07:31 AM EDT, 08/08/2025 (MT Newswires) -- The benchmark US stock measures were pointing higher before the open Friday as traders assess President Donald Trump's decision to nominate Stephen Miran as a Federal Reserve governor.

The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.3% in premarket activity. The S&P 500 and the Dow finished Thursday's trading session lower, while the Nasdaq recorded its second consecutive day of gains.

In a social media post on Thursday, Trump said he has picked Stephen Miran, chair of the Council of Economic Advisors, to replace Fed Governor Adriana Kugler, whose resignation takes effect Friday. Miran will fill the vacant Fed board seat until Jan. 31, 2026, while the search for a permanent replacement continues, according to Trump.

Atlanta Fed President Raphael Bostic said Thursday that there's still a possibility that policymakers will reduce their benchmark lending rate once this year, Bloomberg News reported. Trump has repeatedly called for the central bank to cut interest rates.

St. Louis Fed President Alberto Musalem is scheduled to speak at 10:20 am ET.

Trump's sweeping new tariffs on imports from several trading partners went into effect Thursday as the US leader's deadline for countries to strike deals expired. "We've said it before, and we'll say it again: this 7 August date does not mark the end of the tariff saga, and higher tariffs on individual countries could still be imposed," Inga Fechner, senior economist at ING, said in a report published Thursday.

Treasury yields were up in premarket action, with the two- and 10-year rates increasing 0.4 basis points each to 3.74% and 4.25%.

Shares of Monster Beverage ( MNST ) advanced 7.7% pre-bell as the energy drink company reported better-than-expected second-quarter results. Pinterest ( PINS ) dropped 12% as the image-sharing platform's second-quarter earnings fell short of Wall Street's estimates. SoundHound AI ( SOUN ) jumped 21% while Trade Desk ( TTD ) tumbled 29% following their quarterly results.

Under Armour ( UAA ) , Wendy's (WEN) and fuboTV (FUBO) are some of the companies reporting their latest financial results before the bell, among others.

West Texas Intermediate crude oil nudged up 0.6% to $64.23 a barrel before the opening bell. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.

Gold inclined 0.9% to $3,483 per troy ounce, while bitcoin slipped 0.5% to $116,544.