U.S. stock futures ticked higher Friday, recovering some of Thursday's losses after a brief military exchange between the U.S. and Iran near the Strait of Hormuz. President Donald Trump, in a conversation with an ABC reporter, called the incident "just a love tap" and said the ceasefire remains in effect. The comment helped calm nerves, at least for now.

Investors are also bracing for the April non-farm payroll report, due at 8:30 a.m. ET. FactSet's consensus estimate calls for a gain of just 65,000 jobs, a relatively soft number that could influence the Federal Reserve's next move. Speaking of the Fed, the CME Group's FedWatch tool shows markets pricing a 94.8% chance that the central bank leaves rates unchanged at its June meeting.

The 10-year Treasury yield sat at 4.36% early Friday, while the two-year yield was at 3.90%. Here's how the major index futures were shaping up:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket. SPY was up 0.43% at $734.72, while QQQ advanced 0.64% to $699.36.

Stocks In Focus

Coinbase Global

• Coinbase Global Inc. (COIN) fell 3.62% in premarket after reporting downbeat first-quarter results. Revenue came in at $1.41 billion, down 31% year-over-year and missing the Street consensus of $1.53 billion.

• Market data indicates that COIN maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a good growth score.

Cloudflare

• Cloudflare Inc. (NET) plunged 16.74% after reporting upbeat earnings but cutting 20% of its workforce during the first quarter. The company is pivoting to an "agentic AI-first" strategy.

• Market data indicates that NET maintains a strong price trend in the long, medium, and short terms.

Trade Desk

• Trade Desk Inc. (TTD) dropped 14.43% after reporting mixed first-quarter financial results.

• Market data indicates that TTD maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a poor quality score.

BILL Holdings

• BILL Holdings Inc. (BILL) jumped 7.09% after reporting total revenue of $406.6 million, up 13% year-over-year, and diluted earnings of $0.12 per share.

• Market data indicates that BILL maintains a weak price trend in the short, medium, and long terms.

CoreWeave

• CoreWeave Inc. (CRWV) fell 8.76% after reporting a first-quarter adjusted loss of $1.12 per share, wider than the expected loss of $0.90 per share. However, CEO Michael Intrator called it the "strongest bookings quarter in CoreWeave's history."

• Market data indicates that CRWV maintains a strong price trend in the short, medium, and long terms, with a poor value score.

Cues From Last Session

Communication services and information technology stocks bucked the overall market trend to close higher on Thursday, while most S&P 500 sectors ended negatively, led by heavy losses in materials, energy, and industrials.

Insights From Analysts

Senior Global Market Strategist Scott Wren notes that despite geopolitical tensions in the Persian Gulf, the U.S. stock market has hit record highs as investors focus on artificial intelligence (AI) and first-quarter earnings reports. Wren points out that tech sector earnings are surging, with 2026 AI-related spending commitments reaching "north of $800 billion."

However, Wren cautions about elevated risks regarding the Strait of Hormuz. He warns that a near-term closure could damage "fragile global energy supply chains." Eventually, he expects this could turn price volatility into an "actual shortage that disrupts the supply of refined products."

Regarding market strategy, Wren expects Information Technology to remain "more attractive from a valuation perspective" than the Energy sector. He also anticipates resilience in specific subsectors amidst these large uncertainties. He expects Machinery and Electrical Equipment to benefit from the domestic data center buildout, while Aerospace and Defense should see a "persistent upward rerating on valuations as the U.S. rebuilds its military arsenal." Ultimately, he believes neither Washington nor Tehran is seeking a "full-scale military confrontation."

Upcoming Economic Data

Here's what investors will be keeping an eye on Friday.

• Fed Governor Lisa Cook will speak in Senegal at 5:45 a.m. ET.
• April's U.S. employment report, unemployment rate, and hourly wages data will all be released by 8:30 a.m. ET.
• March's wholesale inventories and May's preliminary consumer sentiment data will be out by 10:00 a.m., and a panel featuring Chicago Fed President Austan Goolsbee, San Francisco Fed President Mary Daly, and Fed Governors Michelle Bowman and Christopher Waller will take place at 7:30 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session, up 0.13% to hover around $94.93 per barrel. Gold Spot US Dollar rose 0.75% to around $4,722.18 per ounce, still well below its record high of $5,595.46. The U.S. Dollar Index spot was 0.04% higher at 98.1060.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 2.13% lower at $79,731.64 per coin over the last 24 hours.

Asian markets closed lower on Friday, except South Korea's Kospi index. Japan's Nikkei 225, China's CSI 300, Australia's ASX 200, Hong Kong's Hang Seng, and India's Nifty 50 all fell. European markets were also lower in early trade.