In the world of U.S. stock futures, Thursday night brought a downward trend as traders reacted to the latest financial reports from tech giants Amazon and Intel, and awaited the release of the July payrolls report. The futures tied to the S&P 500 fell by 0.5%, while Dow Jones Industrial Average futures experienced a loss of 127 points (0.3%). Nasdaq 100 futures also dropped by 0.7%.

After the closing bell, Intel faced a major setback, plunging about 20% due to its announcement of weak guidance and planned layoffs. On the other hand, Amazon faced a decline of 5% as it missed revenue estimates for the second quarter and issued a disappointing forecast. However, Apple managed to make a slight gain as its fiscal third-quarter results exceeded expectations in terms of both top and bottom lines.

During regular trading, the major indexes suffered significant losses, fueling concerns of a potential recession. The Dow Jones Industrial Average plummeted by nearly 500 points (1.2%), while the broader market index experienced a slide of almost 1.4%. The tech-heavy Nasdaq Composite fared even worse, tumbling by 2.3%. These declines are indicative of a market that is now questioning whether the Federal Reserve's monetary policy transition has come too late, according to Quincy Krosby of LPL Financial.

The current economic outlook has also generated unease among investors regarding small-cap stocks, which have experienced a recent rally. Arnim Holzer of EAB Investment Group suggests that the broader economic outlook could harm this rally. This concern was reflected in the 3% loss suffered by the Russell 2000 on Thursday. Holzer further warns that potential disappointments in the tech sector could pose risks to the overall market.

Turning to upcoming events, Friday brings forth the highly anticipated data on July's nonfarm payrolls, which serves as a key indicator for traders searching for signs of a looming recession. Economists polled by Dow Jones project a growth of 185,000 jobs, a slight decrease compared to June's gain of 206,000. Additionally, the unemployment rate, holding steady at 4.1%, will be closely watched as it provides insights into the economic climate.

Friday morning also awaits the release of factory order data, while energy giants Chevron and Exxon Mobil are due to announce their quarterly results before the market opens. These factors will serve as new catalysts for the stock market, potentially influencing investor sentiment.

In extended trading, Intel saw its stock sink by 17% following the announcement of weaker-than-expected quarterly results, a suspension of its dividend in the fiscal fourth quarter, and plans to lay off 15% of its workforce. Similarly, Amazon's shares dropped by 5% as the e-commerce giant reported lower-than-anticipated revenue for the second quarter and presented a disappointing forecast for the third quarter. On a positive note, Amazon's cloud division demonstrated a 19% increase in revenue, surpassing analysts' estimates.

As the market faces increased volatility, investors must remain vigilant in evaluating potential risks associated with the tech sector and the overall economic landscape. With the upcoming release of key economic data, the market will undoubtedly face new challenges and opportunities.

Overall, Thursday's trade left U.S. stock futures in a lower position, reflecting the market's response to disappointing reports from Amazon and Intel. Friday's release of important data and earnings announcements from energy giants will likely drive further market movements.