US stock futures rose on Friday after solid earnings from Apple (AAPL), as investors braced for a looming tariff deadline and an inflation report that could shape the path of interest rates.
Contracts on the Nasdaq 100 (NQ=F) climbed 0.8%, with spirits getting a boost from solid tech earnings. S&P 500 futures (ES=F) moved up roughly 0.5%, while Dow Jones Industrial Average (YM=F) added 0.3%, both set to build on Thursday’s gains.
Shares in Apple were rising in pre-market after the megacap posted a first quarter profit beat. While quarterly iPhone and China sales fell short, investors took an upbeat outlook for revenue as a sign of future recovery.
Intel’s (INTC) better-than-expected earnings were also helping markets move past the tech fears prompted by DeepSeek’s promise of cheap Chinese AI, as the chipmaker’s stock tipped higher.
But the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) are headed for small weekly losses, thanks to the tech rout sparked by DeepSeek, while the Dow (^DJI) is on track for a gain amid a strong start to earnings season.
Meanwhile, a volatile January marked by Trump’s early days in office looks set to bring monthly wins for the major gauges, with the Dow eyeing a jump of over 5%.
Trump on Thursday doubled down on a threat to impose a first round of 25% tariffs on Canada and Mexico on Feb. 1. The looming Saturday deadline has revived worries about the impact on the economy from a clampdown on the US’s biggest trading partners.
Read more: The latest news and updates as Trump’s tariff deadline approaches
On social media, Trump warned BRICS countries that they will face 100% tariffs if they replace the dollar with their own joint currency or another. The dollar (DX-Y.NYB) rose, headed for its best week since November.
The lack of clarity over tariffs has left Federal Reserve Chair Jerome Powell wait-and-see mode, with the potential for tariffs to inflame inflation in focus.
That means a fresh reading of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, will be closely watched for a steer on the path of interest rates. Economists expect annual “core” PCE — excluding food and energy — to come in at 2.8% in December, unchanged from November.
Eyes are also the latest batch of earnings reports, with Chevron (CVX), Colgate (CL), Exxon Mobil (XOM), and Phillips 66 (PSX) on the docket.
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Deckers stock tumbles as big comfy shoes come up small
One of the biggest losers early Friday were shares of Deckers Outdoor (DECK), the company behind shoe brands UGG and HOKA, which boasts a portfolio of some of the most comfortable footwear around.
The stock was down as much as 14% in pre-market trading.
Last night, the company said its sales for its fiscal year 2025 — which is set to end in March — would rise 15% to $4.9 billion, a slowdown from the 17% growth reported in its third quarter and a slowdown from the 18% growth seen in its fiscal 2024.
Deckers stock, one of the best-performing stocks in the S&P 500 over the last 5 years, closed at a record high on Thursday ahead of the results.
That success, however, appears to have caused some of the agita in markets early Friday. As MScience analyst Drake MacFarlane told Reuters, the company’s guide “looks pretty conservative and considering the beat, it’s bit of a negative read into the out quarter.”
At Decker’s two biggest brands — HOKA and UGG — sales rose 23.7% and 16.1%, respectively, in the holiday quarter.
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