Stock futures dipped early Friday, driven by renewed concerns over the financial health of American regional banks and persistent trade tensions between the U.S. and China.
Here are some of Friday’s biggest stock movers:
Biggest stock losers
- Novo Nordisk (NVO) -5% and Eli Lilly (NYSE:LLY) -4% – Shares of both drugmakers declined after U.S. President Donald Trump announced plans to significantly lower the price of weight-loss medications such as Ozempic. Speaking at a White House event on Thursday, Trump said the monthly cost of the Novo Nordisk-made drug could fall from about $1,000 to $150, sparking investor concerns about pricing pressure across the sector, including Lilly’s rival treatments Mounjaro and Zepbound.
- Micron Technology (NASDAQ:MU) -4% – Shares slid following a report that the company plans to halt sales of server chips to data centers in China, following a prolonged business slump linked to Beijing’s 2023 ban on its products in critical infrastructure. The move underscores lingering tensions between the U.S. and China, as Micron was the first American chipmaker targeted by Beijing in what was widely viewed as retaliation for U.S. tech export curbs. According to Reuters, Micron will continue supplying chips to two Chinese customers with major data center operations outside China, including Lenovo (LNVGY), as well as to clients in the automotive and mobile sectors. Mainland China accounted for $3.4B, or 12%, of Micron’s total revenue in its last fiscal year.
- Bank of America (NYSE:BAC) -3% – U.S. bank stocks declined in premarket trading Friday, signaling a continuation of Thursday’s selloff sparked by mounting loan concerns at regional lenders. With trading volumes in smaller bank shares thinning, major Wall Street institutions led the decline: Wells Fargo (NYSE:WFC) fell 2%, JPMorgan Chase (NYSE:JPM) lost 1.3%, while Citigroup (NYSE:C) and Morgan Stanley (NYSE:MS) each dropped 2%. The renewed pressure on the sector rippled through global markets, dragging down European financials and Asian equities as well.