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Pre-Market Performance
U.S. equity futures were firmer before the open, recovering part of Thursday's selloff. Nasdaq 100 futures traded at 29,503.8, up 203.3 points or 0.69%; S&P 500 futures were at 7,695.8, up 33.3 points or 0.43%; and Dow futures were at 53,123, up 274 points or 0.52%.
European equities were also modestly positive. The FTSE 100 rose 21.07 points, or 0.20%, to 10,769.23, with an intraday range of 10,734.92–10,786.55. France's CAC 40 added 8.33 points, or 0.10%, to 8,461.42, while Germany's DAX gained 65.20 points, or 0.25%, to 26,048.24.
In commodities and currencies, Brent crude was near $93.82 a barrel, up $0.04, while WTI crude slipped $0.06 to $86.78 as Middle East supply risk kept oil on track for a second weekly gain. Spot gold climbed about 1.0% to $4,562.86 an ounce, with U.S. gold futures up 1.1% to $4,620.00. The U.S. dollar index was around 98.82 after recent weakness, while the euro traded near a three-month high against the dollar.
Hot News
- Futures rebound after broad market pressure: U.S. stock-index futures advanced after the previous session's sharp losses, with investors reassessing elevated bond yields, higher oil prices and geopolitical risk. Major indexes remained on pace for weekly losses of roughly 2%, with the S&P 500 and Nasdaq set to break a three-week winning streak.
- Oil risk premium remains elevated: Crude prices were little changed in early trading but remained supported by supply concerns linked to the unresolved U.S.-Iran conflict and disruptions affecting key Middle East producers. Brent has gained more than 7% over the prior five sessions, while WTI has climbed more than 8%.
- Gold extends weekly rally as dollar softens: Gold reached a near three-month high as a weaker dollar and U.S. Treasury buyback plans supported precious metals. Spot gold was up 4.2% for the week, reinforcing demand for havens as investors monitor bond-market volatility.
- AI trade faces next major test: Nvidia's earnings report scheduled for August 26 is emerging as a key test for the AI-led equity rally. Investors are watching whether hyperscaler spending and AI-infrastructure demand can continue to justify elevated semiconductor valuations.
- Crypto-linked risk appetite improves: Bitcoin crossed $74,000 and was on track for its strongest week since February 2024, lifting attention on crypto-linked equities including Strategy, Marathon Digital and Coinbase in pre-market trading.
U.S. Stock Focus
- Ross Stores: Guidance raise drives pre-market jump: Shares rose about 8.6% pre-market to $248.77 after the off-price retailer raised its annual EPS forecast to $8.61–$8.77, up from $7.50–$7.74. Second-quarter revenue rose roughly 13% to $6.26 billion, ahead of the $6.18 billion estimate, while EPS of $2.06 included about $0.60 per share of tariff-refund benefit.
- Nvidia: China-chip report denied ahead of earnings: Shares rose about 0.5% in early pre-market trading after the company denied reports that it was preparing a China-specific LPU product. BMO initiated coverage with an Outperform rating and a $340 price target, while consensus expectations call for quarterly revenue of about $92.01 billion and adjusted EPS of $2.08 next week.
- D-Wave Quantum: BMO starts coverage at Outperform: Gained more than 1% pre-market after BMO initiated coverage with an Outperform rating and a $35 price target, implying about 86% upside from the prior close. The firm highlighted D-Wave's commercial revenue profile and dual annealing/gate-model quantum strategy; the company recently reported second-quarter revenue of $3.1 million.
- Walmart: Weak guidance remains in focus after selloff: Remained under scrutiny after shares suffered a steep decline, with the stock recently indicated around $103.40, down 9.53%, and market capitalization near $910 billion. The retailer guided third-quarter adjusted EPS to $0.62–$0.64, below the $0.68 estimate, and projected constant-currency net sales growth of 3.0%–3.75%.
- Spotify: Buyback expansion lifts shareholder-return focus: Drew attention after announcing a $1.5 billion increase to its share-repurchase program. The move adds a capital-return catalyst for the streaming company at a time when investors are emphasizing cash flow, margin expansion and disciplined spending across digital-media names.
- Micron Technology: AI memory investment stays in spotlight: Remained on the pre-market radar after CEO Sanjay Mehrotra described AI as turning memory into "strategic infrastructure." The company also committed $10 billion over the next decade to establish Micron Research Labs in Boise, reinforcing its push into AI-related memory technology.
- AeroVironment: Greece expansion plan supports defense-tech theme: Shares rose about 1% in early pre-market trading after the company announced plans to establish an industrial presence in Greece through its AV Eagle business. The development keeps the defense-drone maker in focus amid continued investor interest in autonomous systems and European defense spending.
- Oklo: Analyst trims target but keeps Buy rating: Remained active after Texas Capital lowered its price target to $89 from $93 while maintaining a Buy rating. The analyst still favored Oklo within the nuclear-power group despite updated post-earnings models; the company reported a second-quarter loss per share of $0.28.
- Iovance Biotherapeutics: Target hike follows melanoma optimism: Closed up nearly 13% at $8.99 after touching a 52-week high of $9.36, helped by UBS raising its target to $7 from $4. The company posted record second-quarter revenue of about $99 million, up 66% year over year, and is reviewing its full-year 2026 revenue outlook of $350 million–$370 million.
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