U.S. stock futures pointed to a modest recovery early Friday after a sharp selloff in the previous session rattled investor confidence across major indices.
As of 4:30 a.m. ET, Nasdaq futures rose 0.4%, Russell 2000 futures were up 0.5%, while S&P 500 (SPY) and Dow futures each gained 0.3%.
For the week, both the Nasdaq (QQQ) and Russell 2000 were down roughly 2.5%, with the S&P 500 and Dow also headed toward weekly losses.
Bond markets continued to weigh heavily on sentiment, with the 10-year Treasury yield climbing back toward 4.70% and the 30-year yield trading around 5.25%.
Treasury Secretary Scott Bessent announced on Thursday that Washington would enforce “the toughest sanctions in history” and a blockade on Iran following President Donald Trump’s threats of unprecedented economic isolation.
Retail sentiment on Stocktwits remained “neutral” on SPDR S&P 500 ETF Trust (SPY) and shifted back to “bearish” on the Invesco QQQ Trust (QQQ) after sitting at “neutral” just a day earlier.
Nvidia (NVDA) drew attention after the chipmaker moved to refute reports concerning a new bespoke AI chip developed for the Chinese market.
Micron (MU) entered the retail spotlight after CEO Sanjay Mehrotra highlighted AI transforming memory into “strategic infrastructure,” while the company committed $10 billion over the next decade to establish Micron Research Labs in Boise.
BMO reiterated an Outperform rating and a $1,300 price target on Micron, adding further analyst support to the stock heading into the session.
SpaceX (SPCX) and AST SpaceMobile (ASTS) attracted attention amid reports of interest in acquiring 800 MHz spectrum licenses valued at roughly $6 billion, though Elon Musk has reportedly refuted those reports.
ASTS, Rocket Lab (RKLB), and Intuitive Machines (LUNR) all moved into focus after the White House signed a memorandum aimed at boosting U.S. space launches, targeting more than 1,000 launches and reentries annually by 2030.
Tesla (TSLA) gained approval for its full Autonomous Vehicle Network permit in Nevada, clearing the way to deploy up to 5,000 paid robotaxis in Las Vegas.
Bitcoin crossed $74,000 and was on pace for its best weekly performance since February 2024, pulling crypto-linked equities higher in premarket trading.
Strategy (MSTR), Marathon Digital (MARA), and Coinbase (COIN) all continued rallying in early premarket trade as the broader crypto market surged.
Walmart (WMT) remained under pressure after suffering its worst single session since May 2022, following the retailer’s report of its slowest U.S. same-store sales growth in six years alongside weak third-quarter guidance.
Spotify (SPOT) announced a $1.5 billion increase to its share-repurchase program, while Cerebras Systems (CBRS) drew scrutiny after officer Sean Lie filed to sell approximately $153.2 million worth of shares.
AeroVironment (AVAV) rose 1% in early premarket trade after announcing plans to establish an industrial presence in Greece through its AV Eagle business unit.
On the economic calendar, investors will watch the release of S&P Global Flash Manufacturing PMI and Services PMI data at 9:45 a.m. ET on Friday.
Looking ahead to next week, Nvidia’s earnings report on Wednesday and the Jackson Hole Economic Symposium will command market attention, with Fed Chair Kevin Warsh scheduled to speak on August 28 at 10 a.m. ET.
