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Hello, this is Leonie Kidd with today's edition of Morning Squawk.
Blue, then green, then red. It's been a colorful week for investors navigating the biggest swings in stocks since the tariff shock of April 2025.
Friday looks set to see a small recovery in certain parts of the market. But Thursday's declines represent a number of market milestones with the potential to impact sentiment long-term.
The Nasdaq is in correction territory, after a massive AI-driven rout sent the index 5.5% lower. Futures point to a smaller comeback for tech stocks today, while it's a mixed picture for the Dow and S&P .
In early trading, chip stocks and neocloud shares are sharply higher.
But Thursday's moves marked the steepest one-day declines since the April 2025 tariff shock.
It was a deeply negative session in Asia, with a 6% decline for Japan's Nikkei driving the index into bear market territory. South Korea's Kospi also attracted selling pressure, with AI heavyweights Samsung and SK Hynix suffering double-digit declines.
In Europe, the broader markets opened deep in the red, but chip stocks are avoiding some of the worst losses in early trading.
The chip stocks are rebounding from Thursday's sharp declines .
Nvidia is one of the stocks moving higher, after falling over 9% in the session to turn negative year-to-date.
The neocloud stocks are also big early gainers.
During Thursday's rout, CoreWeave fell over 9%, while Nebius closed down almost 15%.
Today's big economic data point is October nonfarm payrolls , due at 8:30 a.m. ET. Economists are expecting growth of 59,000 jobs, after the shock 29,000 increase in September. The unemployment rate is forecast to hold at 4.2%.
CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.
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Biotech giant Moderna will report earnings before the bell today, with analysts expecting a widening net loss for the third quarter.
Jim Cramer explains why no AI stock seems safe from the market carnage
CNBC's Jim Cramer said Thursday that uncertainty over the future of the data center build-out has made artificial intelligence stocks increasingly difficult to value, leading to the steep selling over the past two sessions.
"We don't know what to pay for any of the stocks connected to the data center [trade] and that's why this moment is so fraught," the " Mad Money " host said.
— CNBC's Jason Gewirtz, Jeff Cox, Kiff Leswing, Caleigh Keating, Sean Conlon and Jenny Lee contributed to this report.
