Nasdaq, S&P 500 Futures Rise As Quantum Stocks Stay Red-Hot, All Eyes On Warsh Fed Swearing-In: Why IBM, RGTI, QBTS, INFQ, AMD, RKLB Are In Focus

• Investors cheered the Trump administration’s $2 billion quantum computing push and stayed bullish on AI-linked trades. 
• Quantum names, including Rigetti Computing, D-Wave Quantum, and Infleqtion, surged after receiving proposed federal grants, while IBM soared on a $1 billion quantum initiative.
• Traders are also watching consumer sentiment data and the leadership change at the Fed, due later today.

U.S. stock futures climbed higher early Friday, driven by a massive $2 billion government funding injection into the quantum computing sector. The move added nearly $5 billion in combined market value across the quantum sector in a single session on Thursday. 

Crude oil prices resumed their rally after Tehran insisted on keeping its enriched uranium stockpile, stalling diplomatic progress despite U.S. Secretary of State Marco Rubio noting "some good signs" in ongoing peace talks. 

Investors are also keeping a close eye on Washington today as President Donald Trump is expected to officially swear in Kevin Warsh as the new Federal Reserve Chair, succeeding Jerome Powell. 

As of 4:30 a.m. ET on Friday: Nasdaq futures were 0.5% higher, S&P 500, Dow, and Russell 2000 futures were up 0.3%.

Retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, remains locked at ‘extremely bullish’.

Trending Stocks To Watch

International Business Machines Corp. (IBM): Shares rose another 4% in early premarket trade, extending gains from the previous session following a proposed $1 billion federal grant to support IBM's new venture as a major domestic manufacturer of quantum chips.

The other gainers of the Trump administration's quantum initiative are Rigetti Computing Inc. (RGTI), D-Wave Quantum Inc. (QBTS), and Infleqtion Inc. (INFQ), clocking 10% gains in early premarket trading on Friday. 

Advanced Micro Devices (AMD): Stock rose 2% in premarket trade after CEO Lisa Su reportedly projected a tight CPU market with a 35% annual growth rate over the next five years, downplaying the impact of China's export controls.

Rocket Lab (RKLB): The stock gained 4% in premarket trade after winning a $90 million U.S. Space Force contract to build and operate two defense satellites.

SpaceX (SPCX): Remains on retail radar, garnering heavy attention ahead of its upcoming IPO. Meanwhile, it postponed the highly anticipated debut flight of the Starship V3 rocket due to a technical issue with the launch tower. 

Tesla, Inc. (TSLA) stock inched higher even after the NHTSA announced a recall of 14,575 U.S. vehicles due to an incorrect weight label that could increase crash risks through unintended overloading. 

Alphabet (GOOGL) shares were also in focus after reports that Waymo suspended robotaxi freeway operations in San Francisco, Los Angeles, Phoenix and Miami. 

Nvidia (NVDA) remained lackluster in early premarket trade despite blowout earnings this week, which garnered a host of price target hikes, the most bullish expecting the stock to more than double. Meanwhile, CEO Jensen Huang also reportedly commented in a post-earnings interview that the stock’s moves remain “one of the mysteries of the universe.”

Meanwhile, news reports suggest that the Trump administration's planned Executive Order on artificial intelligence has been called off following direct pushback and lobbying from tech billionaires Elon Musk and Mark Zuckerberg.

Peloton Interactive (PTON): Gained 6% in early premarket on the news of S&P SmallCap 600 index inclusion, along with Universal Technical Institute (UTI).

Biogen (BIIB) & Denali Therapeutics (DNLI): Under heavy scrutiny after announcing they will completely discontinue development of their Parkinson's disease drug candidate (BIIB122) following a failed Phase 2b trial.

A whole host of biotech names (LLY, MRK, AZN) will be in focus as the influential American Society of Clinical Oncology (ASCO) annual meeting kicks off today.

Other tickers trending on Stocktwits at the time of writing included Lockheed Martin (LMT), WhiteFibre Inc (WYFI), and GE Aerospace (GE).

Other Catalysts To Watch

On the economic front, investors are tracking the release of the final May reading for U.S. consumer sentiment. 

On earnings radar, watch out for quarterly reports from Global Ship Lease Inc (GSL), BJ's Wholesale (BJ), Booz Allen Hamilton (BAH), and Nextnrg Inc (NXXT), among others.

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