U.S. stock index futures were subdued on Friday after a rally in the previous session, when a new trade agreement between the United States and Britain had fueled expectations of more such deals to ease the sting of the global trade war.

Market Snapshot

At 7:50 a.m. ET, Dow e-minis were up 8 points, or 0.02%, S&P 500 E-minis were up 7.75 points, or 0.14%, and Nasdaq 100 E-minis were up 36 points, or 0.18%.

Pre-Market Movers

Coinbase Global reported first-quarter earnings of $1.94 a share, slightly beating Wall Street expectations, but revenue of $2 billion that rose 24% from a year earlier but missed forecasts of $2.1 billion. First-quarter transaction revenue of $1.3 billion fell 19% from the fourth quarter. Coinbase guided for lower subscription and services revenue -- between $600 million and $680 million -- in the current second quarter. Coinbase said it took a hit from declines in crypto prices that "dropped alongside broader market declines driven by tariff policy and macroeconomic uncertainty." Shares of the cryptocurrency asset manager and brokerage declined 1.5%.

MicroStrategy was up 2.2% in premarket trading, a day after the largest corporate holder of Bitcoin rose 5.6% as the cryptocurrency crossed $100,000 for the first time since February. Bitcoin was last trading at $103,276, up 3.9%.

Expedia reported adjusted earnings in the first quarter of 40 cents a share, better than Wall Street estimates of 35 cents, as revenue rose 3.4% to $2.99 billion but missed expectations of $3.01 billion. Total gross bookings rose 4.3% to $31.45 billion but missed estimates. CEO Ariane Gorin said Expedia posted first-quarter bookings and revenue within its guidance range "despite weaker-than-expected" U.S. demand. The stock fell 9.8%.

First-quarter adjusted earnings at Pinterest missed analysts' expectations but the stock was up 12% after the social-media company reported better-than-expected quarterly revenue and said it anticipated revenue in the current second quarter of $960 million to $980 million. Analysts had been calling for second-quarter revenue of $966 million. The company said global monthly active users in the first quarter rose 10% to 570 million.

Lyft swung to a profit in the first quarter as revenue jumped 14% to $1.45 billion but was shy of analysts' estimates of $1.47 billion. Rides in the quarter rose 16% from a year earlier to 218.4 million and beat expectations of 215.1 million. Gross bookings were $4.16 billion, up 13% and slightly higher than forecasts of $4.15 billion. The ride-hailing service said it expects second-quarter gross bookings to rise 10% to 14%. The stock rose 12% in premarket trading.

Affirm Holdings reported fiscal third-quarter earnings that were better than expected but the buy now, pay later company was down 6.4% after saying it sees fourth-quarter revenue of between $815 million to $845 million, with the midpoint of the guidance below Wall Street consensus.

Cloudflare, the cybersecurity company, jumped 11% after first-quarter earnings met analysts' expectations but revenue of $479.1 million jumped 27% from a year earlier and beat forecasts of $469.3 million. For the current second quarter, Cloudflare said it expected revenue of $500.5 million, in line with estimates.

Trade Desk, the advertising-technology company, jumped 14% after reporting better-than-expected adjusted earnings and revenue in the first quarter.

Microchip Technology gained 8.8% after the maker of chips and circuits for electronics said it expects fiscal first-quarter revenue of between $1.02 billion and $1.07 billion, higher than analysts' estimates of $980 million. Microchip reported fiscal fourth-quarter revenue of $970.5 million.

Monster Beverage fell 3.2%. The energy-drinks maker reported first-quarter revenue of $1.85 billion, below analysts' estimates.

Market News

Bitcoin Surpasses Amazon to Become the 5th Largest Asset in the World

Bitcoin has just rewritten the leaderboard of the world ’ s most valuable assets. It has officially passed Amazon to become the fifth most valuable asset in the world. On the evening of May 8, Bitcoin ’ s market cap hit $2.044 trillion, beating Amazon ’ s $2.039 trillion and securing a new milestone for digital assets.

As the price of Bitcoin broke $103,000, traders were caught off guard as the market saw subsequent large-scale liquidations. Over $1 billion in positions were wiped out in just 24 hours, with short sellers hit the hardest.

China's Exports, Imports Beat Expectations in April

China's exports rose faster than expected in April, while imports narrowed their declines, customs data showed on Friday, giving Beijing some relief ahead of ice-breaker tariff talks with the U.S. this weekend.

Outbound shipments from the world's second-largest economy rose 8.1% year-on-year, beating the 1.9% growth expected in a Reuters poll of economists but slowing from the 12.4% jump in March, when exporters scrambled to get their shipments out before the 145% U.S. tariffs on Chinese goods took effect.

Nvidia Modifies H20 Chip for China to Overcome US Export Controls, Sources Say

Nvidia plans to release a downgraded version of its H20 artificial intelligence chip for China in the next two months, following U.S. export restrictions on the original model, three sources familiar with the matter told Reuters.

The U.S. chipmaker has notified major Chinese customers, including leading cloud computing providers, that it aims to release the modified H20 chip in July, two of the sources said.

The downgraded H20 represents Nvidia's latest attempt to maintain its presence in one of its most crucial markets in the face of Washington's expanding efforts to restrict China's access to advanced semiconductor technology.