U.S. stock futures up on Friday as investors awaited the release of new economic data on Friday.

Wall Street is gearing up for December’s nonfarm payrolls reading, which is scheduled to come out at 8:30 a.m. ET on Friday. Economists polled by Dow Jones expect to see an increase of 155,000, less than the gain of 227,000 in November’s reading. Additionally, the unemployment rate is projected to remain at 4.2%.

Market Snapshot

At 7:37 a.m. ET, S&P 500 futures up 0.1% along with Nasdaq-100 futures. Futures tied to the Dow Jones Industrial Average up 7 points, or 0.1%.

Oil rose to a three-month high after another contraction in US crude stockpiles, driven by frigid winter weather, reflected a tighter global market. Brent futures advanced 3.2%, surpassing $79 a barrel for the first time since mid-October. Crude inventories at the American storage hub in Cushing, Oklahoma, have dropped to the lowest level since 2014, government data showed on Wednesday.

Pre-Market Movers

NVIDIA was down 2% in premarket trading following a Bloomberg report that said the Biden administration plans to impose a final round of chip export restrictions before leaving office. The plan would see U.S. allies given free rein to import chips but block imports by unfriendly countries such as China and Russia, according to Bloomberg, which cited people familiar with the matter. Fellow chip makers also fell. Broadcom slipped 1%, and Advanced Micro Devices fell 2%. AMD was downgraded to Neutral from Buy at Goldman Sachs.

U.S.-listed shares of Taiwan Semiconductor Manufacturing rose 1% in premarket trading. The Taiwan-based company, which is the primary manufacturer of advanced semiconductors, including those designed by Nvidia for artificial-intelligence applications, reported fourth-quarter revenue of NT$868.5 billion, beating forecasts of NT$854 billion.

Shares of Micron Technology fell 0.4% in premarket trading. Coming into Friday, the memory and storage company has risen 18% this year, making it the top stock in the S&P 500.

Edison has been the index's worst stock in 2025, down 13%. Making up most of that decline was the power producer's drop of 10% on Wednesday after the company's Southern California Edison subsidiary began shutting off power to some customers in California in an effort to help curb the multiple fires in Los Angeles. Edison said it doesn't serve the Palisades area, where one of the largest fires occurred. But it does have some infrastructure around the sites of the Hurst and Eaton fires and has been reviewing the incidents. The stock was down 2.5% in premarket trading.

SEALSQ Corp rose 3%, Rigetti Computing fell 0.5% in premarket trading, D-Wave Quantum Inc. fell 0.2%, and IONQ Inc. jumped 4% as the quantum-computing stocks clawed back sharp losses suffered earlier in the week. The shares tumbled after Nvidia CEO Jensen Huang said "very useful quantum computers" were decades away. Alan Baratz, CEO of D-Wave Quantum, however told CNBC on Wednesday that his company's services were being used by clients such as Mastercard "not 30 years from now, today."

Shares of Jefferies Financial Group Inc. fell 2%. The investment bank on Wednesday reported fourth-quarter earnings that rose 212% from a year earlier to $205.7 million and revenue that jumped 63%. The company said investment-banking revenue rose 73% in the quarter to $986.8 million.

Costco reported sales in December rose 10% to $27.52 billion, same-store sales were up 7.4%, and e-commerce sales jumped 34%. Shares of the warehouse retailer gained 2% in premarket trading.

IGM Biosciences was falling 67% following an announcement that it would be cutting 73% of its workforce after halting further development of imvotamab and IGM-2644, two IgM-based bispecific antibody T cell engagers for autoimmune diseases.

Market News

Tesla Recalls About 239,000 Vehicles over Rear-View Camera Issue

Tesla Motors said on Friday it was recalling about 239,000 vehicles over an issue that could cause the rear-view camera to not display an image, but it could be resolved by an over-the-air software update.

The development comes days after the National Highway Traffic Safety Administration opened a probe into 2.6 million Tesla vehicles in the U.S. over reports of crashes involving a feature that allows users to move their cars remotely.

Taiwan Semiconductor's Q4 Revenue Beats Estimates Amid Growing AI Demand

Taiwan Semiconductor Manufacturing's revenue for December 2024 surged 57.8% year-over-year to about NT$278.16B, amid a growing demand for AI applications.

TSM — which produces chips for some of the world's largest tech companies including Apple, NVIDIA and Advanced Micro Devices — saw revenue for the fourth quarter of 2024 grow about 39% year-over-year to around NT$868.46B. (The Q4 figures were based on calculations of monthly disclosures — October NT$314.24B, November NT$276.06B, December NT$278.16B).

The company's fourth quarter revenue of NT$868.46B, beat analysts' average estimate of NT$854.7B, according to a report from Bloomberg.

Delta Air Lines Leads the Airline Sector After Issuing a Strong 2025 Earnings Forecast

Delta Air Lines rose 8% in early trading on Friday after the airline company reported revenue of $15.56 billion to top the consensus estimate by $1.08 billion. Earnings per share came in at $1.85, vs. $1.74 consensus and $1.28 a year ago.

The airline company noted that demand accelerated through the quarter. During the months of November and December, Delta saw four of the top ten revenue days in the company's history and double-digit growth in cash bookings, driven by both leisure and corporate travelers. Notably, corporate sales were up by a double-digit rate during the quarter.

"As we move into 2025, we expect strong demand for travel to continue, with consumers increasingly seeking the premium products and experiences that Delta provides," highlighted CEO Ed Bastian. "Our differentiated strategy and best-in-class operations, combined with demand strength and an increasingly constructive industry backdrop, position us to deliver the best financial year in Delta's 100-year history, with pre-tax income greater than $6 billion, earnings per share greater than $7.35 and free cash flow of more than $4 billion," he added.