Stock futures are down, pointing to Wall Street indexes extending Thursday’s selloff that came after data showed inflation hitting a new four-decade high. Here’s what we’re watching in Friday’s trading:

• Affirm Holdings shares dropped 9.7% premarket. A Twitter slip-up on Thursday sent the buy-now-pay-later company’s shares on a wild ride that ended with its worst one-day drop on record.
• GoDaddy gained 5.4% ahead of the bell after the company reported full-year revenue growth and announced a share repurchase plan.
• Zendesk added 1.2% premarket. Thoma Bravo and other firms have made takeover approaches to Zendesk, which is also facing a proxy fight from an activist investor seeking to scuttle a proposed acquisition of SurveyMonkey ’s parent company Momentive Global . Momentive shares added 7.6% off hours.
• Zillow jumped 14% premarket. The online real-estate company said it lost $881 million on its algorithmic-driven home-flipping business last year in its first earnings report since it shut down that operation in the fall.

• Yelp rose 4.4% premarket. The company reported revenue above pre-pandemic levels, driven by record advertising sales for services categories and multi-location and self-serve channels.
• Under Armour ,   Newell Brands  and  Dominion Energy  are among the companies reporting earnings Friday.

Chart of the Day

• U.S. stocks appear cheaper than they have since the early days of the Covid-19 pandemic—but such bargains won’t be enough to power the next leg of the bull market, investors say.

Write to James Willhite at james.willhite@wsj.com