U.S. stock futures rose early Friday morning as investors absorbed the latest wave of corporate earnings, new trade tariffs from the Trump administration, and news of a shakeup at the Federal Reserve.
At 6 a.m. ET, Dow futures were up 0.24%, while S&P 500 futures added 0.31% and Nasdaq futures rose 0.34%. The rebound comes after the Dow posted its second losing session in three days on Thursday.
Trump’s tariffs kick in—what they target
A new round of “reciprocal” tariffs announced by President Trump took effect at midnight Thursday. Some of the steepest duties include:
- 100% tariffs on imported semiconductor chips (with carve-outs for U.S.-based production)
- 41% on goods from Syria
- 40% on imports from Laos and Myanmar
Despite the initial volatility, markets appeared to stabilize as investors weighed the likely impact on corporate earnings and global supply chains.
Who is Stephen Miran—and why markets care
Trump also nominated Stephen Miran, chair of the White House Council of Economic Advisers, to the Federal Reserve Board to replace Adriana Kugler. Miran is a known critic of the Fed’s recent policy path and an outspoken supporter of Bitcoin and cryptocurrency.
“I think crypto has a big role potentially to play in innovation and ushering in another Trump Administration economic boom,” Miran has stated publicly.
His appointment adds another layer of uncertainty around monetary policy and future rate decisions as the Fed approaches the end of summer.
Mixed bag in corporate earnings
Investors also digested a fresh batch of earnings Thursday evening and early Friday. Here’s how some notable names performed:
- Expedia: Beat Q2 earnings expectations and raised full-year guidance
- Instacart: Beat estimates and issued strong forward guidance
- Pinterest: Missed on earnings per share but exceeded revenue forecasts
- Sweetgreen: Fell short and slashed its annual outlook
- Block: Missed EPS but raised full-year profit outlook
- Flutter and SoundHound: Both beat forecasts and lifted guidance
- Nextdoor: Cut 12% of its workforce and lost its CFO
Earnings from Under Armour, AMC Networks, and Wendy’s are expected later Friday.
Cryptocurrency and gold react to the news
Bitcoin and Ethereum both rallied, with Ethereum climbing over 1% to hit a seven-month high at $3,966.21. The crypto spike comes amid Miran’s nomination and growing speculation about more pro-digital currency policies under a potential second Trump term.
Gold futures also surged to a record high following new tariffs on 1-kg gold bars. Spot gold hovered near $3,396 per ounce early Friday.
Where the markets stand this week
Heading into the final session of the week, major indexes are still on track for weekly gains:
- S&P 500: +1.63%
- Nasdaq: +2.87%
- Dow Jones: +0.87%
- Russell 2000: +2.21%
Despite volatility driven by policy headlines and earnings swings, investors appear cautiously optimistic as Q3 begins.
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