U.S. stock index futures edged higher on Friday, with a decline in Treasury yields offering some relief to equities despite a drop in Tesla, although all three major indexes looked poised for a weekly loss.

Market Snapshot

At 7:50 a.m. ET, Dow E-minis were up 89 points, or 0.21%, S&P 500 E-minis were up 16.25 points, or 0.28%, and Nasdaq 100 E-minis were up 67.5 points, or 0.33%.

Pre-Market Movers

Tesla - Tesla was falling 2% in premarket trading after shares jumped 22% on Thursday for the stock’s best one-day gain in more than 11 years following better-than-expected quarterly earnings and operating profit margins from the electric-vehicle maker. Tesla’s market capitalization soared $150.3 billion on Thursday, a record for the company, according to Dow Jones Market Data. Tesla closed Thursday with a market value of $836.2 billion.

Apple - Apple shares dropped about 1% in premarket trading. Apple's iPhone sales in China slipped 0.3% while rival Huawei posted a 42% surge in the third quarter of 2024, as competition intensifies in the world's largest smartphone market. Meanwhile, KeyBanc lowered his rating on Apple to Underweight from Standard Weight, with a price target of $200. 

Capri Holdings, Tapestry - Shares of Capri Holdings, the owner of luxury brand Michael Kors, sank 46% in premarket trading after a judge granted the Federal Trade Commission’s request toblock the company’s intended merger with competitor Tapestry, which announced plans to acquire Capri in August 2023. The FTC filed a suit seeking to block the $8.5 billion merger in April 2024, arguing that the acquisition would curb competition in the market for less expensive handbags. Shares of Tapestry, which owns brands such as Coach and Kate Spade, were rising 16.3%.

Western Digital - Western Digital swung to a profit in its fiscal first-quarter and adjusted earnings at the data storage company topped analysts’ expectations as cloud sales rose 153% from a year earlier. “With the continued proliferation of the AI Data Cycle, our Flash and HDD product portfolios are well-positioned to capitalize on significant opportunities as adoption continues to grow,” said Chief Executive David Goeckeler. The stock jumped 10.3%.

Spirit Airlines - Spirit Airlines, which has been exploring a bankruptcy filing,will cut staff, reduce its flight schedule and sell 23 planes for about $519 million. The struggling budget carrier said cost-cutting moves that will go into effect early next year would save it $80 million. Shares were rising 6.2%.

Phunware - Trump-linked Phunware shares rebounded 11.9% in premarket trading Friday, trimming yesterday's losses. Shares of software developer Phunware plunged as much as 40% to $8.48 on Thursday after the comapny said its CEO retired after a year in the role.

Deckers Outdoor - Deckers Outdoor surged 15% after the parent company of Hoka sneakers and Ugg boots reported fiscal second-quarter earnings and revenue that smashed analysts’ estimates. Sales rose 20% from a year earlier to $1.31 billion. Hoka sales surged 35% and Ugg sales rose 13%. Deckers also issued a forecast that called for a 12% sales increase in fiscal 2025.

Skechers - Skechers rose 7.2% after third-quarter sales at the shoe company rose 16% to $2.35 billion and beat Wall Street estimates of $2.31 billion. Adjusted earnings of $1.20 a share also topped forecasts.

Coursera - Coursera tumbled 20% after the online learning platform cut revenue guidance for the year and said it would reduce its global workforce by about 10% as part of a plan to trim expenses. The company said it expects revenue for the year of $690 million to $694 million, below its prior guidance of $695 million to $705 million.

DexCom - DexCom declined 5.6%. The maker of glucose monitoring devices posted third-quarter adjusted earnings and revenue that beat estimates and reaffirmed its fiscal-year revenue outlook.

Centene - Centene rose 12% after third-quarter adjusted earnings of $1.62 a share at the health insurer beat analysts’ expectations of $1.41 and the company said it remained confident in its full-year outlook for adjusted earnings of more than $6.80 a share.

Market News

Elon Musk's Wealth Soars $34 Billion as Tesla Comes Roaring Back

Elon Musk added $33.5 billion to his net worth Thursday as Tesla Inc. shares posted their biggest gain in more than a decade, extending the world’s richest man’s lead atop the Bloomberg Billionaires Index.

Shares ended the day up 22% and turned positive for the year after the automaker reported its largest quarterly profit since the summer of 2023. Musk forecast as much as 30% growth in vehicle sales next year on a webcast following the release, and announced that the Cybertruck generated a quarterly profit for the first time.

The pop came after four straight quarters of disappointing earnings for the world’s largest electric-vehicle manufacturer, which has struggled amid slowing consumer demand.

TSMC's Arizona Chip Production Yields Surpass Taiwan's in Win for US Push

TSMC has achieved early production yields at its first plant in Arizona that surpass similar factories back home, a significant breakthrough for a US expansion project initially dogged by delays and worker strife.

The share of chips manufactured at TSMC’s facility in Phoenix that are usable is about 4 percentage points higher than comparable facilities in Taiwan, Rick Cassidy, president of TSMC’s US division, told listeners on a webinar Wednesday, according to a person who participated. The success rate, or yield, is a critical measure in the semiconductor industry because it determines whether companies will be able to cover the enormous costs of a chip plant.

The accomplishment is a sign of progress for Washington’s efforts to revitalize American semiconductor manufacturing. TSMC, the main chip manufacturing partner for Nvidia Corp. and Apple Inc., is in line to win $6.6 billion in government grants and $5 billion in loans — plus 25% tax credits — to build three fabrication facilities, or fabs, in Arizona. The award, like almost all others from the 2022 Chips and Science Act, isn’t yet finalized.