Pre-Bell｜Nasdaq, S&P 500 Futures Slip; Broadcom Drops 6%; Lululemon Soars 10%; Cannabis Stocks Surge With Tilray up 28%; Gold and Silver Stocks Shine

Futures tracking the S&P 500 and Nasdaq slid on Friday as chipmaker Broadcom's results sparked fresh worries about a potential artificial intelligence bubble, dampening investor optimism from a less hawkish Federal Reserve monetary policy decision earlier in the week.

Market Snapshot

At 7:30 a.m. ET, Dow e-minis were up 81 points, or 0.17%, S&P 500 E-minis were down 11.25 points, or 0.16%, and Nasdaq 100 E-minis were down 146.25 points, or 0.57%.

Pre-Market Movers

Broadcom fell 6.3% ahead of the opening bell after the chip maker reported better-than-expected results for its fourth fiscal quarter but failed to ease investors’ concerns about its customers. Wall Street has been worried about how reliant big chip makers are on orders from ChatGPT developer OpenAI, the loss-making startup. On an earnings call, analysts questioned the chip maker’s sales forecasts and future margins.

Lululemon Athletica jumped 9.5% in premarket trading after the retailer topped analysts’ expectations for third-quarter earnings and revenue. Lululemon also announced that CEO Calvin McDonald plans to step down on Jan. 31. Lululemon’s board has yet to name a permanent successor.

Cannabis stocks surged. Tilray up 28%; Canopy Growth up 20%; Aurora Cannabis up 15%. President Donald Trump is expected to direct his administration to move to reclassify marijuana as a less dangerous drug, according to people familiar with the matter, a move that could represent one of the biggest shifts in US policy toward cannabis in decades.

Costco Wholesale slipped 0.6% even as the warehouse retailer reported solid fiscal first-quarter earnings. Investors were likely hoping for even stronger numbers. Costco has lost momentum this year, falling 4%—a surprising reversal for a stock that has long outperformed the market.

Oracle fell 1.3% in premarket trading after plunging 11% the previous session. Oracle raised its spending forecast and issued guidance that fell short of estimates on Wednesday.

RH rose 3.7% after the furniture company missed analysts’ third-quarter earnings targets but beat on revenue. RH’s sales guidance came in weak: It expects 7% to 8% growth over the current quarter, softer than the 10% jump that Wall Street had forecast.

Bristol Myers Squibb rose 2.9% to $52.68 after shares were upgraded to Buy from Neutral at Guggenheim with a price target of $62. Analysts said it believes 2026 “offers a much more compelling value-oriented and pipelinedriven risk/reward” on share of the pharmaceutical company.F

Netskope declined 5.7%. The cybersecurity company posted a narrowr-than-expected third-quarter loss and revenue that topped Wall Street estimates. while guidance came in slightly above expectations. Netskope expects revenue in the fourth quarter of $188 million to $190 million, better than expectations of $185.5 million.

Market News

Spot Gold Hits Seven-Week High on Safe-Haven Demand; Silver Notches Peak

Gold prices rose to a seven-week high on Friday, bolstered by a soft dollar, expectations of interest rate cuts and safe-haven demand prompted by geopolitical turbulence, while silver hit a record high.

Spot gold rose 1.29% to $4,335.15 per ounce, its highest level since October 21, and was set for a 3.2% weekly gain. Spot silver rose 1.43% to $64.49 per ounce, after hitting a new record high of $64.56/oz, and is headed for a 10.4% weekly gain.