Dow, S&P 500, Nasdaq futures take a breath after march to latest records

US stock futures tipped higher on Friday after the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) vaulted to their latest records on fresh signs of strength in the US economy.

Dow Jones Industrial Average futures (YM=F) rose 0.2%. Futures tied to the S&P 500 (ES=F) were up 0.1%, while those on the tech-focused Nasdaq 100 (NQ=F) also climbed 0.1%.

The tech-heavier indexes clinched records on Thursday, part of a record-setting run as Wall Street turned bullish in the second quarter. Investors were buoyed Thursday by a softening on jobless claims and stronger-than-expected retail sales, with little indication that President Trump’s tariffs are so far affecting consumer spending habits.

Meanwhile, earnings continue to roll in, and they have shown steady resilience in corporate America. Thursday’s highlight was Netflix (NFLX), which kicked off Big Tech earnings with an all-around beat while raising its full-year revenue forecast. Friday’s earnings highlights include 3M (MMM), American Express (AXP), and Charles Schwab (SCHW).

The major indexes are set for weekly wins, with this week’s drama involving Trump’s fury with Fed Chair Jerome Powell largely on the back burner. Powell sent a letter to Trump’s top budget official on Thursday, defending the Fed’s headquarters renovation project for which he has come under fire in recent days.

But already, the focus is turning to who could replace Powell next year and the additional dual mandate that person will face: keeping Trump happy while attempting to maintain the Fed’s independence.

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Meta continues Apple-targeted AI hiring spree

After headhunting a top AI expert at Apple (AAPL) to lead Meta’s (META) faltering AI division, the social media giant has followed up by taking two more key players from the artificial intelligence team, both of whom had previously worked under Meta’s new head of AI.

Bloomberg reports:

Read more here.
Trending tickers in after-hours trading

Netflix (NFLX)

Stock in the streamer dipped nearly 2% despite topping analyst expectations for both earnings and revenue in Q2. The streaming leader reported revenue of $11.08 billion, just above the $11.07 billion Wall Street had forecast. Investors may be reacting to the narrower-than-hoped revenue beat and looking ahead to guidance.

Norfolk Southern (NSC)

Share value in railroad operator Norfolk Southern soared 4.7% in after-hours trading following a report from WSJ that Union Pacific is in preliminary talks to acquire the railroad operator. There’s also discussion of a merger in the possible creation of what would be America’s largest railroad.