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Traders work at the New York Stock Exchange on May 13, 2026.
S&P 500 futures were broadly higher early Friday, stabilizing after a tough session in which a sharp spike in oil prices and lackluster earnings from two megacap companies pressured the broader equity market.
S&P 500 futures added 0.2%, while Nasdaq-100 futures were flat. Dow Jones Industrial Average futures led gains, adding around 0.4%.
In regular trading, the Dow dropped more than 500 points, or around 1%, for its fifth negative day in six. The S&P 500 and Nasdaq had their worst one-day performances since June 23, dropping 1.2% and 2.2%, respectively.
U.S. President Donald Trump said he will soon make a decision on whether to launch a "massive attack" on Iran after the conflict in the Middle East extended to a new battleground in the Red Sea.
Speaking to Axios on Thursday, the president said the proposed strikes would be bigger than anything seen in the war so far, and that Iran has not "received enough pain yet."
"I am considering a massive attack. Bigger than ever before. I am close to making a decision. We are all set for it," Trump said in the interview.
U.S. forces have pummeled Iranian targets over the past two weeks, with Central Command completing a 13th consecutive night of strikes overnight.
Meanwhile, European stocks opened broadly higher on Friday as investor sentiment on the continent improved.
Shortly after the opening bell, the pan-European Stoxx 600 index was seen 0.2% higher, with regional bourses and sectors painting a mixed picture.
London's FTSE 100 was flat, while France's CAC 40 added 0.1% and Germany's DAX added 0.4%.
In Asia, Asia-Pacific markets closed in the red, with South Korean equities leading losses. The Kospi plunged over 5.7%. Japan's Nikkei 225 slid 2.7%. Australia's benchmark S&P/ASX 200 fell 0.75%.
Brent crude futures topped $100 per barrel for the first time since late May, soaring about 7% on Thursday before paring gains to settle around $96.88 on Friday. West Texas Intermediate futures also pulled back to settle around $88.96.
"While current positioning does not guarantee that oil will continue rising, it does mean that the market entered the latest escalation poorly positioned for an upside surprise," Adam Turnquist, chief technical strategist at LPL Financial. "And when sentiment and positioning are extremely bearish, even a modest deterioration in supply expectations can produce an outsized price response."
Quarterly results from Tesla and Alphabet also weighed on the broader market. Tesla tumbled nearly 15% — its worst day since March 10, 2025 — after posting an earnings miss for the second quarter. Alphabet hiked its full-year guidance for capital expenditures, leading the tech giant to a 7% loss. That's its biggest daily decline since May 7, 2025.
Thursday's moves put the major averages on pace for weekly declines. The Dow and S&P 500 have shed 0.8% and 0.7%, respectively. The Nasdaq has underperformed, losing 1.5%.
