Stocks are struggling for direction, with a brief dip-buying rally fading at the end of a volatile week that brought this year's artificial intelligence-led rally to a halt.

Asian stocks fell amid concern over AI valuations, with the MSCI Asia Pacific Index set for its worst week since early August. US and European equity futures fared better, with both contracts in the green. The Bloomberg Dollar Spot Index edged higher.

Hong Kong shares slid while mainland indexes were largely steady. China's exports unexpectedly contracted in October during a period of renewed tensions with the US. Exports fell for the first time in eight months, dropping 1.1% from a year earlier.

Due to the US government shutdown, airlines across the country have started canceling flights scheduled for the coming days, with about 700 Friday flights already canceled by the four largest carriers.

Treasuries rallied after private data measures pointed to a stumbling US job market, spurring traders to boost wagers that the Federal Reserve will cut interest rates next month. The risk-off mood pushed high-valuation tech stocks and crypto to big losses.