U.S. stock index futures edged up on Friday, extending the gains of a week of sharp Wall Street gains underpinned by hopes of Federal Reserve interest rate cuts after softer-than-expected consumer inflation data.

Market Snapshot

At 07:50 a.m. ET, Dow e-minis were up 13 points or 0.03%, S&P 500 e-minis were up 2.25 points or 0.04%, and Nasdaq 100 e-minis were up 21.25 points or 0.11%.

Pre-Market Movers

GameStop ( GME ) , AMC Entertainment ( AMC ) - GameStop Corp. ’ s stock fell 22% early Friday, after the videogame retailer and key meme stock issued a profit and sales warning for the first quarter and also filed to sell more shares. AMC shares droped another 8% in premarket trading.

Faraday Future ( FFIE ) - Faraday Future jumped another 68% in premarket trading on Friday, after skyrocketing 134% on Thursday. The one-week 4000% return for the stock is the highest of any stock listed on the New York Stock Exchange or Nasdaq.

Reddit ( RDDT ) - Shares of Reddit jumped 11% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to draw in more users for the social media platform with AI-enhanced experience and attract more advertising revenue.

Alibaba ( BABA ) - Alibaba shares gained another 1.3% in premarket trading Friday after jumping 7% on Thursday. "Alibaba ( $BABA ) gaining momentum should cruise past $100," Citron Research said. BofA Securities analyst Eddie Leung maintained a Buy rating on the stock and raised the price target from $99 to $103.

Li Auto ( LI ) - Li Auto shares droped another 2.1% in premarket trading Friday after falling 2.8% on Thursday. Li Auto is being hit with a class lawsuit alleging that it inflated market demand for the Li Mega MPV ( multi-purpose vehicle ) when it launched the model. And Li Auto is reportedly undergoing massive layoffs, with sales falling short of expectations.

Take-Two-Interactive Software ( TTWO ) - Shares of videogame maker Take-Two-Interactive Software Inc. fell 2.1% in premarket trading Friday after the company said its highly anticipated "Grate Theft Auto VI" game won ’ t be released until fall 2025, and lowered its bookings forecast for the current fiscal year.

Market News

China Unveils Sweeping Measures to Rescue Property Market

China announced its most drastic move to shore up the beleaguered property market by removing the floor on mortgage rates and encouraging local governments to acquire homes to convert them into affordable housing.

The People ’ s Bank of China effectively scrapped the nationwide minimum mortgage interest rate, while cutting the minimum down-payment ratio for first time buyers to 15% and 25% for second homes, according to a statement on Friday. The previous ratios stood at 20% and 30% respectively.

OpenAI strikes deal to bring Reddit content to ChatGPT

Reddit has partnered with OpenAI to bring its content to popular chatbot ChatGPT, the companies said on Thursday.

The deal underscores Reddit's attempt to diversify beyond its advertising business, and follows its recent partnership with Alphabet to make its content available for training Google's AI models.

ChatGPT and other OpenAI products will use Reddit's application programming interface, the means by which Reddit distributes its content, following the new partnership.