U.S. stock futures are pointing to a higher open on Friday, giving traders a chance to shake off Thursday's selloff. The Dow Jones, S&P 500, and Nasdaq 100 are all in the green, with the Dow leading the way up 0.43% in premarket. The S&P 500 is up 0.20%, the Nasdaq 100 is barely positive at 0.05%, and the Russell 2000 is up 0.20%.

Thursday was a rough day. The Nasdaq Composite dropped below 25,000 after heavy AI spending plans from Alphabet Inc. (GOOGL) and Tesla Inc. (TSLA) spooked investors, and Middle East tensions pushed oil above $100 a barrel. The Roundhill Magnificent Seven ETF (MAGS), which tracks the seven largest U.S. tech companies, fell 4.63%—its worst session since April 2025. Ouch.

But here's the thing: oil is cooling off. Brent crude futures are hovering around $98 a barrel this morning, down from the $100+ spike. That's after President Donald Trump said Iranian funds held by the U.S. should be used to pay for any future damage to ships and cargo. It's not a full resolution, but it's enough to take some of the heat out of the market.

The 10-year Treasury yield is at 4.691%, and the two-year is at 4.331%. The CME Group's FedWatch tool shows markets pricing in a 70.6% chance that the Fed leaves rates unchanged at its July meeting. So no fireworks expected there.

The SPDR S&P 500 ETF Trust (SPY) is up 0.24% in premarket at $739.93, and the Invesco QQQ Trust ETF (QQQ) is up 0.14% at $692.90.

Stocks in Focus

Intel (INTC)

Intel Corp. (INTC) is up 3.37% in premarket after reporting its strongest revenue growth in 15 years. The chipmaker posted second-quarter revenue of $16.13 billion, crushing analyst estimates of $14.42 billion. Adjusted earnings came in at 42 cents per share, more than double the 21 cents analysts were expecting. That's a beat of epic proportions.

Deckers Outdoor (DECK)

Deckers Outdoor Corp. (DECK) is slipping 3.41% despite posting better-than-expected first-quarter results after Thursday's close. Sometimes good news isn't good enough, or maybe the market was hoping for even more. Either way, the stock is giving back some gains.

Edwards Lifesciences (EW)

Edwards Lifesciences Corp. (EW) is up 4.29% after reporting better-than-expected second-quarter results and raising its fiscal 2026 sales guidance. The medical device maker is having a good day.

SAP (SAP)

SAP SE (SAP) jumped 5.88% despite missing analyst estimates on both the top and bottom lines. How? Its current cloud backlog stood at €22.9 billion (about $26 billion), and investors are betting on future growth. Cloud backlogs are a big deal for software companies—they show committed future revenue.

Oracle (ORCL)

Oracle Corp. (ORCL) is up 2.73% following news of a $7 billion Pentagon deal. That's a nice chunk of change, and the market likes it.

Cues From Last Session

Thursday was a down day for most sectors. Consumer staples, communication services, and consumer discretionary stocks dragged the S&P 500 lower, though industrials and health care managed to close in the green. Here's how the major indices finished:

Insights From Analysts

Brian Rehling, Co-Head of Global Fixed Income and Digital Asset Strategy at Wells Fargo Investment Institute, thinks the Fed will keep a tight, inflation-focused stance. He expects rates to stay steady without further hikes this year, but notes that policymakers are "not ready to declare victory." If inflation stays stubborn, the Fed could keep policy restrictive for longer.

On the economy, Rehling sees AI investment as a central force. Near-term spending on data centers and equipment may push prices up, but technology should eventually boost corporate productivity. As Rehling puts it, "AI may be a little bumpy at first, but it could help the economy run more efficiently down the road."

Given the backdrop, Rehling favors short-term fixed income like Treasuries and money-market funds for steady yield with minimal interest-rate risk. His take: "Sometimes the boring part of the portfolio earns its keep."

Upcoming Economic Data

Here's what's on the calendar for Friday:

• July's S&P flash U.S. manufacturing and services PMI at 9:45 a.m. ET
• June's new home sales report at 10:00 a.m. ET

Commodities, Crypto, and Global Markets

Crude oil WTI futures are trading lower by 2.23% in early New York trading, hovering around $90.13 per barrel. Gold is up 0.03% at $4,050.14 per ounce, and the U.S. Dollar Index is down 0.08% at 101.36.

Bitcoin (BTC) is down 0.33% over the last 24 hours, trading at $65,365.87 per coin.

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