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US stock futures held steady near record highs on Friday ahead of a call between Presidents Trump and Xi, with investors watching for a TikTok deal and a break in the US-China trade standoff.
Futures on the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all fluctuated along the flat line to keep the fresh record closing highs hit Thursday in play.
Trump has set high expectations for his conversation with Xi, set to take place at 9 a.m. ET on Friday. The president described a TikTok deal as all but completed and emphasized he is hopeful the two countries — currently locked in a standoff — can negotiate over trade.
“On a much bigger scale, we’re pretty close to a deal,” Trump said about talks with China.
Read more: The latest on Trump’s tariffs
However, Trump said the US may end up extending the tariff truce now in place between the two countries, denting hopes for a conclusive trade pact between the world’s biggest two economies. He said he thinks the current pause has “pretty good terms.”
Meanwhile, FexEx (FDX) bucked Wall Street tariff pessimism by reporting quarterly profit and revenue above estimates. Analysts had expected an earnings hit from the end of the duty-free “de minimis” exemptions for lower-value shipments. Shares of FedEx popped in premarket trading.
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Q3 earnings outlook lifts hopes for stocks’ rally in face of tariffs
US stocks are trading at record levels with earnings season right around the corner — and rising expectations for Corporate America’s profit growth are a sign that the rally can keep going, despite tariff risks.
Bloomberg reports:
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FedEx stock pops as cost-cutting helps drive surprise earnings beat
Shares of FedEx (FDX) rose over 5% in premarket after the delivery giant’s quarterly profit and sales topped Wall Street estimates.
Analysts had predicted a hit to profit after the Trump administration put an end to “de minimis” exemptions for shipments worth under $800, so they were no longer delivered duty-free.
Reuters reports:
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Premarket trending tickers: Intel, Synopsys and Lennar
Here’s a look at some of the top stocks trending in premarket trading:
Intel (INTC) stock fell 2% in premarket trading on Friday following the news that Nvidia (NVDA) will take a $5 billion stake in the company. Intel rallied on Thursday after Nvidia made the announcement and closing 22% up.
Synopsys, Inc. (SNPS) stock fell 1% before the bell on Friday after rising 12% on Thursday following the Intel, Nvidia news.
Lennar (LEN) stock fell 2% in premarket trading on Friday after reporting a 46% drop in third-quarter profit and forecasting fourth-quarter home deliveries below Wall Street estimates. High inflation and affordability pressures have hindered US homebuilders.
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Gold has third day of losses following fall in demand after Fed rate-cut
Gold (GC=F) fell for a third consecutive day as the impact of the Fed’s rate-cut was felt in markets for the haven asset.
