U.S. stock futures are edging higher to end a down week; Tesla (TSLA) shares are pulling back in premarket trading after the EV maker posted its best day in more than a decade; shares of Versace and Michael Kors parent Capri Holdings (CPRI) are tanking after a federal judge blocked its proposed acquisition by Coach owner Tapestry (TPR); Spirit Airlines (SAVE) shares are jumping on the discount carrier’s plans to cut jobs and sell planes to help shore up finances; and Apple (AAPL) was the second-leading seller of smartphones in China during the third quarter thanks to strong sales of its new iPhone 16. Here’s what investors need to know today.

1. US Stock Futures Edging Higher to End Down Week

After equities declined much of the week, U.S. stock futures are inching higher Friday, including a 0.2% rise in the Dow Jones Industrial Average, which is on a four-day losing streak. S&P 500 and Nasdaq stock futures also are slightly higher. Benchmark 10-year Treasury yields are slightly lower, hovering around 4.2%. Both gold and bitcoin prices are moving lower, while crude futures are rising.

2. Tesla Stock Pulls Back After Best Day in Decade

Tesla (TSLA) stock is pulling back 2% in premarket trading after a 22% gain yesterday, its best day since May 2013. Tesla shares jumped Thursday on its strong earnings report, which featured better-than-expected third-quarter net income of $2.17 billion and improved profit margins. In his call with investors, Chief Executive Officer (CEO) Elon Musk assured analysts that “plans for new vehicles, including more affordable models, remain on track for start of production in the first half of 2025.”

3. Capri Stock Plunges After Judge Blocks Tapestry Merger

Shares of Versace and Michael Kors owner Capri Holdings (CPRI) are plunging more than 45% in premarket trading after a federal judge blocked its proposed merger with Coach parent Tapestry (TPR). The Southern District of New York judge ruled in favor of a Federal Trade Commission (FTC) request for a preliminary injunction to block the $8.5 billion deal while the agency continues its antitrust review. The order was good for Tapestry’s stock, as its shares are moving 15% higher.

4. Spirit Airlines Stock Jumps on Plans to Cut Job, Sell Planes

Shares of Spirit Airlines (SAVE) are surging 7% in premarket trading after the discount carrier said it plans to cut jobs and sell some planes as it tries to shore up its finances. The company said that as part of its plans “to return to profitability,” it has identified around $80 million in annualized cost cuts that it plans to start implementing early next year. Spirit, which reportedly is considering a bankruptcy filing, also said it had entered into a deal to sell 23 A320ceo/A321ceo aircraft for around $519 million to aircraft-maintenance and component services platform GA Telesis.

5. Apple Returns to Top 5 in Chinese Smartphone Sales

The new iPhone 16 helped Apple (AAPL) return to the top five of Chinese smartphone sales, according to data from International Data Corporation. The report showed that Apple had a 15.6% share of the Chinese phone market in the third quarter, making it the second-best seller for the period, despite being down from its 16.1% Q3 market share last year. A recent report indicated the new iPhone model, which features advanced artificial intelligence (AI) features, outsold the previous iPhone 15 model by 20% in China over its first three weeks of release. Shares of Apple are 1% lower in premarket trading.