A trader works on the floor of the New York Stock Exchange.
NYSE
S&P 500 futures were little changed on Thursday night as traders awaited the release of the July jobs report.
S&P 500 futures gained 0.04%, while Dow Jones Industrial Average futures lost 17 points, or 0.03%. Nasdaq 100 futures climbed 0.3%.
In Asia, Japan’s Nikkei 225 added over 0.20% while the Topix rose 0.29%. The Kospi gained 0.89% at open, while the small-cap Kosdaq 0.6%. Australia’s benchmark S&P/ASX 200 was 0.45% lower.
In extended U.S. trading, Airbnb shares rallied 9% after the vacation rental company posted a beat on the top and bottom lines. Cloudflare surged 16% after the cloud cybersecurity company issued a solid full year and current quarter outlook.
Wall Street is coming off a losing session, as an increase in oil prices weighed on equities. The Dow fell more than 460 points, or 0.9%, breaking a five-day winning run. The S&P 500 slid 0.2%, while the Nasdaq Composite dipped 0.1%.
In spite of the pullback, the market outlook has brightened on many parts of the Street. Investors are hopeful that a deal to reopen the Strait of Hormuz will eventually bring down oil prices and curb inflation expectations.
Tech has outperformed — with semiconductors rallying this week — after last month’s unwinding of the momentum trade convinced many the stock market got the reset it needed for the next leg higher. Strong earnings only add to the recent confidence.
“There’s going to be a chase,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bell” on Thursday. “I think that chase takes us towards 7,900, 8,000″ this month.
Investors turn their attention to the jobs report Friday. July’s nonfarm payrolls aren’t expected to show much improvement, with a gain of just 83,000, and the unemployment rate staying unchanged at 4.2%. Traders will look to wage growth and participation in the labor force for clues on the job market.
Stocks were headed for a second straight week of gains, in spite of Thursday’s losses. In particular, the Nasdaq could post its best weekly performance since May, thanks to a bounce back in chip stocks. The iShares Semiconductor ETF (SOXX) is higher by more than 5% this week.
China’s exports jump 23% in July, beating estimates; imports cool
China’s exports rose more than expected in July, though growth eased from June’s blistering pace, with global demand for high-tech components helping absorb the country’s goods.
Exports grew 23% in U.S. dollar terms in July from a year earlier, official customs data showed Friday, topping Reuters-polled analysts’ forecast for a 22.2% growth. That slowed from June’s 27% surge, which was the fastest pace since October 2021.
Imports rose 27.5% last month, just shy of Reuters estimates of 27.9% in a Reuters poll, slowing from June’s 36% jump — the quickest in five years.
The trade surplus came in at $112.5 billion, exceeding analysts’ estimates of about $107 billion, while narrowing from $125.6 billion in June, customs data showed.
Chinese exporters had also been racing goods onto U.S.-bound ships ahead of an anticipated increase in tariffs. Washington applied a new 12.5% levy on Chinese products in late July, replacing a temporary 10% rate that had lapsed.
—Anniek Bao
Oil rises after Iran’s restrictive draft plan for the Strait of Hormuz
Oil rose Friday amid worries over supply disruptions after Iran published a restrictive draft plan for the Strait of Hormuz.
Futures for international benchmark Brent crude for October delivery gained 1.25% to $83.52 a barrel. U.S. West Texas Intermediate futures for September advanced 1.10% at $78.14 per barrel.
According to the apparent draft plan published by Iran, the country would ban U.S. and Israeli ships from transiting the Strait. Until compensation is paid, other nations that have harmed Iran would not be allowed to transit, according to the draft.
Conflicting accounts of bilateral engagement are muddying the progress of a deal to open the Hormuz strait. While U.S. President Donald Trump said in the Oval Office that the Iran will end “pretty soon,” Tehran accused him of staging “theater diplomacy.”
—Justina Lee
South Korean solar stocks rise after Trump tariffs on polysilicon
Shares of South Korean solar companies rose in early trading Friday after the White House imposed a 15% tariff, price floors and minimum import prices on polysilicon products and derivatives.
The measures could provide price support for non-Chinese suppliers, Hevin Cho, analyst at Kyobo Securities said.
Hanwha Solutions surged 10% and OCI Holdings gained 4%.
Polysilicon produced by OCI Holdings’ Malaysian subsidiary is classified as high-purity silicon containing at least 99.99% silicon by weight under tariff classification 2804.61 and is therefore exempt from the 15% tariff, Cho said.
Hanwha Solutions also manufactures ingots, wafers and solar cells in the United States, leaving it relatively less exposed to the new measures, she added.
China accounted for 93.2% of global polysilicon production in 2024.
—Jenny Lee
Mainland China and Hong Kong shares open mixed ahead of trade data
Mainland China and Hong Kong stocks were mixed, as investors await China trade data due later in the day.
Hong Kong’s Hang Seng index fell 0.35%, while mainland China’s CSI 300 was 0.28% higher.
The declines in Hang Seng were led by healthcare as well as education services sectors, down 0.55% and 0.54%, respectively.
—Justina Lee
Japan’s Nikkei 225 and South Korea’s Kospi open higher
Asia-Pacific markets traded broadly higher early Friday, with focus on China trade data due later in the day.
Japan’s Nikkei 225 added over 0.20% while the Topix rose 0.29%.
The Kospi gained 0.89% at open, while the small-cap Kosdaq 0.6%.
Australia’s benchmark S&P/ASX 200 was 0.45% lower.
—Justina Lee
Asia-Pacific markets set for muted open amid higher oil prices
Asia-Pacific markets were set to open mixed on Friday, on higher oil prices after Iran published a restrictive draft plan for the Strait of Hormuz.
Japan’s Nikkei 225 was poised to decline slightly, with the Chicago futures contract at 65,670 and its Osaka counterpart last trading at 65,530, compared with the index’s previous close of 65,683.26.
Hong Kong Hang Seng index futures were last at 25,542, compared with the index’s close of 25,530.28.
Australia’s S&P/ASX 200 futures last traded at 9,190, while the index closed at 9,271.60.
According to the apparent draft plan published by Iran, the country would ban U.S. and Israeli ships from transiting the strait. Until compensation is paid, other nations that have harmed Iran would not be allowed to transit, according to the draft.
Meanwhile, U.S. President Donald Trump said in the Oval Office in a reference to Iran that he thinks the war in Iran will end “pretty soon.”
—Justina Lee
Major averages head for second straight winning week
As of Thursday’s close, stocks were on pace for a second straight week of gains. Here are where the major averages stand:
- The Dow Jones Industrial Average up 2.7% week to date
- The S&P 500 up 2.9%
- The Nasdaq Composite up 3.8%
— Sarah Min
Stocks making the biggest moves after hours
Check out the companies making headlines after hours.
Airbnb — Shares of the vacation rental company surged about 7% after Airbnb posted second quarter earnings of $1.37 per share on revenues of $3.61 billion. That outpaced the earnings of $1.25 on revenues of $3.58 billion forecasted by analysts, according to LSEG.
Lyft — The ride-hailing company was marginally higher after posting second quarter revenues of $1.84 billion, beating the LSEG consensus estimate of $1.81 billion. Earnings of 13 cents per share, however, missed the 14 cents anticipated by analysts.
DraftKings — Shares were down over 1.5% after the company fell short of expectations on revenue. DraftKings posted second quarter revenue of $1.44 billion, missing the $1.51 billion analysts polled by LSEG sought. The company also posted a loss of 14 cents per share, while the Street expected a profit of 2 cents a share. The digital sports entertainment and gaming company did reaffirm its guidance on adjusted EBITDA and revenue for the 2026 fiscal year.
— Sarah Min
