U.S. stock futures were mixed on Friday, as the Dow Jones index advanced while the S&P 500 and Nasdaq 100 indices fell, following Thursday’s higher close.
U.S. Treasury Secretary Scott Bessent intensified his “economic D-Day” pressure campaign, accusing Iran’s “corrupt regime” of funding overseas terror while domestic economic conditions deteriorate. Driven by the expanding financial offensive, the Iranian rial collapsed to a record low of approximately 1.37 million per dollar as August oil loadings plummeted to 248,000 barrels daily.
Investors will keep an eye on Federal Reserve Chairman Kevin Warsh as he addresses an audience of international economists and central bankers at Jackson Hole. Global markets will closely monitor his remarks for further details regarding the economy, recent bond market volatility, and emerging risks to the U.S. and global outlooks.
Meanwhile, the 10-year Treasury bond yielded 4.67%, and the two-year bond was at 4.23%. The CME Group’s FedWatch tool projections show markets pricing a 33.7% likelihood of the Federal Reserve hiking the current interest rates during its September meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.18% |
| S&P 500 | -0.06% |
| Nasdaq 100 | -0.37% |
| Russell 2000 | 0.07% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Friday. The SPY was down 0.019% at $770.95, while the QQQ declined by 0.31% to $718.87.
Stocks In Focus
Marvell Technology
- Marvell Technology Inc. (NASDAQ:MRVL) tumbled 8.93% despite reporting better-than-expected financial results for the second quarter. Management guided third-quarter non-GAAP gross margins to 57.5%–58.5%, representing a sequential drop from the second quarter’s 58.9%.
- Benzinga’s Edge Stock Rankings indicate that MRVL maintains a strong price trend in the short, long, and medium terms, with a solid growth score.
PayPal Holdings
- PayPal Holdings Inc. (NASDAQ:PYPL) tumbled 14.58% following reports that a consortium led by Stripe and Advent International has abandoned its $53 billion takeover pursuit.
- Benzinga’s Edge Stock Rankings indicate that PYPL maintains a strong price trend in the short, long, and medium terms, with a poor growth score.
Ulta Beauty
- Ulta Beauty Inc. (NASDAQ:ULTA) also declined 3.19% despite posting upbeat results for the second quarter and raising its FY2026 guidance.
- Benzinga’s Edge Stock Rankings indicate that ULTA maintains a strong price trend in the short and medium terms with a weak trend in the long term, with a solid quality score.
Gap
- Gap Inc. (NYSE:GAP) advanced by 14.86% after reporting better-than-expected second-quarter earnings and raising its FY26 EPS guidance above estimates.
- Benzinga’s Edge Stock Rankings indicate that GAP maintains a strong price trend in the short term but a weak trend in the long and medium terms, with a good value score.
IREN
- IREN Ltd. (NASDAQ:IREN) slumped 7.72% as it posted its fourth-quarter results after Thursday’s closing bell, missing the consensus revenue estimate for the quarter.
- Benzinga’s Edge Stock Rankings indicate that IREN maintains a weak price trend in the long, short, and medium terms, with a poor value score.
Cues From Last Session
Information technology led Thursday’s advance among S&P 500 sectors, while health care, consumer staples, and consumer discretionary shares recorded the deepest losses during the session.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.20% | 53,569.44 |
| S&P 500 | 0.72% | 7,730.99 |
| Nasdaq Composite | 1.57% | 26,541.35 |
| Russell 2000 | 0.28% | 3,014.34 |
Insights From Analysts
Jennifer Timmerman, Global Macro Analyst at Wells Fargo Investment Institute, maintains a constructive outlook on the U.S. economy and stock market despite recent signs of consumer fatigue.
While addressing concerns about whether the U.S. consumer has “checked out,” Timmerman emphasizes that recent economic weakness “warrants perspective rather than alarm.”
Although consumer spending may moderate in the second half of the year as lower-income households face financial strain, she highlights that broader economic fundamentals remain solid.
Key pillars supporting her positive outlook include labor-market stability—noting an intact “no hire, no fire” environment—strong spending by upper-income households driven by asset gains, and an ongoing “artificial intelligence (AI) investment boom.”
Ultimately, Timmerman concludes that “recent data suggest the consumer is slowing, not taking a deep dive.”
She expects that labor market stability, ongoing AI infrastructure investments, and wealth-building gains will keep the broader economic expansion on track, which could continue “driving gains in the stock market.”
Upcoming Economic Data
Here’s what investors will be keeping an eye on Friday.
- August’s Chicago PMI data will be released by 9:45 a.m. ET.
- August’s final University of Michigan consumer sentiment survey data will be out by 10:00 a.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude Oil WTI futures were trading lower in the early New York session by 0.60% to hover around $83.03 per barrel.
Gold Spot US Dollar rose 0.22% to hover around $4,611.84 per ounce. The U.S. Dollar Index spot was 0.01% higher at the 99.1670 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.10% higher at $79,769.58 per coin over the last 24 hours.
Asian markets were mixed on Friday, as South Korea’s Kospi and China’s CSI 300 indices fell. Australia’s ASX 200, India’s Nifty 50, Hong Kong’s Hang Seng, and Japan’s Nikkei 225 indices rose. European markets were mostly higher in early trading.
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