U.S. stock futures were in the green on Friday, with the Nasdaq 100, S&P 500, and Dow Jones all pointing higher after a solid Thursday close. The mood is cautiously optimistic, but there's plenty to keep traders busy—starting with SpaceX's long-awaited public debut.

SpaceX is set to start trading under the ticker SPCX at $135 per share, with options trading kicking off on Monday. The first few minutes of trading are expected to be chaotic as market makers scramble to establish price discovery. If you've ever watched a rocket launch, you know the first few seconds are the most intense—this might feel similar.

On the geopolitical front, Iranian Parliament Speaker Mohammad Bagher Ghalibaf pushed back against President Donald Trump's claims of an approved peace agreement, warning that "wrong strategies and impulsive decisions" could spark a broader crisis. He cautioned that such actions risk devastating energy infrastructure, roiling global markets, and creating an "endless quagmire" that would last for years. It's a reminder that the U.S.-Iran conflict remains a wildcard for markets.

The bond market is relatively calm: the 10-year Treasury yield sits at 4.44%, while the two-year is at 4.05%. According to the CME Group's FedWatch tool, markets are pricing in a 96.4% chance that the Federal Reserve will leave rates unchanged at its June meeting. In other words, don't expect any fireworks from the Fed this month.

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 both higher in premarket trading. SPY was up 0.36% at $740.39, while QQQ advanced 0.20% to $718.52.

Stocks In Focus

Adobe

Adobe Inc. (ADBE) fell 4.91% despite posting upbeat second-quarter results and raising its full-year guidance. The market seems to be focusing on the news that CFO and Executive VP Dan Durn will leave the company on June 15. Steve Day, Senior VP of Corporate Finance and CFO of Adobe's Customer Experience Orchestration business unit, will step in as interim CFO. Leadership changes always add a layer of uncertainty, even when the numbers look good.

RH

RH (RH) edged up 0.47% after reporting better-than-expected first-quarter results and raising its FY2026 sales guidance. The home furnishings retailer is finding its footing in a tough housing market.

Lennar

Lennar Corp. (LEN) slipped 2.74% after posting mixed second-quarter results after Thursday's close. The homebuilder's numbers were a bit of a mixed bag, and investors are reacting accordingly.

Friedman Industries

Friedman Industries Inc. (FRD) jumped 10.08% after reporting a sharp increase in earnings per share in its fourth-quarter results. The company posted net earnings of $9.2 million, or $1.30 diluted EPS, on sales of $191.8 million—up from $5.3 million, or $0.76 EPS, on $129.2 million a year earlier. That's a solid beat.

CoreWeave

CoreWeave Inc. (CRWV) rose 3.61% after Nasdaq announced that the company will be added to the Nasdaq-100 index, effective June 22. Index inclusion is a big deal—it means passive funds will have to buy the stock, which can provide a nice tailwind.

Cues From Last Session

Thursday was a strong day for stocks, with industrials, materials, and information technology leading the charge. Consumer staples and energy stocks bucked the trend, closing lower. Here's how the major indices performed:

Insights From Analysts

Douglas Beath, Global Equity Strategist at Wells Fargo, maintains a "constructive outlook for equities." His optimism is backed by robust corporate momentum: S&P 500 first-quarter earnings are tracking growth of nearly 25%—well above initial consensus forecasts.

While technology remains the primary driver, Beath notes that "the rally has broadened," suggesting that market moves are supported by improved corporate fundamentals rather than just sentiment. But he also warns that "volatility is likely to remain a feature of the market action."

Beath points to three key sources of future turbulence: Federal Reserve policy uncertainty, AI capital spending, and geopolitical risks like the U.S.-Iran conflict. Despite that, Wells Fargo maintains a year-end S&P 500 target of 7400–7600. Beath views pullbacks not as a reason to panic, but as "buying opportunities," and recommends rebalancing into attractive ancillary sectors like Financials, Industrials, and Utilities.

Upcoming Economic Data

Here's what investors will be watching on Friday:

• June's preliminary consumer sentiment data will be released at 10:00 a.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session, down 4.64% to around $83.63 per barrel. Gold rose 0.27% to hover around $4,222.10 per ounce, still well below its record high of $5,595.46. The U.S. Dollar Index was 0.14% lower at 99.7230.

Bitcoin (BTC) was trading 0.88% higher at $63,390.66 per coin over the last 24 hours.

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