Nasdaq leads market declines as AI concerns weigh on tech stocks

Market Overview - US stocks are expected to open moderately higher, with S&P 500 and Nasdaq futures up 0.3% and Dow Jones futures lagging at 0.2% [2] - The previous session saw the S&P 500 essentially flat at 6,941, Dow down 0.1% to 50,121, Nasdaq Composite slipping 0.2% to 23,066, and Russell 2000 falling 0.4% to 2,669 [2] Employment Data - The non-farm payrolls report showed a strong addition of 130,000 jobs, exceeding forecasts, but was offset by a write-down of 862,000 jobs for 2025 [3] - The unemployment rate decreased to 4.3% from 4.4%, while wages increased by 0.4% month-over-month and 3.7% year-on-year, outpacing inflation [3] Federal Reserve Commentary - A series of Federal Reserve speakers indicated a cautious approach to rate cuts, suggesting that prior cuts should be allowed to take effect before further reductions [4] - Market analysts noted that the stability of the labor market and the Fed's comfort with holding rates steady diminishes the urgency for immediate rate cuts [5] - The challenge for the Federal Reserve is to build consensus within the committee regarding future rate decisions, as current sentiments do not appear unified [5]