US Equity Futures Mostly Flat as Exuberance Over Rate Cut Fades

US equity futures were little changed before the opening bell Friday as euphoria over Wednesday's Federal Reserve rate cut appeared to fade.

Dow Jones Industrial Average futures slipped less than 0.1%, and S&P 500 futures and Nasdaq futures both edged down 0.1%

Little major economic news is expected today. The Baker Hughes North American rig count, measuring weekly changes in the number of active operating oil and gas rigs, is set to be released in the afternoon.

Patrick Harker, president of the Federal Reserve Bank of Philadelphia and a member of the Federal Reserve Board, is scheduled to speak on the US economy in the afternoon.

Oil prices trended lower, with front-month global benchmark North Sea Brent crude down 0.5% at $74.52 per barrel and US West Texas Intermediate crude 0.4% lower at $71.65 per barrel.

In world markets, Japan's Nikkei closed 1.67% higher, Hong Kong's Hang Seng ended 1.36% higher, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 fell 0.9% and Germany's DAX index declined 0.7% in Europe's early afternoon session.

Vietnamese electric vehicle maker Vinfast's (VFS) shares were down almost 3% in the pre-bell session after it reported widened Q2 losses even as revenue increased, suggesting continued sluggishness in the sector.

Among other US-traded equities, shares of Leafly Holdings (LFLY) were up more than 83% in premarket activity. SRIVARU Holding (SVMH) surged 53% after it said overnight that a Nasdaq hearings panel granted it more time to comply with listing requirements, and Tenon Medical (TNON) shares were up 36%, a day after saying it received positive notices from the US Patent and Trademark Office.

Among losers, Lottery.com (LTRY) shares fell 16% ahead of the opening bell, extending days of losses. FedEx (FDX) fell 14% after reporting lower quarterly year-on-year earnings and revenue. Kopin (KOPN) shares dropped 13% a day after making a new public offering of equities and warrants, and Signing Day Sports (SGN) was down 11% as investors took profits from 308% gains on Thursday.