U.S. stock index futures jumped on Friday, with the S&P 500 and the Dow looking set to log their biggest weekly advances since November, while investors awaited a wave of policy changes under the incoming Trump administration.

Market Snapshot

At 8:34 a.m. ET, Dow E-minis were up 267 points, or 0.62%, S&P 500 E-minis were up 43.25 points, or 0.72%, and Nasdaq 100 E-minis were up 237.25 points, or 1.12%.

Pre-Market Movers

Crypto Stocks - Crypto stocks gained in premarket trading as Bitcoin topped $102,000. Bitfarms, CleanSpark, MicroStrategy(MSTR)$, MARA Holdings, and Riot Platforms rose 5%; Coinbase and rose 4%.

Apple - Apple was up 1.2% in premarket trading. Shares of the iPhone maker dropped 4% on Thursday to $228.26, the stock’s lowest close since Nov. 18, and its largest daily percentage decrease since Aug. 5.The company fell to third place in terms of market share in China, according to data from research firm Canalys, as domestic manufacturers took advantage of Apple’s lack of artificial-intelligence features available on phones purchased in the country.

JD.com - US-listed shares of JD.com jumped 6% in premarket trading. The Chinese e-commerce giant announced the launch of a gifting feature, which allows users to share their gifts to other parties through WeChat with just one click, when shopping on JD.com. Meanwhile, Jefferies maintained "Buy" on the stock and lifted price target to HK$60 from HK$54, on expecting JD.com to demonstrate strong execution in 4Q with solid performance post successful Double-11 on top of beneficiary to trade-in programs.

Broadcom - Barclays analyst Tom O’Malley raised the firm’s price target on Broadcom to $260 from $205 and keeps an Overweight rating on the shares. Broadcom shares rose 2% in premarket trading.

Rivian - Rivian Automotive rose 2.8% after the electric-vehicle maker said it closed a loan agreement with the U.S. Department of Energy for up to $6.6 billion to support construction of a new manufacturing facility in Georgia. Rivian said the loan would help create 7,500 new manufacturing jobs and accelerate production of the company’s new R2 SUV and R3 crossover.

Plug Power - Plug Power gained 0.4% after it closed a$1.66 billion loan guarantee from the Energy Department, which the hydrogen energy company said would be used to construct up to six U.S. projects to produce and liquify zero- or low-carbon hydrogen.

Destiny Tech100 - SpaceX’s Starship rocket exploded just minutes into its seventh test flight, an unexpected setback after the Elon Musk-led company had made steady progress advancing the vehicle’s capabilities. Destiny Tech100 is a fund that offers retail investors access to high-profile private startups, and SpaceX is Destiny Tech100's largest holding, making up about 37.6% of the portfolio. Destiny Tech100 dropped 1.7% in premarket trading.

SLB - SLB beat analysts' estimates for fourth-quarter profit on Friday as the oilfield services provider benefited from higher demand for its drilling equipment and technology in North America and international markets. SLB's shares rose 2.2% in premarket trading.

Qorvo - Qorvo jumped 8% after activist investor Starboard Value amassed a 7.7% position in the company, which makes radio-frequency chips for connectivity in Apple iPhones, iPads, Apple Watches, and other wireless devices. Starboard is seeking changes to boost the company’s lagging share price, The Wall Street Journal reported, citing people familiar with the matter.  

JB Hunt Transport, Old Dominion Freight Lines - J.B. Hunt Transport Services declined 7.5% afterfourth-quarter revenue fell 5% to $3.15 billion, just topping analysts’ estimates of $3.13 billion, on lower revenue per load, excluding fuel surcharge revenue, across the company’s intermodal and truckload segments. Shares of competitor Old Dominion Freight Line were down 2%.

Salesforce - Shares of Salesforce were up 2% to $326.2. Analysts at TD Cowen upgraded shares of the maker of customer relationship management software to Buy from Hold and raised their price target to $400 from $380. The analysts said a recent pullback in the shares was “creating a compelling entry point,” the Fly reported.

Cloudflare - Cloudflare rose 4% to $119.48 after Citi analysts upgraded shares of the cloud computing company to Buy from Neutral and raised their price target on the stock to $145 from $95.

MoonLake Immunotherapeutics - MoonLake Immunotherapeutics was rising 11% to $46 after Goldman Sachs upgraded the stock to Buy from Neutral with a price target of $82.

Nukkleus - The fintech firm Nukkleus said that it has regained compliance with the market value of listed securities requirement as outlined in Nasdaq Listing Rules and the market value of publicly held shares requirement as outlined in the rules. Nukkleus shares jumped 60% in premarket trading.

Market News

China Hits 5% GDP Target But Trump Tariffs Threaten Further Growth

China’s economy hit the government’s growth goal last year after an 11th hour stimulus blitz and export boom turbocharged activity, although looming US tariffs threaten to take away a key driver of expansion.

Gross domestic product rose 5% in the world’s second-largest economy, data released by the National Bureau of Statistics on Friday showed, slightly exceeding the median estimate of 4.9% in a Bloomberg survey. President Xi Jinping said on New Year’s Eve the country was expected to meet the goal of around 5%.

China has vowed further monetary easing and stronger public spending this year, as the economy braces for Donald Trump’s return to the White House. The US president-elect has threatened tariffs of as high as 60% on Chinese goods that could decimate trade with the Asian country.

Netanyahu Says Israel-Hamas Deal to Pause Gaza War Is Approved

Israel’s Prime Minister Benjamin Netanyahu said an agreement with Hamas to pause the war in Gaza has been finalized, suggesting it’s on track to begin on Sunday.

Netanyahu, in a statement on Friday morning, said he ordered his security cabinet to meet later in the day to approve the truce, which has been backed by US President Joe Biden and incoming leader Donald Trump.

The deal looked at risk of collapsing on Thursday when Netanyahu accused Hamas of reneging on some commitments. He said his cabinet would not convene until the group, designated a terrorist organization by the US and many others, accepted all elements of the agreement.

Supreme Court's Decision on a Looming TikTok Ban Could Come Friday

The Supreme Court ‘s decision could come Friday in the case about whether TikTok must shut down in a few days under a federal law that seeks to force its sale by the Chinese company that owns the social media platform used by 170 million people in the U.S.

The justices are weighing a free speech challenge to the law, which takes effect Sunday, against the national security concerns that prompted its enactment with broad bipartisan support last year. A lawyer for TikTok and ByteDance, its Chinese owner, told the court last week that TikTok will “go dark” on Sunday unless the justices grant it a temporary reprieve or strike down the law.

During courtroom arguments, most of the justices seemed likely to uphold the law.

Alongside the ongoing court case, a potential lifeline for TikTok has emerged. President-elect Donald Trump, who once supported banning the app, is exploring options to “preserve” TikTok, his incoming national security adviser, Florida Rep. Mike Waltz, said in a televised interview on Wednesday.