U.S. equity futures tied to the major benchmarks traded modestly higher after robust earnings from Taiwan Semiconductor Manufacturing Co. (NYSE:TSM) lifted sentiment in the prior session. Shares of the world’s largest contract chipmaker advanced in Taiwan, while investors turned their attention to a fresh batch of U.S. bank earnings. In commodities, gold eased from record territory and oil steadied after sharp recent declines.
Futures point higher
Stock futures in the U.S. were higher early Friday, as optimism around artificial intelligence resurfaced following standout results from TSMC earlier this week.
At 03:03 ET, Dow futures were up 88 points, or 0.2%, S&P 500 futures added 25 points, or 0.4%, and Nasdaq 100 futures rose 138 points, or 0.5%.
Wall Street’s main indexes surged on Thursday, buoyed by TSMC’s earnings, which sparked gains across AI-linked stocks such as Nvidia, Applied Materials, and Advanced Micro Devices, alongside European peers ASM International and ASML.
Still, analysts at Vital Knowledge noted that momentum faded from session highs, with some established software names — including Salesforce — retreating amid “ongoing ripple effects” tied to new AI product launches from firms such as Anthropic and Alibaba.
U.S. economic data was broadly encouraging, but it also nudged interest-rate expectations in a more hawkish direction, the analysts said. Markets have increasingly priced in that the next Federal Reserve rate cut may not arrive until July, a shift that helped lift bond yields.
Geopolitics also remained a backdrop. Comments from U.S. President Donald Trump suggesting easing tensions in Iran pressured oil prices, even as concerns emerged around Greenland, where several NATO members have deployed troops following claims from the White House that the U.S. “needs” to acquire the semi-autonomous Danish territory.
TSMC climbs in Taiwan
TSMC shares advanced in Taipei trading on Friday after the company delivered blockbuster quarterly earnings and reaffirmed strong demand from the AI sector.
The stock rose nearly 3% to close at T$1,740.0. Its U.S.-listed shares edged higher in extended trading after jumping 4.4% on Thursday.
The chipmaker reported a larger-than-expected, record quarterly profit, continuing to capitalize on surging AI-driven demand for its advanced semiconductors. CEO C.C. Wei indicated that the AI boom remains intact, saying that despite expectations for elevated costs in 2026, TSMC’s earnings trajectory should keep improving.
TSMC is a critical supplier to U.S. technology giants such as Nvidia and Apple, and has been a major beneficiary of the AI-led upswing in chip demand in recent years.
Bank earnings on deck
Attention now turns to upcoming earnings from several U.S. banks.
PNC Financial Services (NYSE:PNC), State Street (NYSE:STT), and M&T Bank (NYSE:MTB) are all scheduled to report results before the opening bell.
Earnings from the largest U.S. lenders earlier this week highlighted how volatile market conditions in 2025 have supported trading revenues. A rebound in dealmaking activity also lifted investment banking fees, with Morgan Stanley’s finance chief noting an acceleration in the pipeline for mergers and IPOs. JPMorgan Chase’s CFO added that “strong client engagement” is expected to extend into 2026.
Vital Knowledge analysts said major banks have “spoken positively about the macro landscape,” reinforcing expectations that the U.S. economy can remain resilient this year despite broader uncertainties.
Gold eases
Gold prices edged lower, pulling back from record highs reached earlier in the week, as firm U.S. labor data reduced expectations for near-term Federal Reserve rate cuts and easing Iran-related tensions weighed on safe-haven demand.
Spot gold slipped 0.2% to $4,605.20 an ounce, while U.S. Gold Futures fell 0.3% to $4,608.86.
Bullion retreated from Wednesday’s record peak of $4,642.72/oz, but was still on track for a weekly gain of roughly 2%.
Oil steadies
Oil prices moved slightly higher, consolidating after heavy losses in the previous session as fears of an imminent U.S. strike on Iran subsided, easing supply concerns.
Brent crude futures added 0.1% to $63.84 a barrel, while U.S. West Texas Intermediate rose 0.2% to $59.30 a barrel.
Both benchmarks slid more than 4% a day earlier after President Trump said Tehran’s crackdown on protesters was easing, tempering worries over potential military action that could disrupt oil flows. Even so, crude prices are set to finish the week broadly flat after touching multi-month highs earlier amid escalating unrest in Iran.
Taiwan Semiconductor stock price
PNC Financial Services Group stock price