Here are the key events taking place on Friday that could impact trading.
SNAP INC.: Shares are plunging 28% in premarket trading after the company posted its weakest-ever quarterly sales growth as a public company.
The parent company of Snapchat reported revenue of $1.11 billion, narrowly missing scaled-back Wall Street expectations and said sales in the current period were roughly flat from a year ago. Snap posted a $422 million net loss for the second quarter. Other social media-related shares are also down. Meta Platforms down 4%, Alphabet off 2% and Twitter down 2%.
MATTEL: Hot Wheels helped the toymaker's sales rise 20%, topping expectations. Excluding items, the company earned 18 cents per share, beating estimates of 6 cents. However, surging costs of raw materials, freight and labor cut into margins. Shares are down more than 1% in premarket trading.
EARNINGS: Wrapping up the week will be results from American Express, Twitter, Cleveland-Cliffs, HCA Healthcare, NextEra Energy, Regions Financial, Roper Technologies, Schlumberger and Verizon before the market open.
GAMESTOP: Shares of the video game retailer will trade for the first time following a 4-for-1 stock split. Stockholders of record at the close of business on July 18, will receive a dividend of three additional shares of GameStop's class A common stock for each share they own.
FEDEX CORP: The company is cutting back on Sunday deliveries in some low-density, rural U.S. markets. The suspension of service will go into effect Aug. 15, according to Reuters. The company started Sunday deliveries after the COVID-19 pandemic hit causing a jump in demand as people placed orders while staying home. The specific markets that would be affected have not been revealed yet.