11%, as Gap said it's applying a \\"reinvigoration playbook\\" to the brand.

Gap also raised the lower end of its full-year revenue forecast. It now sees 1.7% to 2% top-line growth, up from its previous guidance of 1% to 2%.

\\"The strength of our third quarter and quarter-to-date performance positions us well for the holiday selling season and gives us the confidence to increase our full year net sales outlook to the high end of our prior guidance range and raise our full year operating margin outlook,\\" CEO Richard Dickson said in a statement.

Reuters reports:

Tech stocks remain on track for a record $75 billion ​inflow this year, BofA's weekly ‌flow show note said on Friday, highlighting demand for the ‌sector even as it comes under pressure from concerns about lofty valuations.

Tech stocks have been on a surge for much of this year, and the Nasdaq (^IXIC) ⁠has risen around 14%‌ and hit an all time high in late October. But they have since ‍stumbled and the tech-heavy index dropped 2% on Thursday.

Nonetheless, tech stocks also saw a $4.4 ​billion inflow in the week to Wednesday, ‌BofA said in their weekly round up of flows in and out of world markets.

Elsewhere, it said crypto funds saw a weekly outflow of $2.2 billion, the second largest outflow on ⁠record.

Bitcoin (BTC-USD) was trading 9% lower at around $84,000 early Friday morning, on track for its worst monthly performance since a string of corporate collapses rocked the wider crypto sector in 2022.

Bloomberg reports:

Bitcoin has now shed about 23% of its value in November, the most in a single month since June 2022, according to data compiled by Bloomberg. The implosion of Do Kwon’s TerraUSD stablecoin project in May of that year sparked a daisy chain of corporate failures that culminated in the downfall of Sam Bankman-Fried’s FTX exchange.

Despite a pro-crypto White House under US President Donald Trump and surging institutional adoption, Bitcoin has plummeted over 30% from its record high set in early October.

The rout follows a crippling bout of liquidations on Oct. 10 that wiped out $19 billion in leveraged token bets, and in turn erased roughly $1.5 trillion from the combined market value of all cryptocurrencies.

The selling pressure has only intensified in the past 24 hours, with a further $2 billion in leveraged positions liquidated, according to data from CoinGlass. ...

“Sentiment across the board is incredibly poor. There appears to be a forced seller in the market and it is unclear how deep this goes,” said Pratik Kala, portfolio manager at Australia-based hedge fund Apollo Crypto.

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