Stock market today: Dow, S&P 500, Nasdaq futures waver as Wall Street digests Trump's trade and tax agendas

⚛️ Oklo, Uranium Energy, NuScale stocks surge as Trump reportedly gears up to boost nuclear sector: Nuclear stocks surged in extended trading on Thursday after a report said President Donald Trump would sign executive orders as soon as Friday to boost nuclear energy. Uranium Energy up 8.7%, Oklo up 12.2%, NuScale Power up 9.8%, Energy Fuels jumped between 14% and 18%.

Reuters reported that a draft version of the summary of the orders said Trump will invoke the Cold War-era Defense Production Act and declare a national emergency to reduce U.S. dependence on Russia and China for enriched uranium, nuclear fuel processing, and advanced reactor components. MSN reports.

🤖 Nvidia stock rises. Why next week is a big one for the chip maker: Nvidia stock was edging higher in muted trading on Friday, with the artificial-intelligence chip maker’s next blockbuster earnings report now just days away. Barrons reports.

☎️ U.S., China hold first call since Geneva meeting, signaling progress in trade talks: The U.S. and China agreed to keep lines of communication open, following a call between senior officials Thursday, signaling continued high-level engagement as both sides work toward a broader deal.

Chinese Vice Foreign Minister Ma Zhaoxu and U.S. Deputy Secretary of State Christopher Landau exchanged views on a range of key issues during the call, both sides said in closely aligned statements released Friday, without specifying whether tariffs were among the topics discussed. CNBC reports.

💻 Alphabet’s stock is charging even higher. Here’s how Google’s AI bets are resonating: Alphabet Inc. is “moving to offense” on artificial intelligence, according to a Bank of America analyst, and that continues to support its stock.

The Google parent company’s stock was among the S&P 500’s top performers on Thursday afternoon, as Wall Street cheered a slate of AI-focused announcements from Google’s annual I/O developer conference this week. MarketWatch reports.

🏠 Mortgage rates climb to highest level in more than three months amid bond market unrest: Mortgage rates are inching back toward 7%, highlighting the ongoing strain on US home buyers. The average rate on a standard, 30-year fixed mortgage was 6.86% in the week ending May 22, the highest level since mid-February, according to data released Thursday from Freddie Mac.

Growing concern about the national debt impacted home borrowing rates this week. CNN reports.

📊 US stocks likely to open on a mixed note: 'Nothing good happens above a 5% Yield,' says expert: U.S. stock futures were fluctuating on Friday after a mixed close on Thursday. Futures of major benchmark indices were mixed in premarket. The week began with the market shrugging off Moody’s downgrade of the U.S. government debt, however, it slipped later in the week as investors started assessing the impact of the new tax bill proposed by the Donald Trump administration, known as the “One, Big, Beautiful Bill.”

While the tax bill is expected to add $3.8 trillion to the U.S. debt as per Congressional Budget Office estimates, it was passed by the U.S. House of Representatives on Thursday by a 215-214 margin. Benzinga reports.

🏅 Gold rises, set for weekly gain as US fiscal woes boost appeal: Gold prices rose 1% on Friday and were on track for their best week in six, boosted by a weaker dollar and as worries over the United States' worsening fiscal health sent investors towards safe-haven bullion. Spot gold was up 1% at $3,327.89 an ounce as of 0919 GMT. Bullion has risen 4% this week, its highest since April 7.

U.S. gold futures gained 1% to $3,328. President Donald Trump's tax bill is supporting gold as there are concerns that this is negative for the fiscal situation of the dollar and some investors are diversifying out of treasury into gold, UBS analyst Giovanni Staunovo said. MarketScreener 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) $INEO: INNEOVA Holdings

Total gain: +59.79%

2) $LITM: Snow Lake Resources

Total gain: +28.88%

3) $LEU: Centrus Energy

Total gain: +21.67%

4) $MLGO: MicroAlgo

Total gain: +19.35%

5) $LTBR: Lightbridge

Total gain: +18.57%

The closing price of the top three market percent gainers trading near or above $3 on May 22.
Benzinga reports.

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

1) $NVTS: Navitas Semiconductor

Total gain: +164.39%

The company announced a collaboration with NVIDIA on its next-generation 800 V HVDC architecture to support “Kyber” rack-scale systems powering its GPUs, such as Rubin Ultra, enabled by GaNFast™ and GeneSiC™ power technologies. Benzinga reports.

2) $MNTN: MNTN

Total gain: +143.72%

The company announced the pricing of its initial public offering of 11,700,000 shares of its Class A common stock at a public offering price of $16.00 per share. Benzinga reports.

3) $ASST: Asset Entities

Total gain: +61.31%

The stock appeared to be moving on no notable news.

*Estimate and Actual numbers represent Earnings Per Share in US Dollars

BKE: Buckle
1Q 2025

Before Market Open
Estimate: 0.690
Actual: N/A

FRO: Frontline
1Q 2025

Before Market Open
Estimate: 0.660
Actual: 0.180

BAH: Booz Allen Hamilton
4Q 2025

Before Market Open
Estimate: 1.610
Actual: N/A

Time (ET) / Report / Period

9:35 am - Kansas City Fed President Jeff Schmid
and St. Louis Fed President Alberto
Musalem on panel

10:00 am - New home sales - April