FX.co ★ US Futures Hold Near Peaks

US equity futures were little changed on Friday as optimism over robust technology sector earnings was tempered by concerns about broader macroeconomic headwinds. The S&P 500 was flat, holding near its record high, while the Nasdaq 100 and the Dow Jones Industrial Average also traded with minimal movement.

Semiconductor stocks extended their strong rally from earlier in the week. SanDisk rose more than 5% in premarket trading after surging 14% in the previous session, while Micron and Seagate also advanced. The renewed build-up of long positions in AI-related infrastructure was supported by signs of increased capital spending by hyperscalers, with both OpenAI and Anthropic reportedly targeting initial public offerings this year; Anthropic has also moved to acquire Decart.

At the same time, persistent inflation risks kept alive expectations that the Federal Reserve could still raise interest rates this year. President Trump signaled that economic pressure on Iran would be prolonged, with measures aimed at curtailing the country’s oil exports. Against this backdrop, industrials and banks continued to lag the broader market.