Dow Jones futures rose slightly early Friday, along with S&P 500 futures and Nasdaq futures, turning higher after slashing sharp Thursday. President Donald Trump gave himself up to "two weeks" before making an Iran attack decision while Tehran signaled a willingness to talk.
Meanwhile Tesla sent out early invites to the Sunday's robotaxi launch, along with some key details.
The stock market rally was mixed Wednesday. President Trump publicly mulled whether to enter the Israel-Iran conflict. The Federal Reserve stuck to its projection for two rate cuts this year, while Fed chief Jerome Powell remains in no hurry to act.
JPMorgan Chase, Credo Technology, Nintendo, TKO Group, Guardant Health and Viking Holdings cleared traditional buy points ahead of the Fed decision. AI chip play Astera Labs cleared an aggressive entry.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures edged higher and Nasdaq 100 futures advanced 0.1%. Futures were down sharply on Thursday before Trump gave himself more time on Iran.
The 10-year Treasury yield rose slightly to 4.43% after climbing one basis point to 4.4% on Wednesday.
Crude oil futures were little changed, erasing a 1% gain. They edged up 0.4% on Wednesday to $75.14.
U.S. stock markets were closed Thursday in observance of the Juneteenth holiday.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Trump: Iran Attack Decision Within 'Next Two Weeks'
On Thursday afternoon, President Trump, in a statement read by White House press secretary Karoline Leavitt, said he will "make my decision" on an Iran attack "within the next two weeks," citing a "substantial chance of negotiations."
Trump often sets a two-week deadline when facing a difficult choice, such as Russia or tariffs.
That suggests that Trump is looking for an Iran nuclear deal, even as he's publicly mused about joining Israel's attacks. Or, he's hoping Israel can take out Iran's most-protected nuclear sites without U.S. involvement.
Iran reportedly is willing to discuss uranium enrichment limits, though Trump wants a complete end to its nuclear program. Still, that news helped push futures higher.
U.S. bunker bombs could be used to destroy Iran's deep-underground Fordow nuclear site. On the other hand, the threat could spur bigger Iranian concessions.
European officials met with Iranian counterparts in Geneva. U.S. and Israel are not taking part.
Fed Sticks To Rate-Cut Plans, But Powell In No Rush
As expected, the Federal Reserve left interest rates alone. The Fed still expects two rate cuts in 2025. The central bank now sees higher inflation than it did in March, along with slower economic growth.
Fed chief Jerome Powell remains in no hurry to cut rates. He said the job market remains "solid" with the central bank "well positioned to wait" before taking any action.
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Stock Market Rally
The stock market rally closed narrowly mixed Wednesday The major indexes were up modestly until midway through Fed chief Powell's press conference. That was also about the time that Trump said he has "ideas" about what to do regarding Iran
The Dow Jones Industrial Average fell 0.1% in Wednesday's stock market trading. The S&P 500 index edged lower. The Nasdaq composite rose 0.1%. The small-cap Russell 2000 climbed 0.5%.
The major indexes are trading within a mini-range over the past several sessions. But while the S&P 500 and Nasdaq aren't far from record highs, the Dow is stuck below its 200-day line.
A number of leading stocks broke out or triggered other buy signals Wednesday, mostly before the Fed announcement and Fed chief Powell's comments.
JPMorgan stock decisively cleared a handle buy point, while Credo, Nintendo and TKO also knocked out clear breakouts. Viking stock and Guardant Health just topped traditional entries. AI chip stock Astera Labs rallied above an aggressive entries.
The 10-year Treasury yield rose 1 basis point to 4.40% after falling to 4.35% intraday.
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ETFs
Among growth ETFs, the Innovator IBD 50 ETF rose 0.6%. The iShares Expanded Tech-Software Sector ETF fell 0.5%. The VanEck Vectors Semiconductor ETF climbed 0.4%. ARK Innovation ETF jumped 4.5% and ARK Genomics ETF gained 2%. Tesla is the No. 1 holding across ARK Invest's ETFs.
SPDR S&P Metals & Mining ETF dipped 0.1%. The Energy Select SPDR ETF declined 0.65%. The Health Care Select Sector SPDR Fund and Industrial Select Sector SPDR Fund gave up 0.2%.
The Financial Select SPDR ETF lost a fraction. JPMorgan stock is a huge XLF holding.
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Tesla Robotaxi Event
Tesla sent out invites to the Sunday's robotaxi launch event in Austin, Texas. Notably, the "unsupervised" robotaxis will have a Tesla safety monitor in the passenger seat, presumably ready to step in.
Riders will be barred from taking videos.
Tesla stock rose modestly in premarket trade.
What To Do Now
The stock market rally didn't move that much on Fed day. The major indexes are still in tight recent ranges, still generally trending higher. More leaders flashing buy signals Wednesday and several others teasing entries.
Financial markets often have a day two reaction to the Fed meetings. Due to the Juneteenth holiday, U.S. markets won't have their day two reaction until Friday, which is a triple-witching day. Meanwhile, Trump could decide to join the Iran attack, or not, in the next few days.
So keep looking for buying opportunities but stay engaged and flexible.
JPMorgan stock is on IBD Leaderboard. Guardant Health stock is on SwingTrader. Nintendo was Wednesday's IBD Stock Of The Day.
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