Pre-Bell｜US Stock Futures Largely Steady; Deckers Up 14%; Centene And Charter Sank 12%; Intel Down 8%

Wall Street futures were largely unchanged on Friday, as investors caught their breath after record closes for the S&P 500 and the Nasdaq and looked for clarity on U.S. trade talks before the August 1 tariff deadline.

Market Snapshot

At 08:18 a.m. ET, Dow E-minis were up 39 points, or 0.09%, S&P 500 E-minis were up 5 points, or 0.08%, and Nasdaq 100 E-minis were down 9.5 points, or 0.04%.

Pre-Market Movers

Intel reported second-quarter revenueof $12.9 billion that was better than analysts’ expectations, forecast third-quarter revenue of $12.6 billion to $13.6 billion, versus the consensus call of $12.66 billion, and said it had completed the majority of the layoffs—a headcount reduction that will total about 15% of the workforce—under a plan the chip maker announced last quarter. Shares were down 7.9% in premarket trading, however, after Intel posted an adjusted loss in the quarter of 10 cents a share, compared with analysts’ expectations for profit of 1 cent. The latest second quarter included a number of restructuring charges.

Centene sank 12% after the health insurer reported asurprise quarterly loss.Centeneposted a second-quarter adjusted loss of 16 cents a share as revenue jumped 22% from a year earlier to $48.7 billion. Analysts were expecting a profit of 11 cents a share on revenue of $44.1 billion. Centenepulled its financial guidanceearlier this month, citing weak data it had seen on its Affordable Care Act plans.

Charter Communications declined 12% after posting second-quarter profit of $9.18 a share, well below Wall Street forecasts that called for earnings of $9.58.

AutoNation rose 3.2% after posting second-quarter adjusted earnings of $5.46 a share on revenue of $6.97 billion, beating analysts’ estimates for earnings of $4.70 on revenue of $6.86 billion. Same-store revenue was up 8% in the second quarter.

Newmont Mining rose 2% after reporting second-quarter adjusted earningsof $1.43 a share, topping Wall Street expectations of $1.16, with the company benefiting from the price of gold soaring recently to record highs. The gold miner posted revenue of $5.32 billion, up from $4.4 billion a year earlier, and higher than forecasts of $4.85 billion. The company said its second-quarter average realized gold price was $3,320 an ounce, up from $2,347 in the same period in 2024.Newmontalso said its boord authorized a buyback program of $3 billion in stock.

Paramount Global gained 1.6% after the Federal Communications Commission approved the entertainment company’s $8 billion merger with Skydance Media on Thursday. Paramount and Skydance are expected to close their merger over the next few weeks, The Wall Street Journal reported, citing people familiar with the matter.

Edwards Lifesciences jumped 7.7% after the medtech company’s second-quarter adjusted earnings and sales beat analysts’ expectations. The company also raised its sales outlook for the year, saying it now expects sales to rise 9% to 10%.

Deckers Outdoor was up 14% after fiscal first-quarter earnings rose from a year earlier as revenue gained 17% to $964.5 million, topping forecasts of $900.4 million. Hoka sales in the quarter soared 20% to $653.1 million, while UGG sales jumped 19% to $265.1 million. Sales at both brands were better than Wall Street forecasts.Deckersexpects second-quarter revenue of $1.38 billion to $1.42 billion versus estimates of $1.4 billion.

Tesla rose 0.6% as Tesla informed some of its workers that it plans to launch its Robotaxi service in the Bay Area this weekend, according to an internal memo viewed by Business Insider.

Charles Schwab was up 1.5% after its board authorized the brokerage company to buy back $20 billion of stock. The new buyback replaces a prior authorization that had $6.9 billion remaining, Schwab said.

Boston Beer, the owner of the Samuel Adams and Truly brands, jumped 7.5% after reporting second-quarter earnings that beat Wall Street forecasts and saying that it expects the full-year total cost impact of tariffs to be less than previously anticipated.

Market News

Meta to halt political advertising in EU from October, blames EU rules

Meta Platforms will end political, electoral, social issue advertising on its platform in the European Union in early October because of the legal uncertainties due to EU rules targeting political advertising, the U.S. social media company said on Friday.

Meta's announcement echoed Alphabet unit Google's decision announced last November, underscoring Big Tech's pushback against EU rules aimed at reining in their power and making sure that they are more accountable and transparent.

Phillips 66 profit beats estimates on higher refining margins

Refiner Phillips 66 beat Wall Street estimates for second-quarter profit on Friday, helped by higher refining margins and lower turnaround expenses.

Top U.S. refiners were expected to post higher second-quarter profit, rebounding from losses in the prior quarter as stronger-than-expected diesel margins lifted earnings.