Nasdaq, S&P 500 Futures Take A Breather After Record Rally: Why NVDA, MU, CBRS, FIG, GEMI, ONDS, ASTS Are In Focus

• Trump said Thursday that China agreed to buy U.S. crude oil following discussions with Xi 
• The pullback in early premarket trade comes after the Dow Jones Industrial Average reclaimed the 50,000 threshold for the first time since February, while the S&P 500 closed above 7,500 for the first time ever. 
• Cerebras, the Nvidia rival extended gains after its blockbuster Nasdaq debut on Thursday.

U.S. stock futures retreated early Friday after a historic session that saw the Dow Jones Industrial Average reclaim the 50,000 mark and the S&P 500 close above 7,500 for the first time. Despite the early-morning dip, major indices remain on track for a stellar week; the S&P 500 and Nasdaq are eyeing their seventh straight week of gains, while the Dow is on track for its sixth straight week of gains. 

Market sentiment got a boost from the U.S.-China summit in Beijing. President Donald Trump announced a "fantastic trade deal" where China has agreed to purchase U.S. crude oil. Additionally, China reportedly agreed to withhold military equipment from Iran, easing some global tensions.  

As of 4:00 a.m. ET on Friday: S&P 500 futures declined 0.7%, Dow futures fell 0.5%, and Nasdaq and Russell 2000 futures were 1% lower.

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

Trending Stocks To Watch

Chipmaker Cerebras (CBRS): The Nvidia rival had a stellar Nasdaq debut on Thursday. Also, Cathie Wood’s ARK Invest purchased over 105,000 shares following its IPO. 

Nvidia (NVDA) shares fell 2% in early premarket trade. This comes after the chipmaker’s market cap reached a record $5.7 trillion on Thursday. 

Micron (MU) slipped 3% in premarket trading but garnered heavy retail attention on Stocktwits as traders discussed the impact of a looming Samsung Electronics labor strike that could potentially divert memory-chip demand toward the U.S. semiconductor giant.

Figma (FIG) stock surged another 10% in early premarket trade following its revenue guidance hike. 

Ondas (ONDS) stock is pacing for its best week in months after a Q1 ‘beat-and-raise’ earnings report. 

Applied Materials (AMAT) stock fell 3% in early premarket trading, even after it forecast Q3 revenue of $8.95B, beating estimates due to massive AI infrastructure spending. 

Gemini (GEMI) stock surged 18% in early premarket trade following a $100 million investment from Winklevoss Capital. 

Rocket Lab (RKLB) and AST SpaceMobile (ASTS) are gaining traction after federal filings revealed President Trump took a position in the satellite firm in March. 

According to news reports, SpaceX is preparing to disclose its prospectus next week following an April filing, though some concerns over ‘governance risk’ regarding super-voting shares have been raised. The Fundrise Innovation Fund (VCX) and Cathie Wood’s ARKVX venture fund offer indirect ways for retail traders to gain exposure to SpaceX ahead of the IPO.

Other tickers trending on Stocktwits at the time of writing included RoboAI Inc (AIIO), Sandisk Corp (SNDK), and Candel Therapeutics (CADL). 

Other Catalysts To Watch

On the economic front, investors will be tracking the release of industrial production and capacity utilization data.

On earnings radar, watch out for quarterly reports from Datavault AI (DVLT), Smart Powerr Corp. (CREG), Data Storage Corp. (DTST) and Nano Nuclear Energy (NNE), among others, after market close today. 

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