U.S. stock futures were mixed Friday after Wall Street closed higher in the previous session, with the Dow Jones Industrial Average slipping while the S&P 500 and Nasdaq 100 posted modest gains. Markets were balancing signs of easing inflation against escalating U.S.-Iran tensions after Reuters reported the United States said it could sustain its naval blockade of Iran "indefinitely," while Treasury Secretary Scott Bessent warned of measures "never been seen in the history of economic isolation." The pressure campaign followed new Iranian attacks on vessels in the Strait of Hormuz, a key oil shipping chokepoint, as the International Energy Agency projected a 4% drop in global oil supply this year because of weaker shipping traffic. An unchanged July Producer Price Index, following a softer-than-expected Consumer Price Index reading on Wednesday, reinforced expectations that inflation pressures may be easing. Traders reduced bets on a September Federal Reserve rate increase, with markets pricing a 32.4% probability of a hike and a 67.6% chance of no change, while CME Group’s FedWatch tool showed a 32.6% likelihood of higher rates at the September meeting. The 10-year Treasury yield stood at 4.66% and the two-year yield at 4.15%. In premarket trading, the SPDR S&P 500 ETF Trust rose 0.098% to $778.64 and the Invesco QQQ Trust ETF gained 0.17% to $733.3. Among individual stocks, Applied Materials fell despite better-than-expected third-quarter results and strong guidance, Globant dropped after mixed second-quarter results and a cut to FY26 guidance, and Reddit jumped after S&P Dow Jones Indices said it would join the benchmark index before the opening bell on Tuesday, August 18. SanDisk also rose after outlining multi-year revenue, margin, and cash flow targets. Analyst Alex Sagal of Wells Fargo said the S&P 500’s move to record highs was being supported by stronger fundamentals rather than speculation, pointing to 31% second-quarter earnings growth and broader market participation beyond mega-cap stocks. He also warned that elevated oil prices, high interest rates, and geopolitical tension still pose risks, and said investors should remain "constructive, but disciplined, with equity-market exposure."