U.S. stock futures edged higher Friday morning, putting the S&P 500 on course for its eighth consecutive weekly gain. That would be its longest winning streak since a nine-week run that ended in late 2023, according to CNBC.
Dow futures added 124 points, equivalent to a 0.25% rise, with S&P 500 futures up 0.18% and Nasdaq $NDAQ 100 futures advancing 0.27%. On a weekly basis, the Dow sits 1.5% higher while the S&P 500 has tacked on 0.5% and the Nasdaq trails at 0.3%.
Optimism over a potential agreement between the U.S. and Iran drove part of Friday's positive tone, though the situation remains fluid. At the same time, Brent crude pushing past $105 a barrel has been read by some market watchers as evidence that not everyone is convinced a deal will materialize, according to The Wall Street Journal. Both Brent and WTI crude were up around 2% on Friday.
"Our view on Iran is the same as before: a deal is much more likely than not, but this is already priced in, and the conflict will have stagflationary effects for at least the next few quarters," Adam Crisafulli, founder of Vital Knowledge, told CNBC.
The week's gains came despite a volatile stretch in the bond market. Earlier in the week, the 30-year Treasury yield briefly surpassed 5.19% — a threshold not breached since the era preceding the financial crisis — though it had retreated to 5.09% by Thursday,. The 10-year Treasury yield was retreating Friday morning.
Overseas, Asian and European indexes posted broad gains, with excitement about AI and aerospace sectors driving much of the momentum. SoftBank Group was a standout, with its shares racking up a 34% advance over just two sessions on the back of its artificial intelligence positioning. Currency markets also drew attention, as the yen slipped past the 159-per-dollar mark — a zone that has historically prompted intervention from Japanese authorities.
A swearing-in ceremony for Kevin Warsh, tapped by President Donald Trump to take over from Jerome Powell as head of the Federal Reserve, is scheduled for Friday.