What to Know Before the Market Opens: CVS Leadership Change, Gold Hits High

U.S. stock futures showed slight gains early Friday, as investors awaited earnings reports from major companies like American Express and Procter & Gamble. S&P 500 futures edged up 0.12%, and Nasdaq 100 futures gained 0.29%, while Dow Jones Industrial Average futures remained nearly unchanged.

The market is set to close another positive week. The Dow is on track to finish 0.9% higher, with the S&P 500 and Nasdaq Composite posting gains of 0.5% and 0.2%, respectively. This would mark the sixth straight week of gains for all three indexes, as Wall Street digests corporate earnings and economic signals.

Premarket Movers:

Netflix Soars on Strong Earnings

Netflix's (NASDAQ:NFLX) stock jumped in premarket trading after the streaming giant released better-than-expected third-quarter earnings. The company posted earnings of $5.40 per share, surpassing the consensus estimate of $5.12. Revenue came in at $9.83 billion, just above analysts’ expectations of $9.77 billion.

One key highlight from the report was the 35% quarter-over-quarter growth in Netflix’s ad-tier memberships. While this ad-supported tier isn't yet the main growth engine, it’s showing promise. The company plans to expand its ad-tier offering into Canada next quarter and globally in 2025, a move that could drive future growth.

Citi (NYSE:C) analysts believe Netflix's stock will continue to rise based on the earnings report. Investors looking at streaming stocks will want to keep an eye on how Netflix’s ad-tier expansion plays out.

CVS Replaces CEO Amid Declining Profits

In other corporate news, CVS Health (NYSE:CVS) announced a leadership shakeup, replacing CEO Karen Lynch with David Joyner, a pharmacy industry veteran. The change, effective immediately, comes as CVS struggles with falling profits and a sinking share price.

Adding to the pressure, the company faces demands from an activist investor pushing for changes. Alongside the leadership transition, CVS also released estimated third-quarter results, cautioning investors that they should no longer rely on its prior financial guidance issued in August. This uncertainty has weighed on the stock, and investors will be watching closely for further details on the company’s strategy moving forward.

Gold Hits Record High as Uncertainty Boosts Safe-Haven Demand

Gold prices hit a record high in Asian trading on Friday, continuing their strong upward trend. Spot gold rose 0.4% to $2,706 per troy ounce, while December gold futures gained 0.5%, reaching $2,720.15 an ounce.

The recent surge in gold prices is driven by heightened demand for safe-haven assets amid ongoing economic uncertainty, geopolitical tensions, and a tight U.S. presidential race. With many investors turning to gold to protect against volatility, the metal has maintained a multi-year upward trajectory.

Gold’s appeal is tied to its status as a hedge against risk, a role it shares with Bitcoin in some investor circles. Bitcoin’s price also climbed on Friday, reflecting broader interest in alternative assets as markets remain jittery.