08:14 AM EDT, 05/09/2025 (MT Newswires) -- US stock futures were higher in premarket activity Friday after US President Donald Trump posted on Truth Social that an "80% tariff on China seems right!"

The Dow Jones Industrial Average futures were up 0.2%, S&P 500 futures edged up 0.3%, and Nasdaq futures gained 0.3%.

Oil prices were surging higher with front-month global benchmarks Brent crude and West Texas Intermediate crude rising 1.8% and 2.2% respectively.

Later in the day, the Baker Hughes Rig Count will be released. The count is used to gauge oil and gas supply by tracking drilling activity, which could indicate which direction oil prices may be heading.

In equities, shares of ZK International Group ( ZKIN ) jumped 70%, piling on to its 129% gain on Thursday. Corvus Pharmaceuticals ( CRVS ) shares climbed 31% after the company said late Thursday that new interim data from a phase 1 clinical trial of soquelitinib to treat moderate to severe atopic dermatitis showed a "favorable" safety and efficacy profile. Shares of Beasley Broadcast Group ( BBGI ) rose 4% after a marginal loss the previous session.

On the losing side, Twin Vee Powercats ( VEEE ) shares tumbled 41%, eating into a massive 192% gain the previous session. Shares of Iovance Biotherapeutics ( IOVA ) shed 35% after the company reported late Thursday a Q1 loss and revenue below analyst expectations. Jade Biosciences' ( JBIO ) stock was down 0.1%, adding to a 2.8% loss on Thursday.