Here are five key things investors need to know to start the trading day:
1. Within reach
The S&P 500 is inches away from its all-time high after gaining ground on Thursday. Futures tied to the broad market index gained 0.2% in premarket trading Friday, building anticipation for a potential record day. It’s the culmination of a rapid comeback from tariff-driven lows in early April, with the S&P gaining more than 23% in fewer than three months. As of Thursday’s close it’s 0.1% below its all-time intraday high. Follow live market updates.
2. Schnikes
Nike shoes are seen in the King of Prussia Mall, as global markets brace for a hit to trade and growth caused by U.S. President Donald Trump’s decision to impose import tariffs on dozens of countries, in King of Prussia, Pennsylvania, U.S., April 3, 2025.
Rachel Wisniewski | Reuters
Nike is staring down higher near-term costs brought on by tariffs. “With the new tariff rates in place today, we estimate a gross incremental cost increase to Nike of approximately $1 billion,” CFO Matt Friend said Thursday, referencing the 2026 fiscal year. He said Nike intends to “fully mitigate” those cost increases over time through price hikes and supply chain adjustments. The update came alongside Nike’s fiscal fourth-quarter earnings, in which it narrowly beat on the top and bottom lines. Nike shares were up about 9% in premarket trading.
3. Drop deadline
Charts that show the “reciprocal tariffs” the U.S. is charging other countries are on display at the James Brady Press Briefing Room of the White House on April 2, 2025 in Washington, DC.
Alex Wong | Getty Images
And yet, the White House said Thursday the July 8 or 9 deadline for countries to make a trade deal and avoid President Donald Trump’s higher tariff rates could be extended. White House Press Secretary Karoline Leavitt told reporters the 90-day timeline — set in April when Trump paused his so-called “reciprocal tariffs” hours after they took effect — was “not critical.” The comments offer hope that the markets may be spared another round of trade-related turmoil like they experienced this spring. In other trade-deal news, China’s Ministry of Commerce on Friday confirmed details of a framework with the U.S. that would allow for rare earth exports and ease tech restrictions.
4. Omead, oh my
Elon Musk, chief executive officer of Tesla Inc., and Omead Afshar, left, leave an event at the site of the company’s manufacturing facility in Shanghai, China, on Monday, Jan. 7, 2019.
Qilai Shen | Bloomberg | Getty Images
5. First pancake
A still from Disney and Pixar’s animated film “Elio.”
Disney
Pixar’s “Elio” underwhelmed in its box office debut — and it’s not alone. The Disney-owned animation studio has struggled in the last decade to find a smash hit with its original storylines. Instead, it’s franchise content like sequels and prequels that’s drawing in audiences. Doug Creutz, an analyst at TD Cowen, noted since the pandemic, “the gap between original [intellectual property] and sequel film performances has grown enormously wide, which is a potential problem for studios looking to grow their IP portfolio.”
– CNBC’s Alex Harring, Gabrielle Fonrouge, Kevin Breuninger, Anniek Bao, Lora Kolodny and Sarah Whitten contributed to this report.
