Crypto-Linked Stocks Rally as Bitcoin Surges Past $78,000

U.S. stock futures bounced back on Friday, hinting at a modest recovery from the previous session's significant decline. Investors weighed rising Treasury yields and a fresh rally in cryptocurrency-related stocks.

The S&P 500 futures contract gained 165 points, or 0.3%, while the Nasdaq-100 futures rose 25 points, or 0.3%. The Dow Jones futures advanced 186 points, or 0.6%.

Ross Stores led individual stock movers with a nearly 9% surge in premarket trading after raising its annual earnings forecast and projecting quarterly comparable-store sales growth above Wall Street expectations. The company expects comparable-store sales to rise 6%-7% in the third quarter and 4%-5% in the fourth quarter, ahead of analysts' estimates.

Crypto-linked stocks also rallied as Bitcoin extended its rebound, with investors taking encouragement from President Donald Trump's call for clearer rules governing digital assets. Bitcoin jumped 8.9% to $78,135.60, briefly touching $79,600.60 and breaking above the roughly $60,000-$70,000 range it had traded in.