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

Contracts on the tech-heavy Nasdaq 100 (NQ=F) were down 0.6%, deepening small losses, while those on the S&P 500 (ES=F) entered the red to trade 0.3% lower. Dow Jones Industrial Average futures (YM=F) lost hold of earlier slight gains to trade around the flatline. Stocks closed sharply lower on Thursday in a remarkable turnabout.

While stocks are under slight pressure after Thursday's losses, cryptocurrencies are feeling greater heat — signs that the risk-off mood still haunts markets as AI trade worries persist and rate-cut hopes dissipate. Geopolitics are starting to weigh, too, amid reports Ukraine and European allies have rejected key parts of the US-Russian plan to end the war.

Bitcoin (BTC-USD) sank 10% on Friday to trade at around $82,000, 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.

BJ's (BJ) stock rose 4% before the bell on Friday after reporting third quarter fiscal 2025 earnings that beat analysts' expectations. The wholesale club operator raised its full-year profit outlook on the strength of its membership income and posted adjusted earnings per share of $1.16, beating the analyst consensus of $1.10.

Investing.com reports:

Revenue reached $5.35 billion, in line with analyst estimates and up 4.9% compared to the same quarter last year. Comparable club sales increased 1.1% YoY, while comparable sales excluding gasoline rose 1.8% with a two-year stack of 5.5%.

Membership fee income, a key driver of profitability, surged 9.8% YoY to $126.3 million, reflecting strong membership acquisition and retention rates. Digitally enabled sales showed robust growth of 30%, representing a two-year stacked growth of 61%.

\\"Our business continues to perform well in a volatile environment and we are maintaining an unwavering focus on what matters most: taking care of families who depend on us,\\" said Bob Eddy, Chairman and Chief Executive Officer. \\"We are confident that we can be the destination for value and convenience, and we are entering the holiday season with momentum.\\"

Read more here.

Intuit (INTU) stock rose 3% before the bell on Friday. The software company posted better-than-expected results, reporting $3.89 billion in revenue for the quarter, representing a year-over-year increase of 18.3%.

Ross Stores' (ROST) stock jumped 3% in premarket trading after raising its full-year earnings guidance as same-store sales jumped in the third quarter on Thursday.

Strategy (MSTR) stock fell 4% before the bell on Friday. Bitcoin (BTC-USD) continued to fall this week and dropped by 10% on Friday. It's also on track for its worst monthly performance since 2022. Strategy is one of the largest corporate holders of bitcoin.

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.

Read more here.