Updated 2 min read
In This Article:
US stock futures edged higher on Friday as Wall Street assessed President Trump’s nomination of Stephen Miran to the Federal Reserve Board of Governors and took in his new regime of sweeping tariffs.
Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.3%, while those on the benchmark S&P 500 (ES=F) gained 0.4%. Futures tied to the tech-heavy Nasdaq 100 (NQ=F) also gained 0.4%.
Gold futures (GC=F) in New York rose above London prices on Friday after the FT reported that the US now plans to put tariffs on gold bar imports.
In corporate earnings premarket, Pinterest (PINS) tumbled on a profit miss, while Block (XYZ) jumped after reporting upbeat guidance. Shares in Expedia (EXPE) soared 17% on Friday before the bell after raising its full-year bookings forecast.
Stocks traded mixed during the day on Thursday as investors assessed a reshaped trade landscape after Trump’s deadline for countries to strike deals on tariffs expired, setting in motion higher duties on dozens of countries worldwide. The indexes trimmed earlier losses following Trump’s nomination of Stephen Miran, current chairman of the Council of Economic Advisors, to serve on the Fed board.
Read more: The latest on Trump’s tariffs
Miran’s nomination must pass Senate approval, and it’s unclear how long that might take with lawmakers on August recess. Trump’s decision on Miran also underscored his search for the next Fed chair. He has talked up the “two Kevins” — current economic adviser Hassett and former Fed governor Warsh — and a report on Thursday said current governor Christopher Waller is seen as the favorite by Trump’s team.
Amid all the jockeying, about 90% of bets are on the current Fed to cut rates in September.
This week has been a bumpy ride for Wall Street. Monday opened with markets recovering from a disappointing slew of job data that stoked fears of broader economic troubles and while upping those rate bets. Corporate earnings and the question of how companies like Apple might weather Trump’s latest tariffs largely drove investor sentiment throughout the week.
LIVE 6 updates
-
SoundHound stock soars on record revenue fueled by AI, automation demand
SoundHound AI (SOUN) reported record revenue in its second quarter results, as its expansion into new verticals, such as restaurants and hospitals, helped fuel 217% year-over-year revenue growth.
The stock rocketed 2% higher in premarket trading on Friday.
SoundHound develops artificial intelligence solutions that businesses use for automation and to create conversational experiences for their customers. In Q2, SoundHound reported strong growth in its automation, automotive, and enterprise AI for customer service verticals.
The company posted a GAAP loss of $0.19 per share on $42.7 million in revenue. Last year, SoundHound reported a loss of $0.11 per share and revenue of $13 million.
SoundHound also raised its 2025 revenue outlook to $160 million to $178 million, up from its previous forecast of $157 million to $177 million.
“The investments we are making are already showing high returns,” SoundHound CFO Nitesh Sharan said on the company’s earnings call. Sharan noted that the company sees a path to profitability “in the near-term horizon.
-
Good morning. Here’s what’s happening today.
-
Tesla CEO Elon Musk disbands Dojo supercomputer team
Tesla (TSLA) stock fell 0.2% in premarket trading following news that CEO Elon Musk is shutting down the company’s Dojo team, its multibillion-dollar supercomputer unit that was viewed as central to the company’s AI efforts.
Bloomberg reports that Peter Bannon, who was heading up Dojo, is leaving Tesla. Dojo also lost about 20 workers recently to DensityAI, a stealth startup created by ex-Tesla executives. The remaining Dojo employees are being reassigned to other compute projects within Tesla.
Musk previously called Dojo “a long shot,” but one worth taking. Now, Tesla plans to rely on partners like Nvidia (NVDA) and Advanced Micro Devices (AMD) for training its AI models and machine learning that go into electric vehicles’ Full Self-Driving software and Optimus robots. Tesla also announced a $16.5 billion deal last month with Samsung to secure AI chips through 2033.
-
Under Armour forecasts downbeat quarterly sales, shares drop
Under Armour (UA) stock slumped 12% before the bell on Friday after the sportswear maker forecast second-quarter revenue below Wall Street estimates.
The company is grappling with muted demand in North America due to still-high inflation and tariff uncertainty.
Reuters reports:
-
New York gold futures spike over spot price after tariff shock
Gold futures (GC=F) in New York rose above London prices after the FT reported that the US now plans to put tariffs on 1kg gold bar imports.
Bloomberg News reports:
-
Oil heads for worst run since 2021 as traders discount US curbs
Oil is heading for its longest losing run since 2021, as markets digested the US efforts to try and end the war in Ukraine and whether this would not impact overall supplies, alongside Trump’s tariffs on India due to its purchase of Russian crude oil.
Bloomberg News reports:
