US stock futures showed mixed movement early Friday as geopolitical tensions escalated in the Middle East and President Donald Trump unveiled sweeping new tariffs. Iran rejected a US ceasefire proposal mediated by Iraq, while Trump signaled major military strikes could be under consideration. The mixed futures came as Brent crude surged past $100 per barrel, fueling concerns about inflation ahead of the Federal Reserve's meeting next week. Trump announced tariffs of 10% to 12.5% on imports from roughly 60 trading partners following an investigation into alleged forced-labor practices in global supply chains, with Canada, Mexico, the UK and India among those facing the new levies.
As of 4:00 a.m. ET, Nasdaq futures declined 0.1%, Dow futures rose 0.3%, S&P 500 futures rose 0.1%, and Russell 2000 futures were flat. Retail sentiment on the SPDR S&P 500 ETF (SPY) and Invesco QQQ Trust (QQQ) declined to 'extremely bearish' on Stocktwits following the escalation.
Iran Rejects US Ceasefire Proposal as Brent Crude Surges Past $100
Iran rejected a US ceasefire proposal mediated by Iraq, according to reports early Friday. President Donald Trump signaled that major military strikes could be under consideration. Brent crude surged past $100 per barrel for the first time since May amid fears of Middle East supply disruptions. Oil stocks including USO, BATL, TPET, XOM, CVX and OXY remained in focus as crude oil prices hovered around $100 per barrel.
Trump Announces Tariffs on 60 Trading Partners at 10-12.5%
President Donald Trump unveiled sweeping new tariffs on imports from roughly 60 trading partners. The new measures impose duties of 10% to 12.5% on most major trading partners following an investigation into alleged forced-labor practices in global supply chains. Countries including Canada, Mexico, the UK and India are among those facing the new levies.
Oracle Secures $7 Billion Defense Contract, Intel Beats Q2 Expectations
Oracle Corp. (ORCL) gained nearly 3% in early premarket after securing a $7 billion, 10-year enterprise software contract with the US Department of Defense. Intel Corp. (INTC) gained over 3% premarket after delivering stronger-than-expected Q2 results and issuing upbeat third-quarter guidance. Intel CFO commentary pointed to rising capital expenditure in the period ahead and potential capital raises.
Advanced Micro Devices (AMD) received positive analyst commentary following its Advancing AI event, with Jefferies raising their price target to $640. Analysts added that AMD's server roadmap could narrow the competitive gap with Nvidia. Memory stocks including MU, SNDK, SKHY and WDC remained under pressure as investors parsed commentary around a tight memory supply environment.
Tesla Drops 14% on Q2 Results, SpaceX Freezes Falcon 9 Bookings Beyond 2028
Tesla Inc. (TSLA) rebounded slightly premarket after dropping over 14% on disappointing Q2 results and heavy capex plans. CEO Elon Musk praised Tesla's retail shareholder base. Cathie Wood's ARK Invest bought roughly 160,000 Tesla shares.
SpaceX (SPCX) plunged to 52-week lows following reports that the company is freezing dedicated Falcon 9 launch bookings beyond 2028 as it shifts its resources toward Starship. AST SpaceMobile (ASTS) and Rocket Lab (RKLB) shares saw mild selling pressure in early premarket trade on short-term launch capacity concerns.
Hims & Hers Health Inc. (HIMS) rose over 1% in early premarket trade after an FDA advisory panel recommended adding key compounded peptides to the 503A bulks list. Sellas Life Sciences (SLS) saw positive retail reaction on Stocktwits to new Acute Myeloid Leukemia (AML) survival benchmark data ahead of a scheduled media appearance by the CEO.
Paramount Skydance (PSKY) remained in focus after a US judge extended the pause on its proposed $110 billion acquisition of Warner Bros. Discovery (WBD) until Aug. 17, delaying the deal while the court considers a request to block the transaction.
Economic Data and Earnings Reports Scheduled
Investors will be watching for the release of the S&P Global Flash manufacturing and services PMIs and new home sales data later today. On the earnings front, Verizon (VZ), American Express (AXP), NextEra Energy (NEE), and SLB Ltd. (SLB) are among those reporting before the bell.
FAQ
What caused US stock futures to show mixed movement early Friday?
US stock futures showed mixed movement early Friday due to escalating geopolitical tensions in the Middle East after Iran rejected a US ceasefire proposal mediated by Iraq, and President Donald Trump unveiled sweeping new tariffs on imports from roughly 60 trading partners at rates of 10% to 12.5%. Brent crude surged past $100 per barrel, fueling inflation concerns ahead of the Federal Reserve's meeting next week.
What tariffs did Trump announce and which countries are affected?
President Donald Trump announced tariffs of 10% to 12.5% on imports from roughly 60 trading partners following an investigation into alleged forced-labor practices in global supply chains. Countries including Canada, Mexico, the UK and India are among those facing the new levies.
Why did SpaceX shares plunge to 52-week lows?
SpaceX (SPCX) plunged to 52-week lows following reports that the company is freezing dedicated Falcon 9 launch bookings beyond 2028 as it shifts its resources toward Starship. AST SpaceMobile (ASTS) and Rocket Lab (RKLB) shares also saw mild selling pressure in early premarket trade on short-term launch capacity concerns.
