Pre-Bell｜Wall Street Futures Mixed Ahead Inflation Data; Intel Rose 4%; Wolfspeed Tumbled 25%; Concentrix Tumbled 20%

U.S. stock index futures were mixed on Friday, as investors awaited key inflation data that could sway bets on interest rate cuts, while also weighing the impact of fresh tariffs on a broad range of imported goods.

Market Snapshot

At 07:22 a.m. ET, Dow E-minis were up 38 points, or 0.08%, S&P 500 E-minis were down 1 point, or 0.02%, and Nasdaq 100 E-minis were down 29.25 points, or 0.12%.

Pre-Market Movers

Eli Lilly rose 1.4% following President Donald Trump's announcement late Thursday that pharmaceutical companies would face a 100% tariff on branded or patented drugs unless they are currently building plants in the U.S. Lilly is one of many big pharma companies that lately have announced big investments in U.S. manufacturing. Other large pharmaceutical companies like AbbVie, Merck, Amgen, and Bristol Myers Squibb also rose between 0.5% and 1% in premarket trading, while U.S.-listed shares of Danish drugmaker Novo Nordisk fell 0.7%.

Wolfspeed Inc. tumbled 25% in premarket after slumping 17% on Thursday on the news of planning corporate move amid bankruptcy.

Wayfair dropped 3.5% after Trump's social media posts also said a 50% levy was coming on imported kitchen cabinets, bathroom vanities, and associated products, and a 30% tariff on upholstered furniture. Shares of peer furniture and kitchen appliances retailers RH and Williams-Sonoma were down 4.4% and 2.6%, respectively.

Costco Wholesale was down 0.8% in premarket trading even as the giant warehouse club reported fiscal fourth-quarter earnings of $5.87 a share, beating analysts' expectations of $5.80. However, while same-store sales, a measure of sales growth at stores open for more than a year and a key metric in retail, increased 5.7% from last year they were short of forecasts that called for an increase of 5.9%.

Intel rose 4% in the premarket session after the chip maker closed up 8.9% on Thursday to $33.99, following a report from Bloomberg that said Intel had approached Apple asking for an investment. Intel has risen nearly 40% in September and was on pace for its best month since January 1987, when it rose 49%, according to Dow Jones Market Data.

Apple , meanwhile, declined 0.3% to $256.06. Analysts at Evercore ISI raised the firm's price target on Apple to $290 from $260 and maintained an Outperform rating on shares of the iPhone maker. Evercore said its annual survey of nearly 4,000 consumers around iPhone purchase intentions "points to what we believe is the start of better-than-expected iPhone refresh cycle, led by a strong lineup of products, particularly at the high-end."

Shares of Oracle fell 0.7%, extending losses following a 5.6% drop Thursday as Trump signed an executive order to keep the social-media platform TikTok alive in the U.S., and confirmed Oracle's Larry Ellison would be involved in the deal. The stock has fallen for three consecutive days, declining more than 11% over the span. A Wall Street analyst on Thurasday cut his recommendation on the stock to Sell, arguing that investors have been "overestimating the value of Oracle's contracted cloud revenue." Shares remain up 75% for the year.

Concentrix Corp tumbled 20% after the customer experience solutions and technology company posted fiscal third-quarter earnings that missed analysts' estimates, and issued a disappointing outlook for the current quarter. The company expects fiscal-year adjusted earnings of between $11.11 and $11.23 a share, down from a previous forecast of between $11.53 and $11.76.

CarMax was up 0.3% after shares tumbled 20% Thursday to $45.60 following weaker-than-expected quarterly earnings and a sharp decline in same-store unit sales from one of the largest U.S. used-car dealers. The drop Thursday was the stock's largest daily percentage decrease since Sept. 29, 2022, when it fell almost 25%, according to Dow Jones Market Data. It also was the stock's lowest close since March 20, 2020, when it finished at $44.27.

Market News

Trump signs order declaring TikTok sale ready and values it at $14 billion

President Donald Trump signed an executive order on Thursday declaring that his plan to sell Chinese-owned TikTok's U.S. operations to U.S. and global investors will address the national security requirements in a 2024 law.

The new U.S. company will be valued at around $14 billion, Vice President JD Vance said, putting a price tag on the popular short video app far below some analyst estimates.

Foreigners Are Buying US Stocks at Record Pace Despite Trade War

Canada and generally roiled global sentiment toward the US last spring, worries mounted that foreign buyers would boycott American financial products.

When it comes to US equities, the opposite happened. Foreign purchases rose to a record in the second quarter, according to Federal Reserve Board data. Demand has been so brisk that stocks now make up nearly 32% of foreigners allocations to US assets — breaking a record that’s been in place since 1968.