S&P futures inched higher Friday, while crude prices slipped, as traders monitored the conflict in the Middle East and the fragile ceasefire between Iran and the U.S.P 500 futures and Nasdaq 100 futures increased by 0.1%. Futures associated with the Dow Jones Industrial Average increased by 81 points, representing a rise of 0.2%. West Texas Intermediate futures declined by over 2%, now trading at $86.89 per barrel. Brent crude experienced a decline of 2%, settling at $91.80. The actions follow reports of Iran’s armed forces launching missiles late Thursday, as President Donald Trump considered the possibility of extending a ceasefire.
Stocks are retreating from a record-setting session following the agreement between the U.S. and Iranian negotiators on a 60-day memorandum of understanding aimed at extending the ceasefire. However, Kate Moore, posits that the market’s ascent to new peaks may continue to be influenced more by robust earnings growth than by news regarding any tensions in the Middle East. “I think a lot of the snapback we saw since the lows in March was this acceptance that there was going to be a resolution at some point, but obviously the scope of that and the timing of that is still anybody’s guess,” she stated.
“I genuinely believe that the primary force propelling the market upward is, quite simply, the strength of technology earnings … this trend has been observed consistently across various companies throughout this earnings season.” All three major indexes are poised to conclude the week on a positive note, with the tech-heavy Nasdaq Composite leading the charge, recording an increase exceeding 2%. The S&P 500 has experienced an increase exceeding 1% over the week, whereas the blue-chip Dow is currently reflecting a gain of under 1%.
Friday signifies the conclusion of May’s trading activities, with all three primary indices trending towards positive performance. The S&P 500 has experienced an increase of nearly 5%, whereas the Dow is poised for a 2% gain. The Nasdaq is demonstrating superior performance, on track for an 8% increase for the month. In after-hours trading, shares of Dell Technologies experienced a significant increase of 38% following the company’s upward revision of its full-year guidance and a first-quarter performance that exceeded expectations on both revenue and earnings.