Stock Futures Trade Mixed Amid AI Valuation Concerns Following Broadcom Earnings: AVGO, ORCL, TLRY, PLCE Among Stocks To Watch

While the Dow Jones futures were up on Friday morning, S&P and Nasdaq 100 futures were down.

• Dow Jones futures climbed 0.22% at the time of writing.
• S&P 500 futures dipped 0.16% lower, while Nasdaq 100 futures were also down 0.50%
• Asian markets closed higher on Friday, tracking U.S. markets’ close. 

U.S. stock futures were mixed in Friday’s premarket trade, after Thursday’s record-high close, as concerns surrounding AI valuations continued to remain in the spotlight. 

While Dow futures extended the previous day’s rally, the S&P 500 futures and tech-heavy Nasdaq 100 futures declined in early trade. Broadcom (AVGO) CEO’s remarks on its AI product backlog continued stoking investor worry about inflated tech valuations, dragging down related stocks for a third day. 

Market Snapshot

Dow Jones futures were up 0.22% at the time of writing, while the S&P 500 futures dipped 0.16% lower. The Nasdaq 100’s futures also declined 0.50% and futures on the Russell 2000 index climbed 0.13%.

Meanwhile, the  (SPY) was down 0.15% at the time of writing,  (QQQ) lost 0.51%, and  (DIA) edged higher by 0.25%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.

Asian markets ended Friday’s trading session higher, tracking U.S. markets’ close. The Hang Seng index led with 1.75% gains, followed by KOSPI, which rose 1.38%. The TWSE Capitalization Weighted Stock index climbed 0.62% while the Shanghai Composite ended the day 0.41% higher. 

The Nikkei 225 index was up 1.37% at close.

Stocks To Watch

Broadcom (AVGO): Broadcom shares declined about 5% in Friday’s pre-market following the company’s earnings call. Comments from CEO Hock Tan stoked concerns about AI valuations after he revealed a $73 billion backlog of AI product orders slated for delivery over the next six quarters, a figure that didn’t impress the Street. 

Oracle (ORCL), Nvidia (NVDA), Micron (MU): Concerns from AVGO spurred further declines in related artificial intelligence stocks, extending losses for a third session. ORCL was down over 1% pre-market, while NVDA and MU declined about 0.9%.

Lululemon Athletica (LULU): Lululemon is set to be on investors’ radar this morning after better-than-expected earnings and the announcement about CEO Calvin McDonald’s departure. Shares of LULU were up about 9%. 

Tilray Brands (TLRY): Tilray is in focus as investors track a new Senate bill that proposes the legalization of home cannabis cultivation in Florida. TLRY shares were up over 28% at the time of writing. 

Children's Place Inc. (PLCE) and Rent the Runway Inc. (RENT) are among the companies scheduled to report their latest quarterly earnings on Friday.

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