Nasdaq futures surge 120 points: 5 things to know before Wall Street opens

• Atlassian surged ~30% pre-market after beating revenue estimates on accelerating cloud growth; Microchip rose ~9% and Cloudflare gained 15% on raised guidance
• July payrolls expected to show 80,000 jobs added (up from 57,000 in June) with unemployment at 4.2%; a strong report could lift Treasury yields and pressure growth stocks
• Trump administration's new polysilicon tariff and minimum price framework, effective December, boosted solar stocks like First Solar (+9%) and aimed to reduce Chinese supply chain dependence

Market Summary

Pre-Market Movement:

U.S. stock futures showed mixed performance Friday morning, with Nasdaq 100 futures surging 120 points (+0.5%), S&P 500 futures up 0.2%, while Dow futures remained flat. Major indexes were positioned for their strongest weekly gains since April-May, driven by AI-linked earnings momentum.

Key Movers:

• Atlassian (TEAM): Jumped 30% pre-market after beating revenue expectations with accelerating cloud growth
• Microchip Technology: Rose ~9% on stronger-than-expected quarterly revenue guidance
• Cloudflare: Gained 15%+ after raising full-year revenue forecasts
• Airbnb: Advanced 11% on improved full-year outlook supported by strong travel demand
• First Solar (FSLR): Up 9% following Trump administration's polysilicon tariff announcement; SolarEdge rose 2%

Critical Data:

July jobs report due at 8:30 AM ET represents the session's main catalyst. Economists forecast 80,000 payroll additions (vs. 57,000 in June), 4.2% unemployment, and 3.5% annual wage growth. Results will significantly influence the Federal Reserve's September policy decision, with futures currently pricing an even split between no change and a rate hike.

Sector Developments:

Trump administration announced new polysilicon tariffs and minimum pricing effective December, targeting reduced dependence on Chinese supply chains—benefiting domestic solar manufacturers.

Oil prices rebounded on Strait of Hormuz uncertainty and potential Iranian restrictions, keeping inflation concerns elevated. Short-term Treasury yields held above 4%.

Market Implication:

Strong earnings support continued risk appetite, but the jobs report will determine whether bond yields permit further tech rally continuation. Growth stock valuations remain vulnerable to inflation/rate pressures.