US stock futures turned higher early Friday, pointing cautiously to a rebound from a tech bruising as Wall Street reassessed worries about the impact of AI disruption and the risks of hefty Big Tech spending.

S&P 500 futures (ES=F) rose 0.5%, while Nasdaq 100 futures (NQ=F) added 0.7%, retracing earlier premarket losses. Contracts on the Dow Jones Industrial Average (YM=F) also switched course, moving up 0.4%.

The tentative risk-on tone extended beyond stocks, as bitcoin (BTC-USD) climbed back from touching a 16-month low on Friday, having stopped short of breaching the key $60,000 level. Wall Street is debating when the leading cryptocurrency will find a bottom, after wiping out all of its post-Trump gains.

Strategy (MSTR) revealed a loss for the quarter that was precipitated by that steep sell-off, which initially weighed on shares. But the stock was up almost 6% before the bell after its CEO reassured analysts about the debt-servicing risk on a post-earnings call.

Some tech gloom persisted, as Amazon's (AMZN) shares tumbled 8%. In its earnings, the major cloud provider outlined plans for a massive 2026 jump in spending to least $200 billion, even as its forecast for operating income fell short.

Elsewhere, Stellantis (STLA, STLAM.MI) warned it will take a charge of over €22 billion ($26 billion) in a plan to scale back its EV push. Shares in the Jeep maker tanked over 20% on Wall Street and in Milan, adding to a picture of EV malaise painted by this week's $60 billion wipeout for Chinese carmaker BYD (BYDDF, 1211.HK).

In commodities, silver (SI=F) whipsawed but broadly resumed its decline as Chinese selling continued ahead of a national holiday.

Looking ahead, the release of the closely watched January jobs report, originally scheduled for Friday, has been pushed to Wednesday next week. Fresh signs of trouble in the labor market emerged this week, as job openings sank to their lowest level since 2020 and layoff announcements surged.

Jeep maker Stellantis (STLA, STLAM.MI) warned on Friday that it will book a €22.2 billion ($26 billion) charge as it scales back its EV push.

Shares plummeted over 20% in premarket on Wall Street and in Milan, where trading was halted briefly. They plunged as much as 24% in Italy, the biggest drop on record for the Peugeot and Fiat automaker, to erase over €5 billion off its market cap.

Bloomberg reports:

The writedowns, which include some €6.5 billion in cash payments mainly to compensate suppliers, mirror moves by peers including Ford Motor Co. and General Motors Co. The maker of Jeep SUVs and Fiat cars is canceling several models and projects as it struggles with high costs and market share losses in Europe and the US.

The moves “largely reflect the cost of over-estimating the pace of the energy transition,” Chief Executive Officer Antonio Filosa said in a statement that appeared to pin blame on his predecessor Carlos Tavares. Filosa said the reset shows “the impact of previous poor operational execution, the effects of which are being progressively addressed by our new team.”

Filosa, who took over in June, is trying to overhaul the carmaker to regain market share while walking back EV ambitions and mitigating the rising cost of tariffs. Friday’s announcement is meant to help the company move beyond a tumultuous period under Tavares, who had presided over a profit and sales plunge in Europe and the US.

Reddit (RDDT) stock jumped 7% before the bell on Friday after posting better-than-expected fourth quarter results and issuing positive guidance, helped by AI tools to bring more marketers to the platform.

Investing.com reports:

Reddit also announced its first share repurchase programme of up to $1 billion. The company reported adjusted earnings of $1.24 a share, beating analysts’ estimates of $0.93. Revenue jumped 70% year over year to $726 million, above expectations of about $667 million, driven by robust advertiser demand and rising user engagement.

Reddit forecast first-quarter 2026 revenue of $595 million to $605 million, topping Wall Street estimates of roughly $577 million. It also projected adjusted EBITDA of $210 million to $220 million, ahead of consensus forecasts, pointing to improving profitability alongside strong top-line growth.

Reddit allows ads to be placed directly within subreddit discussion threads, enabling brands to reach highly engaged and niche communities.

Read more here.

Reuters reports:

Roblox (RBLX) forecast fiscal 2026 bookings above Wall Street expectations on Thursday, signaling another year of strong growth in ​player spending and engagement as the videogame platform aggressively looks to ‌capture 10% of the global gaming market.

Shares of the company jumped around 11% in premarket hours on Friday.

Amid strong ‌competition for user attention and dollars, Roblox has pursued several avenues, including advertising and e-commerce, to retain and grow its large user base. Its average daily active users grew 69% year-over-year to 144 million in the fourth quarter.

The company said margins ⁠will be flat to slightly ‌down this year due to investments in safety initiatives, upgrading server infrastructure to accommodate its growing platform and higher payouts to ‍spur the developer community.

Read more here.

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.