Pre-Bell｜US Stock Futures Rise Ahead of Powell's Jackson Hole Speech. Nvidia Falls 1%; PDD Holdings Jumps 4%; NIO Rises Nearly 6%

U.S. stock index futures edged higher on Friday, recovering slightly from the previous session's losses as investors awaited Federal Reserve Chair Jerome Powell's address at the Jackson Hole Symposium for clues on the interest-rate path.

Market Snapshot

At 7:37 a.m. ET, Dow e-minis were up 124 points, or 0.28%, S&P 500 E-minis were up 10.75 points, or 0.17%, and Nasdaq 100 E-minis were up 24.75 points, or 0.11%.

Pre-Market Movers

Nvidia slipped 1% in premarket trading after reports the chipmaker has asked Foxconn to suspend work on the H20 AI chip, the most advanced product the company is permitted to sell to China.

Chinese ADRs shined in premarket trading. MINISO up over 8%; NIO up nearly 6%; PDD Holdings up 4%; Alibaba, XPeng up over 2%.

JPMorgan said in a recent report that it expected the momentum in mainland Chinese equities to persist, as leverage and valuations remained at moderate levels. The US investment bank estimated that potential asset rotation could inject as much as 14 trillion yuan (US$1.9 trillion) of liquidity into the market, equal to about 16 per cent of its free-float capitalisation.

Intuit topped Wall Street's fiscal fourth-quarter earnings expectations but the stock fell 5.6% in premarket trading following disappointing fiscal 2026 guidance. The parent company of TurboTax and Credit Karma said it expects fiscal-year earnings of between $22.98 and $23.18 a share on revenue of $21 billion to $21.19 billion. The low end of Intuit's guidance was just below Wall Street estimates for earnings of $23.02 a share on revenue of $21.1 billion.

Workday reported second-quarter adjusted earnings of $2.21 a share, beating analysts' estimates of $2.11, as subscription revenue jumped 14% from a year earlier to $2.17 billion. But the stock stumbled, falling 5.1%, as the human-resources software company issued third-quarter guidance that was slightly shy of expectations. For the current quarter ending in October, Workday expects subscription revenue of $2.235 billion, just below estimates of $2.237 billion. Workday also announced it was acquiring Paradox, a company that uses artificial intelligence to automate recruitment and hiring processes. Terms of the deal weren't disclosed.

Second-quarter sales at Ross Stores rose 5% to $5.53 billion, with the discount department store chain saying it was encouraged by trends at the end of the quarter, "particularly with the early sales performance related to the back-to-school selling season." Wall Street was estimating sales of $5.54 billion. Earnings of $1.56 a share included a negative impact of 11 cents from tariff-related costs, the retailer said. A year earlier, Ross Stores reported a profit of $1.59 a share. The stock climbed 2.3%.

Zoom Communications reported second-quarter adjusted earnings of $1.53 a share, beating analysts' forecasts of $1.38, as revenue rose 4.7% to a slightly better-than-expected $1.22 billion. The videoconferencing platform also raised its fiscal-year outlook, sending the stock up 5.1%.

Paramount Skydance was down 1.4% ahead of the opening bell after jumping 15% on Thursday. It wasn't immediately clear what drove the surge, although shares have drawn significant interest from retail investors in recent weeks. Paramount and Skydance merged on Aug. 7. to form a new company officially called Paramount, a Skydance Corporation. After floundering for its first couple of trading sessions, the stock spiked 37% on Aug. 13, in a move that appeared to echo the 2021 meme-stock craze.

Palantir Technologies declined 0.2% in premarket trading after the company, which sells AI software to manage and analyze large amounts of data, rose slightly Thursday to snap a six-session losing streak. It was Palantir's longest losing streak since April 2024, when it also declined for six consecutive trading days, according to Dow Jones Market Data.

Shares of Nvidia, the leading maker of AI chips, fell 1% after multiple reports said the company had asked some of its suppliers to stop production related to its H20 processors, which are made for the Chinese market. The stock has finished lower for three consecutive days, falling 3.9% over the span, and has closed down in four of the past five sessions.

Lucid Group shares dropped 1.9% after the electric-vehicle maker said it would proceed with a 1-for-10 reverse stock split of its common stock, following approval by its board. The reverse stock split is expected to take effect after next Friday's closing bell, and the stock is expected to start trading on a split-adjusted basis when the market opens on Sept. 2.

BJ's Wholesale Club said second-quarter total revenue rose 3.4% to $5.38 billion but that missed analysts' estimates of $5.49 billion. Comparable-club sales, excluding gasoline, rose 2.3% from a year earlier but were shy of estimates of 3.2%. BJ's raised its fiscal-year adjusted earnings guidance range but maintained its outlook for comparable-club sales growth at 2% to 3.5%. The stock was up 0.4%.

Market News

Pop Mart, JD Logistics, China Telecom to Join Hong Kong's HSI

Hang Seng Indexes Co. added Pop Mart International Group Ltd., JD Logistics Inc. and China Telecom Corp. to its Hong Kong stock benchmark following its quarterly review of members.

The rebalancing brings the total number of members of the Hang Seng Index to 88 from 85, according to the index compiler’s statement Friday. The changes will take effect on Sept. 8.

Meanwhile, Pop Mart will also be included in the Hang Seng China Enterprises Index, while J&T Global Express Ltd. will be removed from the gauge of Chinese firms listed in Hong Kong . The total number of HSCEI’s constituents remains unchanged at 50, the company said.