U.S. equity futures were mixed on Friday as investors weighed a heavy slate of corporate earnings and macroeconomic signals against easing geopolitical frictions between the United States and Europe. Intel (NASDAQ:INTL) reported a fourth-quarter loss and warned of further pressure from supply constraints tied to surging artificial intelligence data center demand, while TikTok unveiled a new joint venture structure designed to preserve its U.S. operations. Elsewhere, the Bank of Japan kept interest rates unchanged but signalled a tightening bias, and gold surged to a new record.
Futures drift lower
U.S. stock index futures hovered just below flat levels after a volatile trading week shaped by trade and geopolitical headlines. By 03:50 ET, Dow futures were down 33 points, or 0.1%, S&P 500 futures slipped 4 points, or 0.1%, and Nasdaq 100 futures fell 43 points, or 0.2%.
Wall Street’s main indices closed higher in the previous session after President Donald Trump retreated from plans to impose additional tariffs on several European countries as early as February 1. Trump said on Thursday that the United States had secured full and permanent access to Greenland following discussions with NATO allies. However, scant details around the agreement and lingering unease over Washington’s earlier demands for control of the semi-autonomous Danish territory continued to unsettle European officials.
As concerns around Greenland appeared to recede, investor attention shifted back toward an accelerating flow of earnings reports and preparations for next week’s Federal Reserve interest rate decision.
Intel posts quarterly loss
Intel shares fell sharply in after-hours trading after the semiconductor maker reported a fourth-quarter loss and issued a downbeat outlook for the current period. The company recorded a net loss of $333 million for the final quarter of its fiscal year, undershooting analyst expectations despite recent backing from high-profile investors such as AI leader Nvidia and support from the U.S. government.
Executives pointed to intensifying demand from AI-focused data centers, which has strained chip supply across the industry. Chief Financial Officer David Zinsner said supply shortages remain widespread and could persist well into 2026.
Looking ahead, Intel expects a first-quarter loss of $0.21 per share, underscoring the challenge facing Chief Executive Lip-Bu Tan as the company competes in an AI chip market dominated by Nvidia and rival Advanced Micro Devices. Investors were also disappointed by a lack of new disclosures, with Intel deferring updates on customers for its foundry business and offering little clarity on adoption of its next-generation 14A manufacturing technology.
“[T]here weren’t any customer announcements made for the 14A […] while some investors were hoping for a big name, like possibly Apple,” analysts at Vital Knowledge said in a note.
TikTok restructures U.S. operations
TikTok said it will establish a new joint venture, brokered by the Trump administration, allowing the popular short-form video platform to continue operating in the United States. The app has long faced scrutiny from U.S. lawmakers over national security and data privacy concerns due to its ownership by China-based ByteDance.
Trump previously sought to ban TikTok in 2020 and later chose not to enforce a 2024 law requiring ByteDance to divest its U.S. assets or face an operational ban. Under the new arrangement, TikTok’s U.S. business will be run by an entity seen as more aligned with Washington, with a focus on safeguarding American user data.
U.S. and international investors — including Oracle (NYSE:ORCL), private equity firm Silver Lake and Abu Dhabi-based MGX — will collectively own 80.1% of the venture, while ByteDance will retain a 20% stake. Trump, who has credited TikTok with helping him secure a second presidential term, said the app “will now be owned by a group of Great American Patriots and Investors.”
Bank of Japan signals future tightening
The Bank of Japan left interest rates unchanged on Friday, holding its benchmark overnight call rate at 0.75% following a December hike. Eight members of the policy board supported the decision, while board member Hajime Takata dissented in favour of a 25 basis point increase.
While the pause was widely anticipated, policymakers upgraded their economic growth and inflation forecasts, citing expectations of increased fiscal support. The BOJ reiterated that rates would continue to rise if growth and inflation evolve in line with projections, as it seeks to anchor price gains around its 2% target.
The central bank raised its real GDP growth forecast for fiscal 2025 to between 0.8% and 0.9%, up from a previous range of 0.6% to 0.8%.
“Given that the real policy rate is still deeply negative, further policy tightening is therefore all but guaranteed,” Capital Economics analysts said, adding that they expect the central bank to move before at least July.
“Granted, the looming sharp fall in headline inflation puts the Bank in an awkward position, particularly if [Prime Minister Sanae] Takaichi also suspends the sales tax on food. But looking past those distortions, price pressures will remain firm.”
Gold reaches new peak
Gold prices climbed to record highs in Asian trading on Friday, approaching the closely watched $5,000-per-ounce threshold as Trump’s comments on Iran boosted demand for safe-haven assets. Silver and platinum also posted record gains.
Spot gold rose as much as 0.7% to a new high of $4,967.48 an ounce, while February gold futures jumped more than 1% to $4,969.69. Spot silver surged nearly 3% to $99.0275, and spot platinum advanced almost 1% to $2,692.31 an ounce.
Although some haven demand eased after Trump announced a trade deal related to Greenland, renewed geopolitical uncertainty surrounding Iran and the lack of clarity on the agreement kept precious metals supported.
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