Stock futures decline as technology pressure continues; Tesla declines after investors approve CEO Musk’s pay package

US stock futures fell in pre-market trading on Friday, as slowing artificial intelligence sentiment weighed on technology stocks and put major indexes on track to post weekly losses.

Futures tied to the Nasdaq 100 were down nearly 0.6% in early trading Friday, while S&P 500 futures were down 0.4% and the Dow Jones Industrial Average was down 0.2%. Major indexes posted big losses yesterday, with the Nasdaq down nearly 2%, as chipmakers and other technology stocks came under pressure despite better-than-expected earnings reports from chip companies Qualcomm (QCOM) and ARM Holdings (ARM).

Normally, the Bureau of Labor Statistics would release its October jobs report today, but that data was delayed due to the government shutdown, now in its 38th day. Private data yesterday indicated that the labor market remains unstable, with one report indicating that private sector employers announced layoffs of more than 150,000 workers in October, the highest total for that month in more than two decades.

Investors are watching the jobs data closely as they try to predict the Federal Reserve’s next move on interest rates. With mounting evidence that the labor market is steadily weakening, Wall Street is increasingly confident that the Federal Reserve will cut interest rates for the third time this year next month.

Tesla (TSLA) stock fell 1% in early trading Friday after investors gave the green light to CEO Elon Musk’s proposed pay package that would be worth $1 trillion if the company and its shares hit ambitious performance goals. Big tech stocks fell across the board on Friday, with Nvidia (NVDA) down 1.5%, and Alphabet (GOOG), Amazon (AMZN) and Meta (META) shares down about 1%. Microsoft (MSFT) and Apple (AAPL) shares were slightly lower.

Constellation Energy Corp. shares fell. (CEG) rose 5% in pre-market trading after the nuclear power provider’s third-quarter earnings fell short of estimates. High-flying nuclear peers NuScale Power (SMR) and Vistra (VST) were also lower in early trading. Shares of Take-Two Interactive (TTWO) also fell after earnings, with its shares falling 6% after the video game company postponed the release of “Grand Theft Auto VI” again.

The yield on the 10-year Treasury note, which influences interest rates on consumer loans such as mortgages, was recently at 4.1%, up slightly from 4.09% at yesterday’s close. Gold futures rose 0.2% to about $4,000 an ounce, while West Texas Intermediate crude futures, the US crude oil benchmark, rose 0.8% to $59.90 a barrel.

Bitcoin recently traded at around $100,200, below an overnight high of more than $102,000. The price of the leading cryptocurrency fell below $100,000 for the first time since June earlier this week. The US dollar index, which measures the value of the US currency against a basket of foreign currencies, fell 0.1% to 99.6.