S&P 500 futures edge up, but the index is on track for a losing week

S&P 500 futures were up 0.2% Friday, but the index is poised to end the week lower as tech and AI-linked shares sold off.

Dow Jones Industrial Average futures gained 61 points, or 0.1%, while Nasdaq $NDAQ-100 futures hovered near the flat line. For the week, the S&P 500 has slipped 0.9%, with the Nasdaq giving up 2.4%.

Chip stocks extended their slide. The VanEck Semiconductor ETF fell 0.7%, with Micron $MU, AMD $AMD and Sandisk among the biggest drags. The fund has dropped 7.4% so far this week, ahead of the opening bell. Semiconductors have been under pressure this week because investors fear Chinese competition, according to CNBC. Tesla $TSLA stock rose 3%.

Jeff Richards, managing partner at Notable Capital, said investor concern about AI stems partly from where the activity is taking place. "One of the real challenges we've had in AI and technology overall for the last six to 12 months is that so much of what's happening is happening in private markets," he told CNBC's "Closing Bell."

Richards said the concerns could subside if AI-linked firms including Anthropic and OpenAI were to list their shares publicly. He said the market would benefit from additional analyst coverage and fuller disclosure of key metrics during 2027. "I think a lot of those fears will ease," he said, according to CNBC.

Inflation data has weighed on investors, according to CNBC. Wholesale inflation jumped this week by more than at any point since 2022, and consumer inflation is still running above the Federal Reserve's 2% target. Energy prices remain elevated in the wake of the U.S.-Iran war.

Federal Reserve Chairman Kevin Warsh gave remarks in Bangkok at an International Monetary Fund gathering before Friday's U.S. session began. He gave no indication on whether the central bank would lift interest rates prior to the end of the year. Traders interpreted that as a signal that policymakers will stand pat when they meet later this month, and CME $CME Group's FedWatch tool puts the probability of an unchanged overnight rate at the Oct. 27-28 meeting at 85%, according to CNBC.