TradingKey — As of 9:20 a.m. ET on Friday, pre-market sentiment for U.S. equities remained generally cautious. Against the backdrop of the approaching "Triple Witching" day, the massive concentrated expiration of derivatives combined with geopolitical uncertainty has put risk assets under significant pressure. Data shows that approximately $5.7 trillion worth of stock options are set to expire, which may exacerbate short-term market volatility.

As of press time, Dow futures were down 0.30%, S&P 500 futures fell 0.29%, and Nasdaq futures declined 0.36%.

On the geopolitical front, reports surfaced that former U.S. President Donald Trump is considering blockades or military control measures against Kharg Island, a key Iranian energy hub, further fueling market risk-off sentiment. The island is a critical node for Iranian crude oil exports; any escalation in the situation could pose new shocks to global energy supplies.

In individual stocks, Super Micro Computer (SMCI) plummeted nearly 27% in pre-market trading. This follows the company's disclosure that its co-founder and executives have been indicted for allegedly violating U.S. export control regulations. The company has announced the suspension of the involved employees and terminated its partnership with the contractor in question. Although the company itself was not named as a defendant, market concerns regarding its compliance risks have rapidly intensified.

Technology stocks generally underperformed, with Micron Technology and AMD both falling nearly 1% in pre-market trading, while the MG7 collectively came under pressure.

At the same time, some blue-chip stocks bucked the trend to trade higher. Logistics giant FedEx rose over 7% pre-market, buoyed by earnings that exceeded expectations.

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