Stock futures were dropping on Friday as investors fretted about soaring Treasury yields, driven up by forecasts of higher inflation.

These stocks were making moves in premarket trading:

Cerebras Systems dropped 3%, having surged 68% on Thursday in its Nasdaq stock exchange debut. The inference chip maker closed the session with a market capitalization of $66.95 billion, well above the valuation expected before its initial public offering priced on Wednesday.

Applied Materials fell 3%, even after the chipmaking equipment company beat Wall Street's target for its second-quarter earnings and issued strong guidance for the current quarter. Investors may have been taking the opportunity to lock in some profit, with shares up 71% in 2026.

Figma jumped 8% after the software company reported better-than-expected first-quarter earnings and raised its outlook. That could help ease worries about artificial intelligence disrupting software.

Microsoft was trading flat after billionaire hedge fund manager Bill Ackman said his investment management firm Pershing Square had taken a new position in the software company. Ackman didn't disclose the size of the stake set to be revealed in a 13F filing later on Friday.

Coinbase slipped 1.7%, Robinhood declined 3%, and Strategy was 2.4% lower. The three crypto stocks rallied on Thursday after a Senate committee voted to advance the Clarity Act, a bill that would place most crypto trading under the purview of the Commodity Futures Trading Commission.

RBC Bearings, Sigma Lithium, and Suncrete are set to report earnings on Friday.