Futures for the Dow Jones Industrial Average and the other major stock indexes traded sharply lower in premarket action as the heavy selling continued on Wall Street Friday. Among the early losers on the stock market today were Nvidia NVDA and Tesla TSLA, both of which also threatened to extend Thursday's deep losses.

What goes up must come down. The Dow Jones Industrial Average achieved a record close on Wednesday, finishing the day above the 48,000 level for the first time in its history. But since then, momentum has shifted.

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Throughout recent earnings reports, "Magnificent Seven" stocks Amazon, Alphabet ( GOOG ), Microsoft ( MSFT ), and Meta ( META) have signaled that they expect nearly $405 billion in capital expenditures this year — much of which will go toward AI — according to Barron's.

Major U.S. stock benchmarks were mixed in late afternoon trading Friday, with the S&P 500 barely in positive territory.