U.S. stock index futures were muted on Friday, taking a breather after the S&P 500 and the Nasdaq closed the previous session at record highs on upbeat earnings and economic data, while Netflix's standout profit failed to ignite enthusiasm.

Market Snapshot

At 7:50 a.m. ET, S&P 500 E-minis were up 2.75 points, or 0.04%. Nasdaq 100 E-minis were up 15.5 points, or 0.07%, and Dow E-minis were up 33 points, or 0.07%.

Pre-Market Movers

Crypto Stocks - Crypto stocks jumped in premarket trading as US House approved three crypto bills, Trump set to open retirement market to crypto investments. GameSquare rose 11%; Upexi and BitMine Immersion Technologies rose 8%; BTCS rose 7%; Tron and Coinbase rose 3%; Circle rose 2%.

Netflix - Netflix rode the success of "Squid Game" to top earnings estimates and boost its revenue outlook for the year. Yet, the streaming giant's shares slipped 2.4% in premarket trading. It has risen 43% this year.

Chevron, Hess - Hess Corp. won its arbitration battle with Exxon Mobil, clearing the way for it to be bought by Chevron more than 20 months after the $53 billion deal was announced. Hess shares surged as much as 7.2% before the start of regular trading. Chevron rose 3%.

Opendoor - Opendoor Technologies shares jumped another 7% in premarket trading on Friday, despite the absence of company-specific news. The online home-flipping company’s stock climbed sharply amid increasing chatter on social media platforms such as X and Reddit, driven by retail investors' sentiments.

Blaize - Blaize Holdings announced a partnership with Starshine Computing Power Technology Limited to deploy hybrid AI infrastructure across Asia, with an initial agreement valued at a minimum of $120 million over 18 months. Blaize shares soared 103% in premarket trading.

Talen Energy - Talen Energy is acquiring two power plants located in Pennsylvania and Ohio for a net $3.5 billion, it said on Thursday, adding that it expects the move to boost the company's free cash flow per share by over 40% in 2026. Shares of the company jumped about 16% in premarket trading.

BlackSky - BlackSky Technology stock plunged about 20% in premarket trading. The comapny announced Thursday it has priced a $160 million offering of 8.25% Convertible Senior Notes due 2033, an increase from the previously announced $125 million.

Sarepta Therapeutics - Sarepta Therapeutics said another patient has died from acute liver failure after receiving one of its gene therapies, putting additional pressure on the biotech company after the recent deaths of two teenage boys. Shares of Sarepta tumbled 27.5% in premarket trading.

3M - 3M rose 2.4% after the industrial giant lifted its full-year profit forecast, as cost-cutting measures and efforts to focus on high-margin products pay off.

American Express - American Express surpassed estimates for second-quarter profit on Friday, fueled by resilient spending from its affluent cardholders. The stock saw a slight increase.

Schlumberger - SLB, the oilfield services provider, beat analysts’ expectations for second-quarter earnings amid a prolonged slump in oil prices. The stock rose 1.3%.

Market News

US House Passes Stablecoin Legislation, Sending Bill to Trump

The U.S. House of Representatives on Thursday passed a bill to create a regulatory framework for U.S.-dollar-pegged cryptocurrency tokens known as stablecoins, sending the bill to President Donald Trump, who is expected to sign it into law.

The vote marks a watershed moment for the digital asset industry, which has been pushing for federal legislation for years and poured money into last year's elections to promote pro-crypto candidates.

House lawmakers also passed two other crypto bills, sending them next to the Senate for consideration. One lays out a regulatory framework for crypto, and the other would ban the U.S. from issuing a central bank digital currency.

Donald Trump Set to Open US Retirement Market to Crypto Investments

US President Donald Trump is preparing to open the $9tn US retirement market to cryptocurrency investments, gold, and private equity in a move that would spur a radical shift in the way Americans’ savings are managed.

Trump is expected to sign an executive order as soon as this week that would open up 401k plans to alternative investments beyond traditional stocks and bonds, according to three people who have been briefed on the president’s plans.

These investments would run a broad spectrum of asset classes, from digital assets to metals and funds focused on corporate takeovers, private loans and infrastructure deals.

Netflix Tops Wall Street's Lofty Estimates, Raises Forecast

While rival media companies are unloading assets and cutting costs, Netflix Inc. continues to thrive.

The owner of the world’s most popular paid streaming service on Thursday reported second-quarter results that exceeded investor expectations in every major metric, saying revenue grew to $11.1 billion and earnings jumped to $7.19 a share. The company also raised its forecast for full-year sales and profit margins.

The extent of the beat on the bottom line — less than 2% above expectations — may have fallen short of the most bullish expectations. “There may be some inbuilt expectations of a bumper earnings ahead of today, especially with regards to its live events,” said Kok Hoong Wong, head of institutional equities sales trading at Maybank Securities in Singapore.“And so we are seeing a little profit-taking post the announcement.”