Pre-Bell | Nasdaq Futures Slide 1%; Figma Soars 20%; Apple Jumps 2%; Nvidia Falls 2%; Amazon Sinks 8%; Coinbase Tumbles 10%

Wall Street futures declined on Friday, hammered by new U.S. tariffs on dozens of trading partners and Amazon's unimpressive earnings, while investors awaited a key jobs report to gauge the Federal Reserve's next move.

Market Snapshot

At 8:00 a.m. ET, Dow e-minis were down 400 points, or 0.9%, S&P 500 E-minis were down 61 points, or 0.96%, and Nasdaq 100 E-minis were down 250.5 points, or 1.07%.

Pre-Market Movers

Apple reported a jump of 10% infiscal third-quarter revenueto $94 billion as iPhone sales rose more than 13% from a year earlier to $44.58 billion and surpassed Wall Street estimates of $40.09 billion. Analysts suggest many customers rushed to buy new iPhones expecting that tariffs would boost prices. CEO Tim Cook saidAppleincurred about $800 million of tariff-related costs in the third quarter. Cook added Apple estimates it will face tariff costs of about $1.1 billion in its fiscal fourth quarter. Apple shares were up 1.8%.

Amazon.com fell 8.2%. The tech and online retailing giant posted better-than-expectedsecond-quarter earningsas profit rose 35% from a year earlier and net sales rose by 13% to $168 billion. Analysts had been expecting sales of $162 billion.Amazonrecorded $30.9 billion in revenue in its Amazon Web Services cloud business, up nearly 18% from a year earlier and higher than Wall Street forecasts of $30.8 billion. Amazon said it expects third-quarter sales of $174 billion to $179.5 billion, compared with expectations of $173.3 billion. However, Amazon said it anticipates third-quarter operating income of $18 billion at the midpoint of its range, below analysts’ estimates of $19.5 billion.

Chip stocks fell in premarket trading. SOXL down 5%; SMCI, AMD, Marvell down over 3%; Broadcom, Micron down over 2%; Nvidia, TSMC down nearly 2%.

Figma stock rose another 20% in premarket trading after closing up 250% in its trading debut Thursday at $115.50. The design software start-up’s initial public offering of36.9 million shareswas priced Wednesday at $33 a share, above the expected range. Figma’sIPO raised more than $1.2 billion. The stock opened for trading Thursday at $85 a share.

Chevron fell slightly in premarket trading after the energy giant posted better-than-expected second-quarter adjusted earnings but said its production business logged a profit of $2.73 billion, down from $4.47 billion a year earlier because of lower oil prices.

Exxon Mobil rose 0.6%. Earnings in the second quarter fell 23% from a year earlier on lower oil prices. Profit of $1.64 a share beat analysts’ expectations of $1.56.

Moderna declined 6.4% after the vaccine maker reported a narrower-than-expected loss in the second quarter as revenue fell 41% from the same period a year earlier, primarily due to lower Covid-19 vaccine sales. Moderna also cut the high end of its full-year revenue outlook.

Microsoft gained 0.7% in premarket trading. The software giant closed up 4% on Thursday at an all-time high of $533.50 after posting fiscal fourth-quarter earnings that beat analysts’ estimates and revenue jumped 18% to $76.4 billion. Microsoft closed with a market of $3.966 trillion after crossing $4 trillion during Thursday’s session.

Tesla was down 0.6% in premarket trading after the electric-vehicle maker began offering ride-hailing services in the San Francisco Bay Area. “You can now ride-hail a Tesla in the SF Bay Area, in addition to Austin,” said CEO Elon Musk in a post on X.com, adding that “Invites to our Bay Area ride-hailing service are going out now.”

Reddit swung to a profit in the second quarter and adjusted earnings easily topped analysts’ expectations. Ad revenue in the quarter of $465 million jumped 84% from a year earlier. The social media company issued better-than-expected revenue guidance for the third quarter. Reddit shares jumped 14%.

MicroStrategy, the largest corporate holder ofBitcoin, swung to a profit in the second quarter as revenue rose 3% from a year earlier and its Bitcoin per share increased 25% in 2025.MicroStrategyearned $32.60 a share in the quarter, a reversal from a year-earlier loss of 57 cents. Operating income jumped more than 7,000% to $14.03 billion as an accounting change allowed MicroStrategy to include an unrealized gain on the company’s digital assets of $14 billion. Shares fell 2%.

Coinbase Global reported second-quarter revenueof $1.5 billion that slightly missed analysts’ expectations while transaction revenue of $764.3 million also came up shy of forecasts of $814 million. Subscription and services revenue in the period was $656 million. The cryptocurrency exchange said it expects third-quarter subscription and services revenue of $665 million to $745 million, below estimates of $752.9 million. Coinbase declined 10%.

First Solar was up 3.6% after the solar company reported better-than-expected second-quarter earnings and issued a mixed full-year outlook. First Solar expects 2025 revenue of between $4.9 billion and $5.7 billion, higher than earlier forecasts of $4.5 billion to $5.5 billion. The company also narrowed its earnings guidance to a range of $13.50 to $16.50 a share, from $12.50 to $17.50.

Market News

Trump: Fed Board Should Assume Control If Powell Won't Lower Interest Rates

U.S. President Donald Trump said on Friday the Federal Reserve board should assume control if Fed Chair Jerome Powell continues to refuse to lower interest rates.

"Jerome 'Too Late' Powell, a stubborn MORON, must substantially lower interest rates, NOW. IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!" Trump said.