Dow futures up 120; S&P eyes ninth weekly gain; Dell jumps

U.S. stock futures rose Friday, with Dow Jones Industrial Average futures up about 120 points, after major indexes closed at record highs in the prior session. The S&P 500 is on track for its ninth consecutive weekly gain, the longest streak since December 2023.

S&P 500 and Nasdaq 100 futures were each up just under 0.1%, while Dow futures gained roughly 0.14%. Traders pointed to demand for artificial intelligence-related stocks and ongoing expectations for corporate earnings as factors supporting equity prices, even as inflation, geopolitical tensions and slower economic growth remain market concerns.

Reports that the United States and Iran had agreed to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz boosted risk appetite. The reported agreement has not been approved by President Donald Trump, leaving markets sensitive to any further developments.

Dell Technologies stock jumped 38.5% in premarket trading after the company raised its full-year revenue and earnings forecasts. Markets treated the higher guidance as a sign of stronger demand for AI infrastructure. Hewlett Packard Enterprise rose about 17.2% and Super Micro Computer climbed roughly 11% in early trading.

Consumer and software names moved in opposite directions. Gap shares fell about 15% in premarket trading after the retailer cut its annual sales forecast for the second time this year. Okta gained about 8.1% after reporting first-quarter revenue that exceeded analysts’ estimates.

Economic data released this week showed U.S. inflation accelerated at its fastest pace in three years in April, and first-quarter gross domestic product was revised down to an annualized 1.6%. Money markets have largely priced in steady Federal Reserve policy through the rest of the year, though they still assign a nonzero chance of a 25-basis-point rate increase in December.

Investors will watch public remarks from Federal Reserve officials Anna Paulson, Neel Kashkari and Mary Daly for updates on the interest-rate outlook. Analysts noted markets entered the weekend in firmer shape, citing easing geopolitical worries and inflation that did not surprise to the upside. The near-term market trend will depend on upcoming corporate earnings, further economic data and confirmation of the reported U.S.-Iran agreement.