Nasdaq futures experienced an uptick on Friday, driven by the continued ascent of semiconductor shares, which have been propelled by advancements in artificial intelligence. This movement occurred at the conclusion of a volatile trading week that marked the onset of the fourth-quarter earnings season. Memory chipmakers led the gains, with Micron up 6.4% in premarket trading, Western Digital 4.9% and Seagate Technology 4.1%, building on their searing rallies in 2025. The iShares Semiconductor ETF gained 2% on Friday, lifting its near 12% rally so far this year that has handily beaten the Nasdaq 100’s 1.2% rise, underscoring investor faith in AI-driven chip demand even as money shifts out of some heavyweight tech names into more undervalued areas such as small caps, materials, and industrial stocks.

The three primary U.S. stock indexes appeared poised for modest weekly declines following the record closings of the S&P 500 and the Dow on Monday. Concerns regarding the implications of a proposed 10% one-year cap on credit card interest rates negatively impacted lenders’ shares, overshadowing robust quarterly profits reported by major U.S. banks. Markets will remain closed on Monday in observance of Martin Luther King, Jr. Day. However, the earnings season is set to gain momentum next week, with results anticipated from prominent companies such as Netflix, Johnson & Johnson, and Intel.

At 05:52 a.m., Dow E-minis registered an increase of 47 points, reflecting a rise of 0.09%. Concurrently, 500 E-minis advanced by 20 points, equivalent to a 0.29% gain, while Nasdaq 100 E-minis experienced an uptick of 148.25 points, marking a 0.58% increase. Investors have expressed concerns regarding the Federal Reserve’s independence following remarks by Fed Chair Jerome Powell on Sunday, indicating that the Justice Department has initiated a criminal investigation into him. This development intensifies the pressure campaign from President Donald Trump on the Fed to reduce interest rates.

Comments from Fed governors Michelle Bowman and Philip Jefferson later today will provide insights into the perspectives of voting members prior to the U.S. central bank’s blackout period leading up to its policy meeting on January 27-28. Market participants are anticipating that the Federal Reserve will maintain its current interest rates during this month’s meeting, with expectations for a quarter-point reduction fully integrated into pricing for July, according to data. Among other stocks, J.B. Hunt Transport Services dropped nearly 5% after the U.S. trucking firm reported a dip in quarterly revenue from a year ago.