US Stocks-Wall St set for higher open after tech rout; Mideast, tariffs in focus

Oracle ORCL.N gained 2.3% after the Pentagon announced a nearly $7 billion agreement, running for up to 10 years, to consolidate the department's on-premises software licenses with the cloud firm under a single contract. Later in the session, investors will parse the preliminary July PMI (purchasing managers' index) data at 9:45 a.m. ET for an updated reading on U.S. manufacturing and services activity. At 8:37 a.m. ET, Dow E-minis YMcv1 were up 214 points, or 0.41%, and S&P 500 E-minis EScv1 were up 17 points, or 0.23%. Nasdaq 100 E-minis NQcv1 were up 37.5 points, or 0.13%. The S&P 500 and the Nasdaq were on track for a second straight weekly loss, while the Dow .DJI was set for a third consecutive week of declines. Meanwhile, the Trump administration imposed new tariffs of 10% and 12.5% on goods from 60 trading partners, citing lax enforcement of forced-labor bans. The move came as a temporary 10% global tariff expired. Geopolitical risks were in focus after President Donald Trump threatened "major military punishment" for Iran and its Houthi allies, following attacks by Yemeni fighters on two Saudi oil tankers in the Red Sea. Oil prices surged above $100 a barrel on Thursday as investors reassessed the risk of a prolonged disruption to energy supplies. Despite prices easing on Friday, a sustained energy shock could rekindle global inflation concerns and prompt central banks to recalibrate monetary policy. The Federal Reserve is due to meet next week, with markets pricing in a roughly one-in-three chance of a rate hike, up from 12% a week earlier, according to CME's FedWatch tool. Investors will also watch next week's PCE data, the Fed's preferred inflation gauge, due a day after the policy decision. Wall Street's main indexes were set to open higher on Friday after a tech-led selloff in the previous session, as investors digested fresh earnings, escalating Middle East tensions and a new tariff announcement from the Trump administration. Intel INTC.O added to this week's key earnings reports, forecasting quarterly profit and revenue above Wall Street estimates and outlining plans to increase spending over the next two years. The chipmaker's shares rose 3.3% in premarket trading. The broader semiconductor sector, however, remained subdued. The S&P 500 .SPX and the Nasdaq .IXIC posted their steepest one-day declines in a month on Thursday as concerns mounted over the AI trade. Results from Alphabet GOOGL.O and Tesla TSLA.O heightened investor unease about rising capital spending and cash burn among major technology companies, setting a cautious tone ahead of next week's earnings from Microsoft MSFT.O, Amazon AMZN.O and Meta META.O. "With AI remaining the dominant investment theme, markets are becoming increasingly selective, rewarding strong execution while showing less tolerance for elevated spending without a clear path to returns," said Daniela Hathorn, senior market analyst at Capital.com.

US Stocks-Wall St set for higher open after tech rout; Mideast, tariffs in focus

Oracle rises on Pentagon software contract

Premarket moves and weekly index direction

Tariffs and Middle East tensions weigh on sentiment

Wall Street set to open higher after tech-led selloff

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