U.S. stock markets were struggling to find their footing on Friday, one day after a sharp sell-off in artificial intelligence-related shares swept through Wall Street. Stock futures pointed lower in early Friday trading as oil prices climbed above $114 a barrel, keeping pressure on the recovery attempt, although some of the hardest-hit technology names managed to stage a modest rebound.

Dow Jones Industrial Average futures fell 0.5%, S&P 500 futures dropped 0.2%, and Nasdaq 100 futures were little changed. Worries over the AI trade continued to linger after the steep sell-off in technology stocks on Thursday sparked a rotation into bonds. Concerns over rising financing costs and a possible slowdown in capital spending weighed further on AI-exposed shares, a group that has been among the market's most prominent trades in recent years. Neocloud companies such as CoreWeave — specialist cloud providers that rent out computing power largely for AI workloads — had already been battered in recent trading, while Nvidia and AMD also retreated alongside other infrastructure names.

This week's earnings headliners — SpaceX, Tesla and Meta — all declined as well.

Moderna, Telecoms and Deckers Make Big Moves

Moderna fell 4% before the open on Friday, extending the 17.6% slump it suffered on Thursday after a data leak involving the experimental cancer vaccine candidate it is developing in partnership with Merck.

AT&T, Verizon and T-Mobile each fell more than 3% after reports said SpaceX is in talks to secure 80,000 cell towers as it looks to challenge the established wireless carriers. Cell tower owners moved in the opposite direction: Crown Castle jumped 8% and American Tower rose 4%. Shares of SpaceX, Elon Musk's aerospace company, rose 2.4%.

Deckers Outdoor was the worst performer in S&P 500, falling 8%. The company behind the Ugg brand cut its revenue outlook when it reported earnings late on Thursday.

Tech Names Stage a Partial Rebound

A handful of technology stocks recovered some ground, although the gains were not nearly enough to erase Thursday's losses. Whether that fragile recovery holds — and whether the rotation into bonds that accompanied Thursday's sell-off continues — is likely to shape sentiment in the sessions ahead. CoreWeave rose less than 2% after slumping 10% in the previous session. Micron also gained less than 2% after a 6% fall, while Sandisk climbed 2.9% after an 8.5% decline.

Meta Platforms pointed lower once again after sliding 7% following its earnings report on Thursday.

SK Hynix outperformed, climbing around 5%, after the South Korean chipmaker decided to scrap the planned U.S. initial public offering of its Solidigm memory-chip unit.

Oil Holds Near Five-Month High

Oil prices held near a five-month high amid ongoing fears of rising tensions in the Middle East. Brent crude touched $113 per barrel, while West Texas Intermediate climbed to near $100.