U.S. stock futures were flat Friday after investors looked to regain more ground from this week ’ s sell-off.

Market Snapshot

At 08:10 a.m. ET, S&P 500 futures slipped 0.1%, while Nasdaq-100 futures inched down 0.1%. Futures tied to the Dow Jones Industrial Average pulled back 0.1%. TSMC rose 2%, Nvidia rose 1%, Apple fell 1%.

Pre-Market Movers

Expedia, the travel-booking company, reported adjusted earnings in the second quarter that topped forecasts on a revenue jump of 6% to a better-than-expected $3.56 billion. The stock rose 8% even after Expedia CEO Ariane Gorin said the company was seeing "a more challenging macro environment and a softening in travel demand" in July.   Gorin said Expedia was adjusting its expectations for the rest of the year without providing specifics.

Gilead Sciences raised its earnings guidance for 2024 after reporting second-quarter profit and revenue that beat Wall Street expectations. The biotech company posted quarterly revenue of $7 billion, beating estimates of $6.7 billion. Sales for Gilead ’ s base business, excluding its Covid-19 antiviral, rose 6% from a year earlier. Gilead shares were up 1% in premarket trading.

Fiscal first-quarter adjusted earnings at Take-Two beat analysts ’ estimates and revenue at the video game publisher rose 4% to $1.34 billion. Net bookings rose 1% to $1.22 billion, below expectations of $1.26 billion. The stock rose 7% in premarket trading.

Shares of e.l.f. Beauty Inc. were down 8% in premarket trading after the cosmetics company raised fiscal-year guidance that still came up shy of analysts ’ estimates. The company said it expects fiscal 2025 sales of $1.28 billion to $1.3 billion, up from its previous outlook of $1.23 billion to $1.25 billion, and adjusted earnings of $3.36 to $3.41 a share. Wall Street has been calling for fiscal-year sales of $1.3 billion and adjusted earnings of $3.42 a share. E.l.f. Beauty raised its forecast after fiscal first-quarter sales jumped 50% to $324.5 million and topped estimates.

Doximity, Inc. was rising 33% after the online platform for medical professionals posted better-than-expected fiscal first-quarter adjusted earnings and its guidance for the second quarter and full year was higher than analysts ’ estimates. Doximity said it expects revenue for the year of $514 million to $523 million versus expectations of $512.2 million.

Rocket Lab USA, Inc. jumped 12% after the space-launch company ’ s second-quarter revenue soared 71% to $106.3 million, with CEO Peter Beck saying it "demonstrates the strong and growing demand for our launch services and space systems products, and importantly, our team ’ s ability to execute against it."

Trade Desk Inc., the advertising-technology company, was up 6% after second-quarter earnings and revenue topped Wall Street estimates. Revenue rose 26% to $585 million.

Sweetgreen, Inc. posted better-than-expected second-quarter revenue, boosting shares of the salad chain by 24% in premarket trading. Revenue rose 21% from a year earlier to $184.6 million, beating estimates of $180.8 million.

Market News

Collins Says Fed Rate Cuts to Come ‘ Soon ’ If CPI Keeps Slowing

The US Federal Reserve could begin easing interest rates if inflation continues on its downward path amid a strong labor market, Boston Fed President Susan Collins said in an interview with the Providence Journal.

"If the data continue the way that I expect, I do believe that it will be appropriate soon to begin adjusting policy and easing how restrictive the policy is," Collins said. "My outlook is for continued gradual reduction back to our 2% target amid a healthy labor market."

TSMC Sales Grow 45% in July on Strong AI Chip Demand

Taiwan Semiconductor Manufacturing Co. ’ s revenue rose 45% in July, accelerating its pace of growth from the June quarter and bolstering hopes for sustained strong demand for artificial intelligence chips from the likes of Nvidia Corp.

Sales for the month reached NT$256.95 billion ( $7.9 billion ) . For the third quarter, analysts project TSMC revenue should grow 37% to NT$747.4 billion, with the July result suggesting TSMC may surpass those expectations.

Paramount Jumps as Steady Streaming Growth Eclipses TV Unit Writedown

Paramount Global's shares jumped 4% premarket on Friday as investors cheered strong growth at the media group's streaming business, even as the company joined rival Warner Bros Discovery in writing down the value of its TV assets.

Paramount late on Thursday comfortably beat Wall Street targets for earnings, propelled by its streaming unit, which houses Paramount+ and PlutoTV services, posting its first quarterly profit in three years. The company also said it would cut 15% of its U.S. workforce, part of its cost-cutting plans ahead of its merger with Skydance Media.