Despite the cease-fire extension, broader uncertainty about the Middle East conflict continued to cloud markets. Diplomacy has so far failed to gain traction, with The Wall Street Journal reporting that anticipated U.S.-Iran negotiations in Islamabad never came together. Meanwhile, the Strait of Hormuz has not reopened, and a third American aircraft carrier has moved into Middle Eastern waters. Trump earlier this week ordered the U.S. Navy to strike any vessel it finds laying mines in the strait.
Crude markets swung in both directions during the session. A pullback in prices followed news that Iranian Foreign Minister Abbas Araqchi was set to fly to Islamabad, fanning expectations of renewed U.S.-Iran diplomacy, according to CNBC. West Texas Intermediate futures were changing hands near $96 a barrel, with Brent crude sitting just under the $100 mark. Brent crude has climbed about 9% for the week, according to The Wall Street Journal.
A Friday research note from Deutsche Bank flagged that mixed signals out of the Middle East had created "lingering uncertainty," dragging on American equity markets, according to MarketWatch.
Intel $INTC's premarket gain helped brighten an otherwise cautious picture. Dow Jones data cited by MarketWatch showed that a close at those levels would be an all-time high for Intel in terms of single-session post-earnings performance. Advanced Micro Devices stock also rose about 7% before the bell.
Weekly losses loomed for all three benchmarks heading into Friday's close. Both the S&P 500 and the Dow stood roughly 0.3% in the red for the period, with the Nasdaq $NDAQ off about 0.1%.
