U.S. stock index futures slipped on Friday as uncertainty remained high on the U.S.-China trade front despite signs of a possible softening in Beijing's stance.

Market Snapshot

At 8:17 a.m. ET, Futures linked to the S&P 500 were 0.2% lower, while Nasdaq-100 futures slipped 0.4%. Futures tied to the Dow Jones Industrial Average dipped 207 points, or 0.5%. AppLovin Corporation rose 3%; Tesla Motors up 1%.

Pre-Market Movers

Meta Platforms, Inc. — The Facebook and Instgram parent jumped about 3%. Meta cut staff in its Reality Labs division, CNBC reported. 

Alphabet – The Google and YouTube owner climbed 4% after first-quarter results topped Wall Street expectations. Alphabet earned $2.81 per share on $90.23 billion in revenue for the quarter, while analysts surveyed by LSEG had estimated $2.01 per share and $89.12 billion in revenue.

T-Mobile US – Shares of the telecommunications company fell 5% after it reported fewer first-quarter wireless phone subscribers than the Street expected, seeing 495,000 postpaid phone additions versus analysts’ call for 504,000, according to StreetAccount. Earnings and revenue for the first quarter topped Street estimates.

Intel – The chipmaker fell 7.4% after the outlook for the current quarter disappointed investors. Intel guided for revenue in the June quarter to come in at $11.8 billion dollars at the midpoint, less than consensus calls for $12.82 billion, according to LSEG. Management anticipates that earnings will break even. Intel also announced plans to reduce its operational and capital expenses.

Gilead Sciences -- The biopharmaceutical stock slid 4% after posting first-quarter revenue of $6.67 billion, missing the consensus estimate of $6.81 billion from analysts polled by LSEG. Gilead earned $1.81 per share, excluding items, in the quarter, while Wall Street penciled in $1.79.

Skechers USA – The footwear maker slumped 5% after reporting lower-than-expected first-quarter revenue and withdrew its 2025 forward financial forecasts on account of “macroeconomic uncertainty stemming from global trade policies.” Skechers’ bottom-line results came in above analyst forecasts. 

Hasbro — The toy company rose about 2% one day after soaring 15%. Citigroup raised its investment opinion to buy from neutral, saying Hasbro’s stronger-than-expected Wizards of the Coast business outweighs any uncertainty stemming from tariff policy, according to analyst James Hardiman. 

Market News

Trump Sees Trade Deals Coming in Three to Four Weeks

President Donald Trump said he expected to wrap up trade deals with US partners looking for lower tariffs soon.

“I would say, over the next three to four weeks, and we’re finished, by the way,” Trump said of the deals in an interview with Time magazine published Friday.

“I’ll be finished. Now, some countries may come back and ask for an adjustment, and I’ll consider that, but I’ll basically be, with great knowledge, setting—ready,” he added.

In a wide-ranging interview Trump defended his trade policies which have unnerved financial markets and sent foreign governments racing to Washington to cut deals.

China Mulls Exempting Select U.S. Goods from 125% Tariffs - Report

China is said to be weighing the possibility of exempting certain U.S. imports from its 125% tariffs, and has begun soliciting input from companies on which products should qualify.

A Ministry of Commerce task force is collecting lists of items that could be exempted from tariffs and is asking companies to submit their requests, Reuters reported, citing a source.

Financial news magazine Caijing reported on Friday citing sources that Beijing was preparing to include eight semiconductor-related items, although not memory chips.

Apple Moving to Boost iPhone Shipments from India to US to Ease Tariff Impact, Source Says

Apple aims to make most of its iPhones sold in the United States at factories in India by the end of 2026, and is speeding up those plans to navigate potentially higher tariffs in China, its main manufacturing base, a source told Reuters.

Apple is holding urgent talks with contract manufacturers Foxconn and Tata to achieve that goal, said the person, who declined to be named as the planning process is confidential.

BYD's Quarterly Profit Surges at Fastest Pace in Nearly Two Years

BYD Co., Ltd.'s first-quarter profit leapt 100.4% from a year earlier, the fastest pace in nearly two years, as the Chinese electric vehicle giant extends its lead in its competitive home market after launching a smart EV price war.

Net profit totalled 9.2 billion yuan ($1.26 billion), a stock filing showed on Friday, compared with the company's earlier estimate of 8.5 billion yuan to 10 billion yuan.

Revenue came in at 170.4 billion yuan in the quarter, up 36.4% year-on-year versus a 52.7% rise in the previous quarter.