5 Things to Know Before the Stock Market Opens on Friday

• Major indexes headed for weekly losses: Dow down 0.2%, S&P 500 down 0.5%, and Nasdaq down 1.5% for the week amid ongoing tech sector volatility
• Netflix shares plunged in pre-market trading after issuing a disappointing earnings outlook and announcing plans to reduce frequency of user engagement updates
• SpaceX stock fell below its $135 IPO price for the first time since going public in mid-June, down from highs above $225, while Alphabet shares dropped on news of months-long delays for Google's Gemini 3.5 Pro AI model

Market Summary: Tech Sector Under Pressure as Major Indexes Head for Weekly Losses

Key Market Movements

Stock futures opened lower Friday, with Nasdaq futures down 1.7%, S&P 500 futures off 0.8%, and Dow futures declining 0.5%. The semiconductor index (iSOXX) fell 3% in premarket trading. Major indexes are tracking for weekly losses: Dow down 0.2%, S&P 500 down 0.5%, and Nasdaq down 1.5%, following volatile AI stock trading.

Commodities Update

WTI crude oil surged over 2% to approximately $81 per barrel—near one-month highs—amid ongoing Iran conflict concerns. Gold futures held steady just under $4,000 per ounce, near lowest levels since last fall. Bitcoin traded at $63,200, retreating from yesterday's $65,000 high.

Major Company Developments

Netflix (NFLX): Shares plunged in premarket after disappointing guidance despite Q2 results meeting expectations. The company announced plans to reduce frequency of user engagement updates, raising investor concerns.

SpaceX (SPCX): Extended its decline, closing Thursday below its $135 IPO price for the first time—a dramatic reversal from post-IPO highs above $225. Despite analyst price targets averaging $290, concerns about tech sector outlook and upcoming lockup expiration persist.

Alphabet (GOOGL): Shares fell following Bloomberg reports that Google's Gemini 3.5 Pro AI model release will be delayed by months due to disappointing coding performance results. The delay represents a setback in Google's AI race against OpenAI, Anthropic, and Meta.

Semiconductor Weakness

Major chipmakers retreated premarket, including Nvidia, Broadcom, Intel, and Micron, contributing to broader tech sector pressure.

Week Ahead

Major tech earnings expected next week from Alphabet, Intel, and Tesla as earnings season intensifies.