NEW YORK, May 8, 2026, 07:04 EDT
Futures on major U.S. stock indexes moved higher early Friday, finding some support as chip stocks regained their footing—even as oil hovered around $100 a barrel and renewed U.S.-Iran clashes injected caution into the mix. At 6:04 a.m. ET, Dow e-minis rose 128 points, or 0.26%. S&P 500 e-minis advanced 0.45%, with Nasdaq 100 e-minis up 0.63%, according to Reuters.
This shift lands just as the rally was starting to show cracks. U.S. stocks finished in the red on Thursday, with both the S&P 500 and Nasdaq pulling back from fresh intraday highs. Oil’s move higher didn’t help: the Dow slipped 0.6%, S&P 500 lost 0.4%, and the Nasdaq edged down by 0.1%.
Oil’s on edge. U.S. and Iranian forces exchanged fire in the Gulf; the United Arab Emirates reported its air defenses intercepting missile and drone threats. President Donald Trump insisted the ceasefire was still holding, flare-up or not.
It comes down to the Strait of Hormuz. In the first half of 2025, the passage carried 20.9 million barrels per day—roughly 20% of the world’s petroleum liquids consumption and a quarter of oil shipped by sea, the U.S. Energy Information Administration says. LNG, or liquefied natural gas, refers to gas cooled for tanker transport.
Chip stocks propped up futures. Microchip Technology jumped 3.9% before the bell after putting out a stronger-than-expected first-quarter revenue outlook. Qualcomm up 4.8%, Nvidia tacked on 1%. Investors, who’d recently cooled on semis linked to the AI-infrastructure push, saw a bit of relief.
Barclays strategist Emmanuel Cau warned in a note quoted by Reuters: “The clock is ticking, as we need to see oil flows resuming sooner rather than later.” Cau linked any significant rally in equities to clear steps toward reopening Hormuz. Reuters
Akamai Technologies broke from the AI infrastructure crowd. The company disclosed a $1.8 billion, seven-year commitment from a U.S.-based frontier model provider for its Cloud Infrastructure Services business. First-quarter revenue climbed 6% year-over-year, reaching $1.074 billion. CEO Tom Leighton called the deal “validating our position” in AI infrastructure. Businessinsider
Cloudflare headed in the opposite direction. The internet-infrastructure firm plans to slash roughly 20% of its staff—over 1,100 roles—as it shifts to what it describes as an “agentic AI-first operating model.” The goal: more work handled by software agents, less hands-on input from people. Reuters
Cloudflare posted first-quarter revenue at $639.8 million, a 34% jump from last year, and put its second-quarter outlook between $664 million and $665 million. CEO Matthew Prince said “AI is driving a fundamental re-platforming of the Internet,” but the market’s attention stuck to the restructuring moves and the company’s latest forecast. Cloudflare
The split says a lot about sentiment right now. Investors are chasing AI, but any hints of uneven growth—whether it’s higher spending, layoffs, or murky guidance—are hitting stocks hard. Trade Desk slumped 15.8% after its second-quarter revenue forecast disappointed, Reuters reported. CoreWeave slipped 6.5% as it bumped up the low end of its annual capex outlook due to pricier components.
All eyes shift to 8:30 a.m. ET, when April payrolls hit from the Labor Department. Reuters’ economist poll has 62,000 jobs added in April—down from March’s 178,000—with unemployment sticking to 4.3%. A hotter print could have investors rethinking Federal Reserve rate cut timing.
Here’s the risk: Oil supply remains tight, or the truce unravels again—energy prices could jump, stoking inflation and making rate cuts look less likely. Flip side? Payrolls come in hot, and the same argument for looser policy gets undercut. Marija Veitmane at State Street Markets noted that markets are still “pricing a limited duration” for the conflict—leaving little buffer if the turmoil drags on. Reuters
