S&P 500 Futures were steady at 7,449.0 points, Nasdaq 100 Futures dropped 0.1% to 28,592.50 points, while Dow Jones Futures added 0.1% to 51,950.0 points

U.S. stock index futures steadied on Thursday evening after concerns over high artificial intelligence spending sparked deep, technology-fuelled losses on stock market.

Caution over high oil prices and continued military action in the Middle East also kept stock market under pressure, especially as Houthi attacks on Saudi ships opened a new front in the war.

S&P 500 Futures were steady at 7,449.0 points by 02:22 GMT. Nasdaq 100 Futures dropped 0.1% to 28,592.50 points, while Dow Jones Futures added 0.1% to 51,950.0 points.

Stock indexes dropped sharply on Thursday, with the NASDAQ Composite slipping over 2% on losses in Alphabet and Tesla. The S&P 500 and Dow Jones Industrial Average declined 1.2% and 1%, respectively.

Both companies flagged high spending levels as they built out their artificial intelligence ambitions, sparking heightened concerns over outsized spending and uncertain returns from the technology.

Tesla Inc slipped around 15%, while Alphabet Inc shed 7.1%. Both stocks steadied in aftermarket trade.

Adding to pressure on stock market, oil prices surged this week as the Iran-U.S. war entered a new potential front in the Red Sea. Yemen’s Houthi group attacked two Saudi Arabian tankers and declared a naval blockade against the country.

Surging oil prices fuelled concerns over energy-driven inflation, which could in turn elicit a more hawkish outlook from the country’s central bank. The bank is set to meet next week and is widely expected to leave rates unchanged.

Also on tap next week are a host of major tech earnings, with Microsoft Corporation and Meta Platforms Inc set to report on Wednesday, while Apple and Amazon are due to report on Thursday.