Nasdaq Futures Lag Amid Sell-Off In Chip Stocks — All Eyes On SK Hynix’s Debut Today

Nasdaq futures edged lower on Friday, dragged by a decline in chip stocks, ahead of the U.S. listing of SK Hynix later in the day.

• While the S&P 500 and Nasdaq are poised to post a second straight week of gains, the Dow is set to snap its four-week winning streak.
• Meta stock extended gains into Friday following the launch of the Muse Spark 1.1 artificial intelligence model.
• Netflix was on investors’ radar after the Wall Street Journal reported that the streaming company was exploring introducing live channels that would continuously stream selected shows and movies.

U.S. stock futures traded mixed early Friday, with weakness in the Nasdaq and S&P 500 offset by modest gains in the Dow, as Wall Street turned its attention to the blockbuster U.S. listing of memory chip giant SK Hynix (SKHY) later in the day.

As of 6 a.m. ET, Nasdaq futures fell 0.4%, S&P 500 futures declined 0.1%, Dow futures were up 0.1%, while Russell 2000 futures edged 0.2% lower.

Wall Street ended Thursday in positive territory, with the Nasdaq climbing 1.3%, the S&P 500 advancing 0.8%, and the Dow Jones Industrial Average adding 0.3%.

While the S&P 500 and Nasdaq are poised to post a second straight week of gains, the Dow is set to snap its four-week winning streak.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100 Index, remained ‘bullish’ over the past 24 hours.

Trending Stocks To Watch

Meta Platforms Inc. (META): The stock climbed 2% in premarket trading on Friday, extending the previous session’s gains after the company unveiled its Muse Spark 1.1 artificial intelligence model designed for coding applications. The stock is on track to post its strongest weekly performance since mid-April.

ServiceNow (NOW): Shares of the company extended gains from the previous session after it partnered with Hitachi Digital Services to launch an AI-powered solution for managing critical infrastructure.

Netflix (NFLX): The stock was up 1.2% in pre-market trading after the Wall Street Journal reported that the streaming company was exploring the introduction of live channels that would continuously stream selected shows and movies. It is also reportedly considering bundling other subscription streaming services, including NBCUniversal's Peacock, into its platform.

Fermi (FRMI): The stock slumped more than 16% in pre-market trading after the company announced plans to offer $350 million in convertible senior notes due 2031 to qualified institutional buyers after market hours on Thursday.

nLIGHT (LASR): The stock was on investors’ radar after Craig-Hallum raised its price target to $100 from $80, after the company secured a major U.S. defense contract for laser systems to defend against cruise missiles and drone attacks.

Other tickers trending on Stocktwits at the time of writing included Marvell Technology (MRVL), Unity Software (U), Lam Research Corp (LCRX) and Paypal Holdings (PYPL).

SK Hynix is set to debut on the Nasdaq today after raising $26.5 billion in the largest U.S. IPO ever by a foreign company, surpassing Alibaba’s 2014 record. The South Korean memory chip maker sold 177.9 million American depositary shares (ADSs) at $149 each.

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