U.S. stock futures pulled back on Friday as the stock market closed out a tough week that saw the Dow Jones Industrial average plunge 1,100 points in a single day and complete its worst losing streak since the 1970s.

Futures tied to the Dow lost 143 points, or about 0.3%. S&P 500 futures shed around 0.5%. Nasdaq 100 futures dropped 0.9%.

Weighing on sentiment Friday was the failure Thursday night of a Trump-endorsed House Republican measure to fund the government for three months and avert a government shutdown. Without a deal, a partial shutdown is slated to start Friday night.

"We expect the market will continue to sell off into the weekend, but we will be watching the last 15 minutes of trading today to see how we finish," said Chris Zaccarelli, chief investment officer at Northlight Asset Management. "If the selling builds throughout the day and there is momentum (to the downside) heading into the weekend then that would be a bad sign for next week, however, if we see some dip-buying later today and the market finishes significantly higher than the lows of the day would suggest, then that would make us more optimistic for next week."

During Thursday's trading session, the Dow eked out a 15-point gain and ended a 10-day losing streak — its longest since 1974. The small gain came a day after the Dow plunged 1,100 points on Wednesday. The Federal Reserve indicating this week that the central bank would cut interest rates fewer times next year than traders' want was the catalyst for the market's plunge on Wednesday.

The Fed said it wants to tread a bit more cautiously with its rate-cutting campaign with inflation remaining stubborn. But investors got a bit of good news on the inflation front Friday that helped ease some of the selling. November's reading of the personal consumption expenditures price index – the Federal Reserve's preferred inflation metric - increased 2.4% year-over-year. That was a tad less than economists expected.

The Dow is down 3.4% on the week, headed for its worst weekly performance since March 2023. The S&P 500 and Nasdaq are each off around 3% on the week.

– CNBC's Sarah Min and Christina Wilkie contributed to this report.

Stocks making moves before the bell

Here are the stocks making big moves in the premarket:

• Novo Nordisk – Shares plunged more than 19% after the Danish pharmaceutical giant reported disappointing late-stage trial results for its experimental weight loss drug, CagriSema. Rival obesity drug maker Eli Lilly rose more than 6% following the results.
• FedEx – Shares jumped 8.5% after FedEx announced a spinoff of its freight business. Elsewhere, the company said earnings per share for the fiscal second quarter came in at $4.05, excluding items, while analysts polled by LSEG anticipated just $3.90. On the other hand, the company saw $21.97 billion in revenue for the quarter, under the consensus forecast of $22.10 billion.
• Nike – The athletic apparel retailer's stock sank more than 7%. Nike topped Wall Street's already low expectations but showed a decline in revenue and earnings year over year. The company's CEO also said that Nike's turnaround plan could take longer than anticipated.

Read here for the full list.

— Sean Conlon

Bitcoin sinks 9% to fall below $93,000

Bitcoin declined more than 9% on Friday, slumping below the $93,000 level.

Earlier in the week, the digital asset touched a fresh all-time high of $108,000 and hovered around the $102,000 on Thursday. The declines came after the Federal Reserve spooked financial markets when it indicated that fewer rate cuts could come next year.

Companies toed to cryptocurrencies fell Friday, with MicroStrategy and Coinbase last down more than 5% each. Robinhood shed 6%.

— Samantha Subin

Wall Street's fear gauge perks up again Friday

Wall Street's fear gauge — the VIX — perked up again Friday, following its second-biggest spike in history{=null} earlier this week after the Federal Reserve said it would pare back its rate-cutting campaign.

The CBOE Volatility Index topped the 26 handle in the early morning, rising 9% from the previous session. It was last at 26.16

On Wednesday, the measure soared 74% to close at 27.62, up from around 15 earlier that same day. That increase was the second-greatest in history, following a 115% rise to above the 37 level back in February 2018 when there was a blow-up in funds tracking the volatility index.

— Sarah Min

Stock futures slip after House GOP funding plan fails

U.S. stock futures inched lower after a House Republican spending deal to avert a government shutdown failed Thursday night.

Thirty-eight Republicans voted against the bill, which was endorsed by President-elect Donald Trump. All Democrats — with the exception of two who supported the measure and one who voted present — were against it as well.

— Sean Conlon, Christina Wilkie

Short sellers targeting automakers as analysts issue more sell ratings, S3 Partners says

Short sellers are putting more automakers in their cross hairs in the wake of a stepped-up number of sell ratings from Wall Street analysts, according to S3 Partners, which specializes in monitoring short selling activity.

"Major global auto stocks have experienced significant declines in 2024, with many facing growing short positions and increased analyst sell recommendations," S3 researchers said. "Notable patterns emerge across regions, with larger companies like Toyota, Volvo, and Porsche showing a rise in short interest and sell ratings, while smaller firms exhibit persistent short positions with minimal shifts in analyst sentiment."

U.S. automakers or stocks traded here with large short positions include Lucid Group ($8 billion market cap), Rivian Automotive ($15 billion) and Winnebago Industries ($1.5 billion), alongside American depositary receipts of NIO ($9 billion).

"For the major stocks in each region, the short position has grown as the stock has fallen," S3 said. "For the smaller stocks, many had large short positions to begin with."

— Scott Schnipper

Investors should ‘look through’ a government shutdown, Wells Fargo Investment Institute says

Lawmakers in Washington are scrambling to head off a last-minute government shutdown, but investors should make sure to stay in their seats, according to Wells Fargo Investment Institute.

President-elect Donald Trump backed a plan that House Republicans pulled together. The measure could go to a vote as early as Thursday evening, and if it's approved it could avert a shutdown that would start on Friday night.

"We doubt there will be a new agreement in time to avert a partial shutdown after December 20, but expect a new spending bill around the end of the year," said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.

He said that his team thinks there is "likely to be little economic or financial-market impact" in the event of a shutdown and that discretionary spending – not Social Security or Medicare payments – will feel the effect. He recommended maintaining current portfolio positions.

"We continue to foresee a strong economy heading into 2025 – we maintain our outlook for earnings growth and an S&P 500 Index target range of 6500-6700," Christopher wrote. "We are making no changes in guidance and prefer to look through any shutdown."

—Darla Mercado

FedEx, Nike among the stocks making moves after hours

Check out the stocks making big moves in extended trading:

• FedEx – Shares rose 8% following the delivery giant's better-than-expected earnings. For its fiscal second quarter, FedEx reported adjusted earnings of $4.05 per share, above the $3.90 per share that analysts surveyed by LSEG were expecting. Revenue, however, came in weaker-than-expected. The company also announced that it's planning on spinning off its freight business.
• Nike – The retailer's stock popped around 6% after its fiscal second quarter results topped Wall Street estimates. Nike earned 78 cents per share on $12.35 billion in revenue. Analysts were expecting 63 cents per share on revenue of $12.13 billion, according to LSEG.
• Mission Produce – Shares gained 9% on the heels of the company's fiscal fourth quarter results beating analysts' expectations. Mission Produce posted adjusted earnings of 28 cents per share on revenue of $354.4 million. That's an improvement from the 11 cents per share in adjusted earnings the company posted in the year-ago period. Revenue also rose 37% from a year earlier.

Read the full list here.

— Sean Conlon

Stock futures open higher

U.S. stock futures inched higher Thursday night.

Futures tied to the Dow Jones Industrial Average gained 36 points, or 0.08%, while S&P 500 futures and Nasdaq 100 futures rose 0.1% and 0.2%, respectively.

— Sean Conlon