US stock futures edged higher on Friday as Intel’s upbeat outlook and easing oil prices offered investors some relief after Thursday’s technology-led sell-off.
Dow futures gained 275 points, or 0.5%, while S&P 500 and Nasdaq 100 contracts rose about 0.3%. The rebound remained tentative after Alphabet and Tesla reignited doubts over the cost of the AI buildout.
Fresh tariffs on imports from 60 trading partners also added policy uncertainty, although exemptions softened the immediate inflation threat.
Markets now turn to July business-activity data, next week’s Federal Reserve decision and another round of earnings for direction before the opening bell today.
5 things to know before Wall Street opens
1. Intel delivers the earnings surprise
Intel gained about 5% before the bell after second-quarter revenue rose 25% to $16.13 billion and adjusted earnings reached 42 cents a share, both comfortably above expectations.
The chipmaker forecast third-quarter sales of $15.8 billion to $16.8 billion and lifted its 2026 capital-spending plan to $20 billion, with investment set to rise further next year.
The update offers evidence that AI demand is supporting traditional server processors as well as accelerators.
2. The wider technology rebound remains fragile
Intel’s strength has not erased the market’s broader concern about the cost of artificial intelligence.
Thursday’s sell-off followed higher spending guidance from Alphabet and negative free cash flow at Tesla, reinforcing demands for clearer returns on data centres, models and robotics.
Semiconductor shares were mixed in premarket trading, suggesting investors are becoming more selective rather than returning wholesale to the sector.
3. Trump replaces the temporary global tariff
The administration introduced duties of 10% or 12.5% on goods from 60 trading partners, citing weak enforcement of forced-labour bans.
The measures replace an expiring temporary 10% tariff and include exemptions for oil, gas and selected food products.
Their lower rates and carve-outs helped limit the initial market reaction, though importers still face higher costs and renewed supply-chain uncertainty.
4. Brent retreats, but the energy shock is not over
Brent slipped back below $100 after Thursday’s 7% surge, while WTI eased towards $91.
The pullback supported futures, but crude remained on course for a double-digit weekly gain as threats to Red Sea shipping kept supply risks elevated.
Markets still placed roughly one-in-three odds on a Fed increase next week, up sharply from a week earlier, leaving technology valuations sensitive to oil and Treasury yields.
5. Oracle rises before the US PMI release
Oracle advanced after the Pentagon awarded it a five-year software agreement worth $3.31 billion, with an option that could lift the total to $6.99 billion over a decade.
The deal consolidates military software licences and is expected to generate at least $441 million in savings.
Investors will then turn to preliminary July manufacturing and services PMIs at 9:45 am ET for a timely reading on growth, demand and pricing pressure.
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