US stock futures fell early Friday as Amazon’s (AMZN) post-earnings slide weighed heavily on tech sentiment and investors braced for further wreckage after a bruising session on Wall Street.

S&P 500 futures (ES=F) dropped 0.2%, while Nasdaq 100 futures (NQ=F) slid roughly 0.5%. Contracts tied to the Dow Jones Industrial Average (YM=F) nudged down 0.1%.

Stocks are set to add to the recent sharp sell-off, led once again by technology stocks. The S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) have now slipped into negative territory for 2026.

Reaction to Amazon's (AMZN) earnings added to the gloom. Shares plunged over 10% after the major cloud provider's operating income forecast fell short, even as it outlined a massive jump in spending for 2026, to at least $200 billion. The stock was punished as Wall Street weighs AI spend against growth outlooks, and concerns about the impact of AI on legacy tech emerge.

Elsewhere in earnings, Strategy (MSTR) revealed a loss for the quarter that was precipitated by bitcoin's sell-off, sending shares lower. Bitcoin (BTC-USD) continued sliding, touching levels not seen since 2024. Earnings also drove Reddit (RDDT) upward after reporting a quarterly earnings beat, issuing upbeat guidance, and announcing a stock buyback program. Roblox (RBLX) shares also surged.

Looking ahead, investors will focus on earnings from Toyota (TM) and Philip Morris (PM), due before Friday’s opening bell.

The risk-off tone extended beyond stocks. Silver (SI=F) resumed its decline after a recent surge fueled by retail investor interest.

Meanwhile, the closely watched nonfarm payrolls report, originally scheduled for Friday, has been pushed to Wednesday next week following the resolution of the federal government shutdown. But other data this week has shown fresh signs of trouble for the labor market, as job openings sank to their lowest level since 2020 and layoff announcements surged.

Bloomberg reports:

Silver (SI=F) lurched between losses and gains, dropping nearly 10% before snapping back, as a lack of liquidity led to wild swings in a market struggling to find a floor.

Spot silver rose as much as 3.5%, after tumbling toward $64 an ounce in early trading. That followed a 20% decline in the previous session that wiped out all of the metal’s gains from a spectacular rally last month. Gold also reversed course to advance on Friday.

Silver has always been subject to more violent price swings than gold, due to its smaller market size and relative lack of liquidity. But recent moves, the most volatile since 1980, have stood out for their scale and speed, amplified by speculative momentum and thinner over-the-counter trading. The white metal has lost about 40% since hitting an all-time peak on Jan. 29.

Read more here.

Bloomberg reports:

Retail investors who piled into the Trump administration’s promised crypto paradise via Wall Street-approved funds are now learning an expensive lesson in market gravity.

Bitcoin (BTC-USD) and a slew of newly minted altcoin exchange-traded funds have crashed, erasing all gains made since just before Donald Trump retook the White House and wiping out the speculative premium that had defined the era’s digital-asset boom.

Despite the president’s pledge to make America the world’s crypto capital, Bitcoin has plunged 50% from its peak to trade around $63,000. Cryptocurrencies beyond Bitcoin have fared even worse, with a gauge tracking 50 smaller tokens tumbling 67% from a recent peak in October. Overall, the market has shed at least $700 billion in value over the past week.

The carnage marks a swift reversal for an asset class Trump vowed to elevate into a national infrastructure priority. Regulators, spurred by the White House’s pro-digital-asset mandate, cleared the path for a flood of exchange-traded products. Money managers moved quickly to capitalize, rolling out funds tied not only to blue-chip tokens but also to riskier ones, packaging them into easily tradable ETFs that spanned speculative strategies, thematic bets and income-focused wrappers.

Read more here.