U.S. stock futures were little changed Friday morning after the S&P 500 had its worst session since April, as investor evaluated the start of second-quarter earnings reporting season. S&P 500 futures were marginally higher. Futures linked to the Dow Jones Industrial Average were up around 0.1%, while Nasdaq 100 futures were flat. Banks kicked off earnings results Friday. Wells Fargo shares tumbled 6% after the bank said net interest income, a key measure of lending profitability for banks, fell short of expectations in the second quarter. The bank also continues to see net interest income falling from 7% to 9% this year. JPMorgan shares were down slightly even as the bank posted second-quarter revenue higher than Wall Street expectations on a jump in investment banking fees. During Thursday’s session, the broad market index closed 0.88% lower, and the tech-heavy Nasdaq Composite lost 1.95%. Both indexes broke seven-day winning streaks and they suffered their worst day since April 30. Investors sold their Big Tech winners in a major market rotation, pushing Nvidia lower by 5.6% and leading to a 4.1% decline for Meta Platforms. The 30-stock Dow was the outperformer among the three major averages, inching higher by 0.08%. Nvidia was weak again in premarket trading Friday. Investors’ move out of tech stocks on Thursday was spurred by a consumer price index report that showed a 0.1% monthly decline in June. Traders flocked to areas of the market that will benefit from Federal Reserve interest rate cuts, including small-cap stocks. Indeed, the Russell 2000 jumped about 3.6%. The market rotation during the session is “a taste of what’s going to happen the second half of the year,” Warren Pies, strategist and co-founder of 3Fourteen Research, said on CNBC’s “Closing Bell.” The upcoming corporate earnings season and a credit expansion narrative will power the market to the end of the year, Pies added. “We’ve had a pretty strong economy in a lot of ways over the last few years, but there are pockets that are really restrained by Fed interest rate policy,” Pies said. He noted that as central bank policymakers cut rates, corners of the economy that have been “dormant,” such as existing home sales and new auto sales, will “reawaken.” On the economic front, traders will be looking toward June’s producer price index results. July’s preliminary consumer sentiment numbers from the University of Michigan are also due. On a weekly basis, the Dow is also beating the other two major averages, up nearly 1%. The S&P 500 is up 0.3% through Thursday’s close, while the Nasdaq is down nearly 0.4%. U.S. Treasury yields were slightly higher on Friday as investors digested the latest inflation figures and what this could mean for interest rates. At 4:47 a.m. ET, the yield on the 10-year Treasury was up by over three basis points to 4.2255%. The 2-year Treasury yield was last less than one basis point higher to 4.5166%. Japan’s Nikkei 225 led losses in Asia on Friday, snapping a three-day winning streak and plunging over 2% after hitting a record high in the previous session. The Nikkei dropped 2.45% to close at 41,190.68, while the broad-based Topix retreated 1.1% to end at 2,894.56. South Korea’s Kospi was down 1.18% at 2,857, while the small-cap Kosdaq slipped 0.24%, finishing at 850.37. In contrast, Hong Kong Hang Seng index was up 2.7% as of its final hour of trade, while the mainland Chinese CSI 300 climbed 0.12% to ended at 3,472.4. The losses come as China’s exports beat expectations, climbing 8.6% year on year in June as compared to the 8% rise forecast in a Reuters poll of economists. This was also higher than the 7.6% rise seen in May. However, imports slipped 2.3% compared to June last year, compared with expectations of a 2.8% rise. Losses were also seen in Taiwan, with the Taiwan Weighted Index also falling almost 2% as heavyweights Taiwan Semiconductor Manufacturing Company and Foxconn — traded as Hon Hai Precision Industry — dropped more than 3% and 4%, respectively. Australia’s S&P/ASX 200 rose 0.8% to close at 7,959.3, setting a new all-time closing high. Oil prices inched up on Friday amid signs of easing inflationary pressures in the world’s biggest oil consumer, the United States, though the contracts were headed for a weekly decline. Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Both contracts gained in the prior two sessions but were still poised for weekly declines. Brent futures were set to fall about 1% week-on-week following four weeks of gains. WTI futures were broadly stable on a weekly basis, set for a 0.1% dip. Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September. Spot gold slipped 0.2% at $2,409.19 per ounce, as of 0421 GMT after rising 2% on Thursday. U.S. gold futures eased 0.3% at $2,414.10.