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U.S. equity futures pointed to a mixed start on Friday, the final session of the trading week. Broadcom (NASDAQ:AVGO) shares slipped in after-hours trading after the chipmaker’s update reignited concerns about the rising cost of artificial intelligence investments. Costco (NASDAQ:COST) delivered quarterly results that exceeded expectations, highlighting resilient demand for value-priced goods as consumers remain cautious ahead of the holiday season. Meanwhile, Lululemon Athletica (NASDAQ:LULU) said its chief executive will step down, as reports suggest the company’s founder is weighing a potential proxy contest. Oil prices moved higher, supported by supply risks linked to the possible interception of additional Venezuelan crude shipments by the U.S.
U.S. stock futures hovered close to flat early Friday, signalling a subdued close to a week dominated by central bank rate decisions and closely watched earnings tied to the artificial intelligence sector.
As of 02:00 ET, Dow futures were up 105 points, or 0.2%, S&P 500 futures were largely unchanged, and Nasdaq 100 futures slipped 36 points, or 0.1%.
On Thursday, both the S&P 500 and the Dow Jones Industrial Average closed at new record highs, helped by a Federal Reserve policy decision that investors viewed as more measured and less hawkish than feared. Analysts at Vital Knowledge said Fed Chair Jerome Powell had effectively given a “green light” for a year-end equity market rally.
However, optimism was tempered by a weak outlook from cloud software company Oracle, which added to growing unease over whether heavy spending on artificial intelligence will ultimately translate into sustainable profits. Oracle’s shares fell more than 10%, while its bonds were sold off and demand rose for credit default swaps, reflecting concerns over the company’s debt-fuelled AI strategy.
The cautious tone weighed on the Nasdaq Composite, which fell 60.30 points, or 0.25%.
Broadcom shares declined in extended trading after the semiconductor group cautioned that margins will come under pressure due to the dilutive impact of AI-related revenue.
As it seeks to challenge Nvidia’s dominance in AI processors, Broadcom has significantly expanded its presence in the sector. CEO Hock Tan told analysts following the earnings release that the company’s order backlog has reached $73 billion, with deliveries expected over the next 18 months.
But, echoing a familiar theme across the technology sector, the move into AI requires substantial capital investment. CFO Kirsten Spears said the company expects its first-quarter consolidated gross margin to decline by roughly 100 basis points sequentially.
Industry-wide, major U.S. cloud providers are projected to spend more than $400 billion on AI this year, largely to build advanced data centres needed to run models such as OpenAI’s ChatGPT and Google’s Gemini.
At the same time, limited evidence that this spending is boosting productivity or earnings — combined with elevated valuations and a cycle of dealmaking — has fuelled concerns that the AI sector may be approaching bubble-like conditions.
Broadcom’s fiscal fourth-quarter results, which exceeded forecasts, marked one of the final major AI-related earnings events of 2025. Investors are now turning their attention to upcoming results from Apple supplier Jabil and chipmaker Micron later this month.
Elsewhere, Costco shares edged slightly lower after hours, despite the wholesale retailer posting first-quarter revenue and profit that surpassed analyst estimates.
Comparable sales excluding fuel rose 6.4% in the quarter ended November 23, beating expectations for a 5.82% increase, according to LSEG data cited by Reuters.
Performance was also supported by Costco’s same-day delivery partnerships with Instacart in the U.S. and UberEats and DoorDash internationally.
The results mirror strong performances from peers such as Walmart, Dollar Tree and Dollar General, underscoring how consumers — particularly in the U.S. — are increasingly seeking discounts amid economic uncertainty, a cooling labour market and persistently high inflation.
Lululemon Athletica shares surged more than 10% in after-hours trading after the company said CEO Calvin McDonald will step down and raised its full-year profit outlook.
McDonald is scheduled to depart in January after seven years leading the company, without an immediate successor named. He will remain in a senior advisory role through March but will relinquish his board seat.
The Wall Street Journal reported that McDonald’s departure follows behind-the-scenes efforts by founder Chip Wilson to explore a proxy fight, including discussions with potential investors and advisers. According to the report, Wilson has expressed dissatisfaction with Lululemon’s marketing strategy, though it remains unclear whether the CEO transition will affect his plans.
Crude prices moved higher on Friday, supported by fears of tighter supply after reports that the U.S. could intercept more Venezuelan oil shipments.
Brent futures rose 0.5% to $61.56 a barrel, while U.S. West Texas Intermediate crude climbed 0.5% to $57.90 a barrel.
Despite the gains, both benchmarks were on track for weekly losses after sliding around 1.5% on Thursday, as speculation grew that a potential peace agreement between Russia and Ukraine could increase Russian oil exports to global markets.
Lululemon Athletica stock price
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