Stocks are under pressure in premarket trading Friday, putting the S&P 500 in danger of snapping a nine-week winning streak; chip stocks are extending yesterday’s losses as the AI trade stumbles after a recent rally; the May jobs report is expected to show that U.S. employers added roles for the third straight month; S&P Global said it is not making changes to its rules for new additions to stock indexes, which would keep SpaceX, Anthropic and OpenAI from being quickly added after their mega-IPOs; and Lululemon shares are tumbling after the apparel maker cut its full-year outlook. Here’s what you need to know today.
S&P 500 Winning Streak in Danger as Futures Point Lower
Futures are pointing to a lower open for the S&P 500 and the Nasdaq as tech stocks extend yesterday’s declines. The S&P 500 came into Friday’s session fractionally higher for the week, after gaining ground in each of the previous nine weeks. In recent trading, futures tied to the benchmark index were down 0.5%, while Nasdaq futures dropped 1.2% and Dow Jones Industrial Average futures added 0.1%. The Dow soared nearly 900 points to a record close on Thursday. Bitcoin remains under pressure, trading at $62,200, near its lowest levels of 2026. Gold futures ticked lower to $4,490 an ounce, while WTI crude oil futures fell slightly to $92.75 per barrel. The yield on the 10-year Treasury note was little-changed at 4.48%.
Chip Stocks Extend Losses as AI Trade Loses Steam
Shares of a number of chipmakers are poised to end the week on a low note, extending a recent slump for the AI trade. Broadcom (AVGO) shares were down 2% in recent premarket trading after sliding 13% yesterday, as investors appeared disappointed that the chipmaker didn’t raise its outlook despite reporting better-than-expected quarterly results. Broadcom’s slide on Thursday weighed on other chip stocks, many of which continue losing ground this morning. Shares of Intel (INTC), Advanced Micro Devices (AMD), Marvell Technology (MRVL), Micron Technology (MU) and Arm Holdings (ARM) were each down more than 3% recently.
May Jobs Report Due Out This Morning
The jobs report for May is due out this morning, giving investors their latest insight into how the Iran war and the inflation it has caused are affecting the job market. The report, set for release at 8:30 a.m. ET, is expected to show that U.S. employers added about 80,000 jobs in May, down from 115,000 in April. Nonetheless, it would mark the third month in a row that the economy has added jobs, the first time that has happened since early last year. The unemployment rate is expected to hold steady at 4.3%, as the “low hiring, low firing” job market persists.
S&P Global Says No Changes Coming to Index Rules to Allow Big IPOs to Join Early
The AI stocks that will start trading after massive IPOs in coming months will have to wait just as long as other companies to join at least one major index. S&P Global said Thursday that it will not be making any alterations to the requirements for a new stock to join the S&P 500 or its other indexes. To join the benchmark index, companies will still have to trade publicly for a year following an IPO, turn a consistent profit, and have an investable weight factor— the ratio of its public share float to its total outstanding shares—of at least 0.1%. That decision would keep SpaceX, OpenAI and Anthropic from being quickly included in the benchmark indexes after their highly anticipated public trading debuts.
Lululemon Stock Sinks as Apparel Maker Cuts Outlook
Shares of Lululemon Athletica (LULU) are tumbling Friday after the apparel maker lowered its full-year forecasts, offsetting quarterly results that met estimates. For the full year, Lululemon now forecasts $11 billion to $11.15 billion in sales, down from a previous range of $11.35 billion to $11.5 billion, while EPS is now projected at $10.95 to $11.15, down from $12.10 to $12.30 previously. Lululemon shares have been under pressure recently owing to weak sales, a CEO departure and a proxy battle with founder Chip Wilson that was resolved last month. Former Nike (NKE) executive Heidi O’Neill is set to take over as CEO on Sept. 8. Lululemon shares, which through yesterday’s close had lost 40% since the beginning of the year, were down more than 10% in premarket trading.
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