US stock futures traded mixed on Friday, with the Nasdaq sliding but the Dow poised to bid for another record after a rotation from tech to value names propelled the index to a new all-time high.

Dow Jones Industrial Average futures (YM=F) edged up roughly 0.2%, coming off an almost 650-point gain for the blue-chip gauge. But S&P 500 futures (ES=F) dropped 0.2% after closing above 6,900 for the first time on Thursday. Meanwhile, contracts on the tech-heavy Nasdaq 100 (NQ=F) fell roughly 0.7%.

Investors are switching out of tech as fears about AI over-valuations get a reboot, as Broadcom (AVGO) followed Oracle (ORCL) in delivering earnings that left Wall Street wanting more. The chipmaker failed to deliver the clarity on an AI payoff, stirring concerns about tighter profit margins instead. Its shares dropped around 6% in premarket, despite its quarterly earnings beat.

At the same time, cycling stocks — those more sensitive to the economy — got a bid following the Federal Reserve's third interest-rate cut of the year. The expected easing comes amid rising optimism for US growth.

On the corporate front, Lululemon (LULU) shares surged almost 10% after the athletic wear maker said CEO Calvin McDonald will exit at the end of January following a stretch of disappointing sales.

Wall Street is looking to end Friday on a high note, with all three indexes eyeing weekly wins as investors weigh that rate cut and the Fed's likely policy moves in 2026. Elsewhere in markets, the 10-year Treasury yield (^TNX) ticked higher to top 4.17%, and gold (GC=F) rose toward the record high it hit in October.