Markets Drift as Oil Stays Elevated and Intel Jumps: Dow Jones, S&P, Nasdaq, Wall Street Futures

Futures tied to major U.S. indices were mixed on Friday, hovering around flat levels, while oil prices held above $100 per barrel as disruptions in the Strait of Hormuz persisted despite a fragile U.S.-Iran ceasefire. Meanwhile, shares of Intel (NASDAQ:INTC) surged in after-hours trading following an upbeat outlook from the chipmaker.

U.S. equity futures showed little clear direction ahead of the final trading session of the week, as optimism around a near-term U.S.-Iran agreement faded and supply concerns in energy markets lingered.

As of 03:21 ET, Dow futures were down 58 points, or 0.1%, S&P 500 futures rose 10 points, or 0.1%, and Nasdaq 100 futures advanced 172 points, or 0.6%.

Wall Street ended Thursday in negative territory, with sentiment weighed down by diminishing expectations of a lasting agreement between Washington and Tehran that would restore shipping through the Strait of Hormuz, a key oil transit route that has been largely closed to tanker traffic in recent weeks.

Even so, investor mood has been supported by a generally strong U.S. earnings season. Texas Instruments stood out in the previous session, with its shares jumping more than 19% after reporting results and guidance that exceeded expectations, lifting the broader semiconductor sector.

Rising demand for analog chips used in data centers highlighted continued heavy investment in artificial intelligence infrastructure, helping markets look past geopolitical concerns and recover much of the ground lost during the Iran conflict.

U.S. President Donald Trump said on Thursday that a ceasefire between Israel and Lebanon would be prolonged by three weeks following talks with representatives from both countries.

However, the absence of Hezbollah officials from the discussions has cast uncertainty over the durability of the agreement. Clashes between Israel and Hezbollah were also reported shortly before the announcement.

Earlier in the week, Trump also declared an open-ended ceasefire between the U.S. and Iran, while maintaining restrictions on Iranian ports.

The situation remains uncertain. Iran has responded to U.S. measures by asserting control over the Strait of Hormuz—through which about one-fifth of global oil flows—targeting and seizing vessels in the region. The U.S. has also detained Iranian-flagged ships, and Trump said he had instructed the Navy to “shoot and kill” Iranian boats attempting to lay mines in the strait.

A press briefing by U.S. Defense Secretary Pete Hegseth and General Dan Caine, Chairman of the Joint Chiefs of Staff, is scheduled for 8 a.m. Eastern time on Friday.

With no clear signs that the Strait of Hormuz will reopen soon, oil prices have climbed back above $100 per barrel, raising concerns about inflation and global economic growth.

At 03:57 ET, Brent crude rose 1.2% to $106.30 per barrel, while U.S. West Texas Intermediate crude increased 1.0% to $96.77 per barrel.

Both benchmarks remain well above levels seen before the conflict, fuelling fears of a broader energy shock that could push central banks toward further interest rate hikes, with ripple effects across financial markets.

“Clarity over the next phase in the Middle East conflict is in short supply, and it now looks as though inflation pressures may be broadening,” analysts at ING said in a note.

International Energy Agency Executive Director Fatih Birol warned earlier this week that the continued disruption in the Strait of Hormuz represents “the biggest energy security threat in history” and called on governments to seek alternative energy sources.

Intel (NASDAQ:INTC) shares jumped more than 21% in extended trading after the company forecast a strong rise in revenue driven by demand from AI-focused data centers.

While Intel has often been seen as lagging in the AI race, its processors have recently gained traction as companies seek increased computing power for advanced autonomous systems.

The group has also benefited from a 10% stake held by the Trump administration and from joining Tesla and SpaceX as a strategic partner in a Texas-based chip manufacturing initiative.

Intel raised its current-quarter revenue forecast to between $13.8 billion and $14.8 billion, comfortably above market expectations. CEO Lip-Bu Tan said efforts to bring AI capabilities closer to end users are “significantly increasing the need for Intel’s CPUs and wafer and advanced packaging offerings.”

On the macroeconomic front, investors are awaiting the final April reading of the University of Michigan’s consumer sentiment survey.

A preliminary estimate showed sentiment dropping to a record low of 47.6, down from 53.3 in March and well below forecasts.

The survey pointed to weakening confidence across demographics, although responses were collected before the U.S.-Iran ceasefire announcement. According to Joanne Hsu, director of the survey, many respondents cited the Iran conflict as driving “unfavorable changes to the economy.”

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