US stock futures hovered near flat on Friday morning and slipped into the red by the European session. All three main benchmarks closed lower on Thursday.
Dow Jones futures fell 0.15% to around 52,310 during European hours, per FXStreet, S&P 500 futures dropped 0.16% to near 7,600 and Nasdaq 100 futures fell 0.30% to about 28,300. Earlier premarket prints had shown the Dow up 0.06% and the S&P 500 up 0.07% in Benzinga's futures table, with the Nasdaq 100 down 0.12%. The swing between the two reads shows how fast the tape moved through the morning.
Nvidia shares rose 1.87% in premarket trading on Friday to about $169.45, per Benzinga, a day after the stock fell about 12%, per CNBC. The shares dropped below $150 in Thursday premarket trading before buyers lifted them back above $160. Jensen Huang resigned as president and chief executive on Thursday, effective immediately, and left the board. Chief financial officer Colette Kress becomes interim chief executive while the board searches for a permanent successor; director Harvey C. Jones becomes its first board chair. President Donald Trump urged Huang to fight for his job in a phone call on Tuesday, two days before the resignation, per Benzinga. Nvidia reports third-quarter results on November 17.
Trump wrote on Truth Social on Thursday that Mexico must stop migrant caravans heading north or tariffs on Mexico would be "IMMEDIATELY DOUBLED", adding "There will be no leniency." Reuters reported more than 1,500 migrants set off from southern Mexico on Tuesday; Mexican President Claudia Sheinbaum replied that no caravan has reached the US border since January 2025.
Earnings after Thursday's close added stock-specific moves. Cisco reported first-quarter fiscal 2027 adjusted earnings of $1.40 a share on revenue of $18.52 billion, beating estimates, yet the shares fell 1.72% premarket. Applied Materials posted fourth-quarter adjusted earnings of $4.16 a share on revenue of $10.41 billion, also ahead of estimates, and rose 0.14% premarket. Nu Holdings gained 3.51% premarket after third-quarter earnings of $0.22 a share on revenue of $5.82 billion.
| Index | Thursday close | Thursday change | Friday premarket |
|---|---|---|---|
| Dow Jones | 52,297.09 | -0.36% | +0.06% |
| S&P 500 | 7,592.40 | -0.35% | +0.07% |
| Nasdaq Composite | 25,366.09 | -0.39% | -0.12% (Nasdaq 100) |
| Russell 2000 | 2,799.06 | -1.66% | +0.02% |
The MarketRadar snapshot at 10:13 UTC put gold at $3,904.9, down 0.71%, bitcoin at $69,317, down 5.51%, and WTI crude at $88.1, down 0.78%. The 10-year Treasury yield stood at 5.12% and the 2-year at 4.85%, per Benzinga.
Why it matters
Three forces hit the tape at once: the Nvidia leadership change, a fresh tariff threat against the largest US trading partner, and a December Fed hike fully priced at 25 basis points with a 14.5% chance of a half-point move (as of November 13). The October PPI report lands at 8:30 a.m. ET and decides whether that 14.5% rises or falls — FXStreet puts the consensus at 6.6% year on year for headline PPI and 5.0% for core. A hot print locks in the hike path and keeps pressure on growth stocks; a soft print cuts the half-point odds fast. Mexico is Washington's top trading partner and the two sides are renegotiating trade terms, so a tariff threat lands on supply chains as well as sentiment.
What to watch
- October PPI at 8:30 a.m. ET — headline expected +6.6% year on year, core +5.0% (FXStreet).
- Fed speakers: Bowman 10:50 a.m., Daly 12:00 p.m., Jefferson 7:00 p.m. ET.
- Nvidia earnings November 17 — first results under interim chief Kress.
- Whether the S&P 500 holds 7,592; Polymarket gives a 55% chance of a higher open, per Benzinga.
- USD/JPY at 159.88 in the MarketRadar snapshot, after the pair tested 160 on Thursday.
Key points
- Dow futures fell 0.15% to about 52,310 in European hours after a premarket session that showed small gains.
- Thursday: Dow 52,297.09 (-0.36%), S&P 500 7,592.40 (-0.35%), Nasdaq 25,366.09 (-0.39%), Russell 2000 2,799.06 (-1.66%).
- Nvidia rose 1.87% premarket to about $169.45 after falling about 12% on Thursday; Huang resigned and Kress is interim CEO.
- Trump threatened to double Mexico tariffs unless caravans are stopped; more than 1,500 migrants set off on Tuesday, per Reuters.
- October PPI lands at 8:30 a.m. ET; a 25bp December hike is fully priced, with a 14.5% chance of 50bp (as of November 13).
MarketRadar take
The tape is pricing three headlines at once, and none of them clears before the open. PPI at 8:30 a.m. ET is the first filter: a print above the 6.6% headline consensus keeps the half-point odds alive and the pressure on the Nasdaq; a soft print cuts them. Nvidia's 1.9% premarket bounce says the market has priced the resignation for now; the November 17 earnings call under a new chief is the next test. Until PPI prints, futures hovering near flat is the market waiting, not deciding.
