US pre-open: Futures edge higher despite renewed ceasefire fears

(Sharecast News) - Wall Street futures were in the green as market participants kept a keen eye on the conflict in the Middle East, with the fragile ceasefire between Iran and the US seemingly breaking down.

As of 1220 BST, Dow Jones futures were up 0.20%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.14% and 0.16% firmer, respectively.

The Dow closed 24.69 points higher on Thursday after Axios reported that US and Iranian negotiators had agreed to a 60-day memorandum of understanding to extend their ceasefire and open negotiations on Tehran's nuclear ambitions.

Axios added that the deal was still pending Donald Trump's final approval, while a White House official later confirmed that the US and Iran had "mostly agreed" to the terms of an agreement aimed at temporarily halting the war.

However, just a few hours later, Iranian state media outlet Fars reported that the nation's armed forces had launched missiles at unidentified targets late on Thursday.

Also drawing an amount of investor attention, Dell Technologies posted its strongest revenue growth since returning to public markets, comfortably beating Wall Street expectations and sending shares as much as 39% higher in extended trading. Adjusted earnings came in at $4.86 per share, well ahead of the $2.94 consensus, while revenue jumped 88% year‑on‑year to $43.84bn, smashing forecasts of $35.43bn, with the surge driven by booming demand for artificial‑intelligence infrastructure, with AI server revenue rising 757% to $16.1bn. Dell now expects full‑year AI revenue of around $60bn, up from previous guidance of $50bn.

On the macro front, a preliminary reading of April's goods trade balance and wholesale inventories numbers will be released at 1330 BST, while the Chicago Federal Reserve's May purchasing managers index will follow at 1445 BST.

No major corporate earnings were slated for release on Friday.

Reporting by Iain Gilbert at Sharecast.com