U.S. stock index futures were higher on Friday following earnings from big banks including JPMorgan, while markets also assessed the latest escalation in the trade war with China increasing its tariffs on U.S. imports to 125%.

Market Snapshot

At 07:56 a.m., Dow E-minis were up 18 points, or 0.05%, S&P 500 E-minis were up 4.75 points, or 0.09%, while Nasdaq 100 E-minis were up 21 points, or 0.11%.

Pre-Market Movers

JPMorgan Chase reported first-quarter earnings of $5.07 a share, better than analysts' estimates of $4.63 and higher than year-earlier profit of $4.44. Revenue was $45.3 billion, topping forecasts of $43.9 billion. Net interest income in the quarter was $23.4 billion. JPMorgan was up 1.3% in premarket trading.

Wells Fargo, the San Francisco bank, posted first-quarter earnings of $1.39 a share, beating analysts' estimates of $1.23. CEO Charlie Scharf said Wells Fargo expected "continued volatility and uncertainty" and was "prepared for a slower economic environment in 2025." The stock rose 0.8%.

Morgan Stanley reported first-quarter earnings of $2.60 a share, beating Wall Street expectations of $2.21. Shares of the investment bank gained 0.4%.

BlackRock, the world's largest asset manager, was up 2.2% in the premarket session after reporting first-quarter adjusted earnings of $11.30 a share, topping analysts' estimates. BlackRock's assets under management during the first quarter jumped 11% from a year earlier to a record $11.58 billion.

Electric-vehicle maker Tesla slipped 0.4% in the premarket session after tumbling 7.3% on Thursday. Tesla closed up 23% on Wednesday, the stock's second-best daily percentage gain since May 9, 2013, after President Donald Trump's move to pause reciprocal tariffs on most countries for 90 days but not China. Coming into Friday, Tesla has dropped 38% this year.

Apple rose 0.2% in premarket trading. The iPhone giant fell 4.2% on Thursday and coming into Friday has fallen 24% this year. Apple makes most of its iPhones in China, so the trade war between Washington and Beijing is especially troublesome for the company. China on Friday raised tariffs on U.S. goods to 125%, the latest in the tariffs tit-for-tat.

NVIDIA gained 1.1% in premarket trading to $108.74. Shares of the maker of artificial-intelligence chips closed down 5.9% on Thursday. Trading in the stock continues to be driven by wider market sentiment around tariffs. Analysts at Citi reduced their price target on Nvidia to $150 from $163.

Texas Instruments extended declines, falling 4.5% in premarket trading after finishing Thursday's session down 7.6%.

Computer-peripherals maker Logitech was down 0.9% after reaffirming it expects fiscal 2025 net sales of $4.54 billion to $4.57 billion but said it was withdrawing its outlook for fiscal 2026 "given the continuing uncertainty of the tariff environment."

Market News

China hits back at Trump tariff hike, turmoil rings recession alarm

Beijing increased its tariffs on U.S. imports to 125% on Friday, hitting back against U.S. President Donald Trump's decision to hike duties on Chinese goods and raising the stakes in a trade war that threatens to up-end global supply chains.

China's retaliation intensified the economic turmoil unleashed by Trump's tariffs, with markets tumbling further and foreign leaders puzzling how to respond to the biggest disruption to the world trade order in decades.

Google Lays Off Hundreds Of Employees In Android, Pixel Group

Alphabet's Google GOOGL.O on Thursday laid off hundreds of employees in its platforms and devices unit, which works on the Android software, Pixel phones and the Chrome browser, The Information reported on Friday, citing a person with direct knowledge of the situation.

The cuts follow the company's January buyout offers to employees in the unit, the report said.