U.S. stock futures are slightly higher ahead of the Wall Street open and are rebounding from yesterday’s modest losses. Stocks were initially higher on Thursday after President Trump announced a day earlier that his 100% tariff on imported semiconductor chips would not affect companies that are “building in the United States.”

With no economic data due today, investor focus will be on earnings and tariff headlines. Expedia (EXPE), Block (XYZ) and Take-Two (TTWO) are rallying post earnings but The Trade Desk (TTD) is down 30% after its quarterly report.

• Oil (/CL) – Oil prices are up 0.3% near $64.00 a barrel, but were headed for their steepest weekly losses since late-June, as investors expressed concern over the impact to the global economy from tariffs that kicked into effect on Thursday.

• Gold (/GC) – Gold futures are up 0.8% near $3480 and hit a record high overnight after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. The letter, dated July 31, said 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world’s largest gold refining hub.

• Bitcoin (/BTC) – The Crypto Future is down about 0.8% near $117,000 in the premarket.

• VIX – The CBOE Volatility Index was down 1.2% on Thursday and settled at 16.57 despite stocks settling mostly lower.

• U.S. Dollar (/DX) – The dollar is down slightly at 98.1.

• Benchmark upgrades Instacart (CART) to Buy from Hold

• DZ Bank upgrades Fortinet (FTNT) to Buy from Hold

• Piper Sandler upgrades Monster Beverage (MNST) to Overweight from Neutral

• BofA double downgrades The Trade Desk (TTD) to Underperform from Buy

• Wells Fargo downgrades Rockwell Automation (ROK) to Equal Weight from Underweight

• Barclays downgrades Crocs (CROX) to Equal Weight from Overweight

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