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US stock futures traded mixed on Friday, with the Nasdaq sliding but the Dow poised to bid for another record after a rotation from tech to value names propelled the index to a new all-time high.
Dow Jones Industrial Average futures (YM=F) edged up roughly 0.2%, coming off an almost 650-point gain for the blue-chip gauge. But S&P 500 futures (ES=F) dropped 0.2% after closing above 6,900 for the first time on Thursday. Meanwhile, contracts on the tech-heavy Nasdaq 100 (NQ=F) fell roughly 0.7%.
Investors are switching out of tech as fears about AI over-valuations get a reboot, as Broadcom (AVGO) followed Oracle (ORCL) in delivering earnings that left Wall Street wanting more. The chipmaker failed to deliver the clarity on an AI payoff, stirring concerns about tighter profit margins instead. Its shares dropped around 6% in premarket, despite its quarterly earnings beat.
At the same time, cycling stocks — those more sensitive to the economy — got a bid following the Federal Reserve’s third interest-rate cut of the year. The expected easing comes amid rising optimism for US growth.
On the corporate front, Lululemon (LULU) shares surged almost 10% after the athletic wear maker said CEO Calvin McDonald will exit at the end of January following a stretch of disappointing sales.
Wall Street is looking to end Friday on a high note, with all three indexes eyeing weekly wins as investors weigh that rate cut and the Fed’s likely policy moves in 2026. Elsewhere in markets, the 10-year Treasury yield (^TNX) ticked higher to top 4.17%, and gold (GC=F) rose toward the record high it hit in October.
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Deutsche Bank, Goldman see Fed rate cuts rekindling dollar’s slide
Bloomberg reports:
Deutsche Bank AG (DB), Goldman Sachs Group Inc (GS). and other Wall Street banks are forecasting that the US dollar (DX=F) will resume its slide next year as the Federal Reserve keeps nudging down interest rates.
The currency has stabilized over the past six months after tumbling by the most since the early 1970s during the first half of the year when President Donald Trump’s trade war unleashed havoc in global markets.
But strategists expect the greenback to weaken again in 2026 as the US central bank continues to ease monetary policy just as others hold steady or move closer toward raising rates. That rift would give investors an incentive to sell US debt and shift the cash to countries where payouts are higher.
As a result, forecasters at more than half a dozen major investment banks are largely predicting that the dollar will slip against major counterparts like the yen, euro and pound. According to the consensus estimates compiled by Bloomberg, a widely tracked index of the dollar will weaken some 3% by the end of 2026.
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Premarket trending tickers: UBS
UBS (UBS) stock rose 3% before the bell on Friday after Swiss politicians proposed changing the rules and watering down the capital demands that Switzerland wants to impose on UBS. UBS shares reached a 17-year high after the news.
RH (RH) stock jumped 4% during premarket trading on Friday after reporting third quarter fiscal earnings and meeting Wall Street estimates for revenue. RH, which is a home furnishings company has also benefited from a boom in the US rental market.
Warner Bros Discovery (WBD) stock rose 1% before the bell. The entertainment company is currently embroiled in a battle, with both Netflix (NFLX) and Paramount Skydance (PSKY) bidding to takeover the company.
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Lululemon stock jumps as turnaround push bears fruit, CEO plans to step down
Lululemon (LULU) stock popped almost 10% in premarket trading after the Canada-based apparel retailer posted an earnings beat and upbeat full-year profit forecast.
“As we enter the holiday season, we are encouraged by our early performance,” Lululemon CEO Calvin McDonald said, noting that the company continues to make progress in its turnaround plan and expects to see more results in 2026.
McDonald plans to step down from his role and from the company’s board on Jan. 31, Lululemon also announced on Thursday. He will continue as a senior adviser through March 31, with CFO Meghan Frank and its CCO André Maestrini to serve as interim co-CEOs.
In the company’s third quarter, diluted profits rose to $2.59 per share, exceeding expectations for adjusted earnings of $2.22 per share, according to S&P Global Market Intelligence.
Revenue increased 7% year over year to $2.6 billion, topping estimates of $2.47 billion. Higher revenue was driven by international sales, which climbed 18% on a comparable basis. Same-store sales in the Americas declined 5%.
For the fourth quarter, Lululemon guided for net revenue in the range of $3.5 billion to $3.58 billion, in line with the Wall Street consensus estimate of $3.56 billion.
For the full year, the company forecast net revenue to be between $10.96 billion and $11 billion, representing 4% growth. The Street is expecting full-year revenue of $10.96 billion.
Lululemon’s anticipated full-year earnings also came in ahead of expectations, with diluted earnings per share expected in a range of $12.92 to $13.02 for the year. The Street guided for adjusted earnings of $12.86 per share.
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Broadcom slumps as investors seek sky-high immediate returns from AI spend
Bloomberg reports:
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