Retail sentiment on Stocktwits remained ‘neutral’ on SPY and turned ‘bearish’ on QQQ.

  • U.S. stock futures point to a modest rebound after Thursday’s sharp selloff.
  • Treasury yields climb again, and tensions with Iran add to inflation concerns. 
  • Bitcoin crossed $74,000 and is on track for its strongest week since February 2024.

U.S. stock futures were higher early Friday as they look to recover from the sharp selloff in the previous session. Investors are digesting rising Treasury yields, higher oil prices and renewed inflation concerns. 

As of 4:30 a.m. ET, Nasdaq futures rose 0.4%, Russell 2000 futures were up 0.5%, while S&P 500 and Dow futures were up 0.3%. For the week, the Nasdaq and Russell 2000 were both down about 2.5%, while the S&P 500 and Dow were also headed for weekly declines. 

Bond markets continue to weigh on investor sentiment. The 10-year Treasury yield climbed back toward 4.70%, while the 30-year yield traded around 5.25%, reversing some of the relief that followed the Treasury Department’s decision to increase long-duration bond buybacks. 

Meanwhile, on Thursday, Treasury Secretary Scott Bessent announced that Washington will enforce "the toughest sanctions in history" and a blockade on Iran following President Donald Trump’s threats of unprecedented economic isolation. 

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has remained ‘neutral’, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has moved back into ‘bearish’ territory from ‘neutral’ a day ago.

Tech Radar 

Nvidia (NVDA) refutes reports concerning a new bespoke AI chip for China. 

Micron (MU) on retail radar after CEO Sanjay Mehrotra highlighted AI turning memory into “strategic infrastructure.” It has also committed $10 billion over the next decade to establish Micron Research Labs in Boise. Meanwhile, BMO reiterated an Outperform rating and $1,300 price target.

Cerebras Systems (CBRS) is attracting attention after officer Sean Lie filed to sell approximately $153.2 million worth of shares.

Apple (AAPL): OpenAI launched ChatGPT desktop integration with Apple Messages on Mac, amid reports of some layoffs at the VR team. 

Spotify (SPOT) announced a $1.5 billion increase to its share-repurchase program. 

Trending Stocks

Tesla (TSLA): Gained approval for its full Autonomous Vehicle Network permit in Nevada to deploy up to 5,000 paid robotaxis in Las Vegas. 

SpaceX (SPCX) is in focus after reports that it and AST SpaceMobile are interested in acquiring 800 MHz spectrum licenses valued at roughly $6 billion. However, Elon Musk has reportedly refuted these reports.

ASTS, RKLB and LUNR will also be in focus after the White House signed a memorandum aimed at boosting U.S. space launches, with a goal of supporting more than 1,000 launches and reentries annually by 2030. 

AeroVironment (AVAV) stock rose 1% in early premarket trade after announcing plans to establish an industrial presence in Greece through its AV Eagle business.

The crypto trade has also returned to the center of retail attention. Bitcoin crossed $74,000 and is on track for its best week since February 2024. Strategy (MSTR), Marathon Digital (MARA), Coinbase (COIN), and other crypto equities continued their rally in early premarket trade.

Walmart (WMT) remains in focus after suffering its worst session since May 2022. It posted slowest U.S. same-store sales growth in six years and issued weak Q3 guidance on Thursday. 

Other tickers trending on Stocktwits at the time of writing included Robinhood (HOOD), Cipher Digital (CIFR), Gamestop (GME), and JD.com (JD).

What Else To Watch Friday 

On the economic front, investors will watch the release of the S&P Global Flash Manufacturing PMI and Services PMI at 9:45 a.m. ET. 

On the earnings front, BJ's Wholesale Club (BJ , Ubiquiti (UI) and SCHMID Group (SHMD) are among those reporting today.

The market's attention will shift to two potentially bigger catalysts next week: earnings repor from AI bellwether Nvidia on Wednesday and the Jackson Hole Economic Symposium in later half of the week, with Fed Chair Kevin Warsh scheduled to speak on Aug. 28 at 10 a.m. ET.

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