Stock market today: Dow, S&P 500, Nasdaq futures stall as Wall Street eyes coming US-China trade talks

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US stock futures trod water on Friday as Wall Street digested the latest signs President Trump's trade war could be entering a more conciliatory phase as the US heads into talks with China. Dow Jones Industrial Average futures slipped roughly 0.2%, while S&P 500 futures traded broadly flat. Contracts on the tech-heavy Nasdaq 100 tipped 0.1% higher.

👨🏼‍💻 Nvidia modifies H20 chip for China to overcome US export controls, sources say: Nvidia plans to release a downgraded version of its H20 artificial intelligence chip for China in the next two months, following U.S. export restrictions on the original model, three sources familiar with the matter told Reuters. The U.S. chipmaker has notified major Chinese customers, including leading cloud computing providers, that it aims to release the modified H20 chip in July, two of the sources said. Yahoo Finance reports.

🤝 Exclusive-India offers to slash tariff gap by two-thirds in dash to seal trade pact with Trump: India has offered to slash its tariff gap with the U.S. to less than 4% from nearly 13% now, in exchange for an exemption from President Donald Trump's "current and potential" tariff hikes, two sources said, as both nations move fast to clinch a deal. Yahoo Finance reports.

📰 Nippon Steel expects profit to drop 43% this year, US Steel decision by early June: Nippon Steel, expects net profit to slide 43% in the fiscal year ending March 2026, it said on Friday, citing a weak global steel market pressured by China's exports and the impact of new U.S. tariffs. Japan's biggest steelmaker also said it expects a U.S. decision on whether to approve the company's proposed acquisition of U.S. Steel by June 5. Reuters reports.

🚕 Lyft stock rises on bigger buyback, strong outlook for demand: Ride-hailing app Lyft Inc. on Thursday offered up a second-quarter forecast for a key demand metric that came in slightly above Wall Street’s expectations, and its board approved an increase to its stock buyback plans based on what it characterized as strong demand. Market Watch reports.

🏦 Fed's Kugler says US labor market stable, close to maximum employment: Federal Reserve Governor Adriana Kugler on Friday said the U.S. labor market is stable and, based on the current unemployment rate of 4.2% and a range of other measures, is most likely close to the central bank's goal of maximum employment. Kugler's prepared remarks to the Central Bank of Iceland did not otherwise touch on the economic outlook or monetary policy. The Fed earlier this week kept short-term borrowing costs in a range of 4.25%-4.50%. CNBC reports.

📍 Pinterest shares surge as strong ad spend defies tariff uncertainty: Pinterest shares jumped over 12% in premarket trading on Friday, after a strong quarterly revenue forecast allayed investor jitters about the uncertainty of advertising spending on its platform amid global economic volatility. Its robust first-quarter revenue positions it alongside peers Reddit and Facebook-parent Meta, which also saw strong top-line results at a time when deepening global trade tensions have clouded the outlook for many firms dependent on marketing spend. Yahoo Finance reports.

🪙 Bitcoin jumps above $100,000 for first time since February: Bitcoin on Thursday hit its highest level since February, climbing back above the key $100,000 level. The price of the flagship cryptocurrency was last higher by nearly 6% at $101,679.85, according to Coin Metrics. The move began overnight after President Donald Trump first teased an announcement between the U.S. and the United Kingdom on trade. Bitcoin continued its climb and touched $100,000 as Trump revealed a broad outline of the agreement on Thursday morning. Stocks also rallied. CNBC reports.

✈️ IAG orders 71 long-haul jets split between Airbus and Boeing: British Airways owner IAG on Friday unveiled plans to buy 71 long-haul aircraft from Airbus and Boeing, sharing a major fleet expansion across the Atlantic a day after Britain and the U.S. announced a trade deal. The airline group announced a new order for 32 Boeing 787-10 aircraft for British Airways, and 21 Airbus A330-900neo aircraft. It also disclosed for the first time options exercised in March for six Airbus A350-900s, as well as six Airbus A350-1000s and six Boeing 777-9s. CNBC reports.

🚗 Detroit Three automakers blast Trump UK trade deal: A group representing General Motors, Ford and Stellantis blasted President Donald Trump's trade deal announced with the United Kingdom, saying it would harm the U.S. auto sector. British carmakers will be given a quota of 100,000 cars a year that can be sent to the United States at a 10% tariff rate, almost the total Britain exported last year, compared to 25% for Mexico and Canada and nearly all other countries. Yahoo Finance reports.

🚎 Expedia shares fall after soft US travel demand leads to revenue miss: Shares of Expedia fell 9.2% before the bell on Friday, after the online travel-booking platform missed Wall Street estimates for quarterly revenue due to weaker than expected demand in the U.S. Expedia joins its peers as the travel industry braces for a slowdown ahead of the peak summer season, with economic uncertainty — driven by the ongoing tariff war and elevated interest rates — weighing on consumer spending. Yahoo Finance reports.

🌡️ Celsius CEO Alex Mashinsky sentenced to 12 years in multi-billion-dollar crypto fraud case: Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to two counts of fraud, a dramatic fall for the leader of a company once hailed as the “bank” of the crypto industry. Standing before U.S. District Judge John G. Koeltl in Manhattan’s Southern District, Mashinsky faced the consequences of what prosecutors described as a sweeping scheme to defraud investors. CNBC reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM Eastern Time)
Benzinga reports.

1) $WBUY: Webuy Global

Total gain: +133.47%

2) $ZKIN – ZK International Group

Total gain: +74.60%

3) $CRVS: Corvus Pharma

Total gain: +28.35%

4) $GOGO: Gogo

Total gain: +21.66%

5) $PHX: PHX Minerals

Total gain: +20.11%

The closing price of the top three market percent gainers trading near or above $3 on May 8.

*All pricing and percent gains are based on regular market trading hours from 9:30am to 4:00pm Eastern Time

1) $VEEE: Twin Vee PowerCats

Total gain: +183.92%

The company announced its financial results for the first quarter ended March 31, 2025. Revenues were $3.6 million, a 91.7% sequential increase from the fourth quarter of 2024, compared to guidance of 50%. Benzinga reports.

2) $ASST: Asset Entities

Total gain: +128.31%

The company announced that it has entered into a definitive merger agreement with Strive Asset Management. Benzinga reports.

3) $QBTS: D-Wave Quantum

Total gain: +52.7%

The company announced financial results for its first quarter ended March 31, 2025. It announced record revenue of $15.0 million for the first quarter of fiscal 2025. This represents an increase of $12.5 million, or 509%, from revenue of $2.5 million for the first quarter of fiscal 2024. Benzinga reports.

Time (ET) / Report / Period

5:55 am - Fed Governor Michael Barr speech

6:45 am - Fed Governor Adriana Kugler speech

8:30 am - New York Fed President John Williams speech

“You have to keep your priorities straight if you plan to do well in stocks.”

- Peter Lynch

Sourced in: “Beating the Street”, by Peter Lynch, published in 1993