Nasdaq Futures Edge Lower as AI Spending, Hot PPI Revive Fed Rate-Hike Concerns

3-line summary

• US stock futures fell as caution over tech valuations and AI-infrastructure financing costs combined with a hotter-than-expected September Producer Price Index (PPI), reported the biggest PPI jump in four and a half years and seen as a sign inflation pressure is spreading beyond energy. As of 8:50pm ET, Nasdaq 100 futures were down 0.4% to 30,019.75, S&P 500 futures down 0.1% to 7,786.75, and Dow futures up 0.1% to 52,481.0; in the prior regular session the Dow rose 1.1%, the S&P 500 0.3%, and the Nasdaq Composite 0.1%, with money rotating into defensive sectors like healthcare and staples. The Philadelphia Semiconductor Index (SOX) fell 0.9% for a seventh straight losing session, and the 10-year Treasury yield slid to about 5.09%. CME FedWatch showed a 67% probability of a Fed rate hike by December.
• Individual movers cited: Nvidia down 1.8%; server makers Dell Technologies down 6.9% and HPE down 7.1%; CoreWeave under pressure on concerns over heavy borrowing and capital spending; Oracle and other AI-infrastructure firms pressured as investors reassess spending sustainability. TSMC reported a record quarterly profit but struck a cautious tone on 2027 guidance, citing macroeconomic uncertainty. Separately, Anthropic reportedly told prospective investors Q3 revenue rose 45% from $11.6 billion to $16.8 billion.
• Note: the article's text cited a 0.4% Nasdaq 100 futures decline and pressure on CoreWeave and Oracle, while the page's live quote ticker shown alongside the article displayed different, more positive readings for the same tickers — likely reflecting different snapshot times; this item relays the article's own stated figures.

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