U.S. stock futures slip as Gap and Elastic surge, PayPal tumbles

U.S. stock futures edged lower Friday morning as investors assessed corporate earnings ahead of remarks from Federal Reserve Chairman Kevin Warsh. By 06:19 ET, S&P 500 futures had fallen 0.06% and Nasdaq 100 futures 0.3%, while Dow Jones Industrial Average futures rose 0.10%. Gap shares climbed more than 13% after Michael Francis was named CEO of Old Navy, the company’s largest brand, alongside a quarterly profit beat and higher annual profit outlook. Marvell Technology fell more than 7% after hours despite raising its fiscal 2027 and 2028 revenue forecasts, as investors sought clearer evidence that its new AI chip partnership with Google would accelerate growth. PayPal dropped around 14% after a Bloomberg report said Stripe and Advent International had abandoned a proposed $60.50-per-share acquisition valued at more than $53 billion. SentinelOne fell over 4% after issuing weaker-than-expected profit guidance, while Elastic surged nearly 22% after beating quarterly estimates and raising its full-year outlook.

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