U.S. stock index futures dipped on Friday, as investors awaited more clarity on U.S. President Donald Trump's reciprocal tariff plans following robust gains in the last sessions and retail sales data.

Market Snapshot

At 8:12 a.m. ET, Futures linked to the S&P 500 slipped 0.1%, while Dow Jones Industrial Average futures lost 106 points, or 0.2%. Nasdaq 100 futures edged down 0.2%. Tesla Motors up 2%.

Pre-Market Movers

Intel was up 3% in premarket trading. The chip maker closed Thursday at $24.13, up 7.3%, rising for four straight days and gaining 26% over the period. It was the best four-day stretch for the stock since the four days ended Nov. 2, 1987, when it rose 38%, according to Dow Jones Market Data. The rally this week received a boost Tuesday when Vice President JD Vance said at the AI Action Summit in Paris that the Trump administration "will ensure that the most powerful AI systems are built in the U.S. with American designed and manufactured chips."

Shares of Voice AI platform SoundHound AI Inc fell 16%, sidewalk delivery robots maker Serve Robotics Inc. fell 36% and Nano-X Imaging Ltd. fell 7% premarket after AI giant NVIDIA dissolves stake in the companies. Nvidia reports share stake of 1.2 million in NEBIUS, shares up 8%.

Airbnb, Inc. was profitable in the fourth quarter and the shares rallied 14% even as the short-term stay company forecast revenue in 2025 that was slightly below Wall Street expectations. Airbnb earned 73 cents a share in the fourth quarter, compared with a year-earlier loss of 55 cents, as revenue rose 12% to $2.48 billion and topped estimates. Gross booking value in the period rose 13% to $17.6 billion. Airbnb said it anticipates first-quarter revenue of $2.23 billion to $2.27 billion, below analysts' expectations of $2.29 billion.

Moderna, Inc. was down 3% after the vaccine maker reported fourth-quarter revenue of $1 billion, compared with the consensus estimate of $943 million. The company lost $2.91 a share in the quarter, while analysts had called for a loss of $2.68. Moderna pre-reported its annual earnings and previewed its 2025 guidance in mid-January; the stock fell 17% that day.

Applied Materials, the semiconductor equipment manufacturer, reported fiscal first-quarter adjusted earnings and revenue that beat analysts' expectations but issued mixed guidance, sending the stock down 5% in premarket trading. Applied Materials said it expects second-quarter adjusted earnings of $2.12 to $2.48 a share on revenue of $6.7 billion to $7.5 billion, the midpoint of which missed analysts' expectations of $7.21 billion.

Fiscal second-quarter earnings at cybersecurity company Palo Alto Networks were better than Wall Street estimates, but the stock was down 4% in premarket trading after Palo Alto estimated third-quarter revenue of between $2.26 billion to $2.29 billion versus forecasts of $2.27 billion, and maintained its full-year outlook for remaining performance obligations.

Coinbase Global, Inc. reported fourth-quarter earnings of $4.68 a share, easily beating Wall Street forecasts of $2.11. Revenue in the quarter was $2.27 billion, better than estimates of $1.84 billion. Coinbase said trading volume in the period was $439 billion, up from $154 billion in the fourth quarter of 2023. Shares of Coinbase have risen about 40% since Donald Trump's presidential election victory, with the president promising to make the U.S. the "crypto capital of the world" by ushering in a lighter regulatory regime. The stock was down 2% in premarket trading.

DraftKings Inc. rose 5% in premarket trading after the online sports betting company reported a wider-than-expected fourth-quarter loss but said it was raising its revenue guidance for 2025 to between $6.3 billion to $6.6 billion, compared with its previous outlook of $6.2 billion to $6.6 billion.

Roku Inc jumped 14%. The streaming company reported a narrower-than-expected fourth-quarter loss and revenue of $1.2 billion that topped analysts' expectations. Streaming households at the end of the quarter were 89.8 million, better than consensus of 89 million. Roku said it sees first-quarter revenue of $1.01 billion, up 14% from a year earlier, and full-year revenue of $4.61 billion. Both forecasts were in line with Wall Street expectations. Roku also said it expects to be operating income positive in 2026.

GameStop rose 8% after CNBC reported the video game retailer was considering investing in Bitcoin and other cryptocurrencies. The report cited sources familiar with the matter.

Twilio declined 9% after the communication-tools provider reported a narrower fourth-quarter loss but issued an outlook that missed expectations. Twilio said it expects first-quarter adjusted earnings of 88 cents to 93 cents a share on revenue of $1.13 billion to $1.14 billion. Analysts had been expecting adjusted earnings of 99 cents a share on revenue of $1.14 billion.

DaVita HealthCare Partners was down 5% after the dialysis provider said it expects adjusted earnings of $10.20 to $11.30 a share in 2025, below analysts' expectations of $11.38.

Market News

WeRide Jumps After Nvidia Discloses Position

WeRide Inc. shares jumped over 92% premarket on Friday after AI giant NVIDIA disclosed a position in the Chinese robotaxi developer.

As of Dec. 31, 2024, Nvidia's holdings in WeRide totaled around 1.74M shares, worth around $24.65M, according to the chip giant’s latest 13F filing.

WeRide, which makes robobuses, robotaxis and robosweepers and related sensor suites, was valued at about $4.4B in a March 2022 fundraising round.

Intel-Taiwan Semiconductor Tie-up Likely “Won't Work,” Citi Says

While the Intel-Taiwan deal may be batted around in Washington, D.C., because of geopolitical concerns, investment firm Citi believes it “won't work” for three key reasons.

“First, Intel employees would have to subjugate themselves to TSMC employees and directions,” Citi analyst Christopher Danely wrote in a note to clients. “Second, Intel and TSMC have completely different manufacturing process ecosystems and methodologies so Intel employees would have to learn completely different ways of manufacturing.”

“Lastly, Intel workers would likely have to adopt completely foreign working arrangements that exist in Taiwan such as living near the factory, being able to come to the factory at a moment’s notice in the middle of the night if needed, etc,” Danely added.

Danely kept his Neutral rating on Intel and reiterated his stance that the company should exit the foundry business and keep its focus on its “core microprocessor competency.”