07:43 AM EDT, 05/08/2026 (MT Newswires) -- The benchmark US stock measures were pointing higher before the open Friday as investors weigh renewed tensions in the Strait of Hormuz and await a key employment report for April.

The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.2% and the Nasdaq added 0.6% in premarket activity. The indexes finished the previous trading session down, snapping a two-day winning streak.

The US and Iran exchanged fire in the Strait of Hormuz on Thursday, with both sides accusing each other of initiating the attack, according to several media outlets.

The US Central Command said its forces intercepted "unprovoked" Iranian attacks and carried out "self-defense" strikes, as US navy destroyers transited the crucial waterway to the Gulf of Oman. Iran reportedly accused the US of striking multiple targets in and around the strait.

In a social media post on Thursday, President Donald Trump threatened to strike Tehran "a lot harder, and a lot more violently" in the future if it doesn't agree to a peace deal. Later, Trump told ABC News that the strikes against Iran were "just a love tap" and that the ceasefire between the two countries remains in effect.

"Markets continue to be cautiously optimistic toward the prospect of a US-Iran deal to end the war despite the appearances of the US administration pumping the deal vastly more than the other side," Scotiabank said in a note on Thursday.

West Texas Intermediate crude oil nudged 0.4% higher to $95.18 a barrel before the opening bell, while Brent inclined 0.7% to $100.83.

Treasury yields were trending lower in premarket action, with the two-year rate retreating 2.2 basis points to nearly 3.9% and the 10-year rate off 2.4 basis points to 4.37%.

The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 65,000 jobs in April, compared with a 178,000 gain reported for the month prior, according to a Bloomberg poll.

US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday. On Wednesday, ADP (ADP) said employment in the US private sector grew at its fastest pace in more than a year.

Friday's economic calendar also has the preliminary University of Michigan consumer sentiment report for May at 10 am, while the weekly Baker Hughes oil-and-gas rig count is out at 1 pm.

On Thursday, a US trade court ruled that Trump's 10% global tariffs are not justified under a 1970s trade law, Reuters reported. In February, the Supreme Court invalidated Trump's reciprocal tariffs imposed in 2025 under the International Emergency Economic Powers Act. Following that decision, Trump announced a 10% global tariff, which he later said would rise to 15%.

Shares of Airbnb ( ABNB ) moved 0.7% higher pre-bell after the vacation rental company reported higher-than-expected first-quarter revenue. Monster Beverage ( MNST ) climbed 6.5% as the energy drink firm's first-quarter results topped market estimates. CoreWeave (CRWV) fell 6.5% following its latest quarterly results.

Iren ( IREN ) jumped 8.1% as the company said it secured a five-year artificial intelligence infrastructure cloud services contract with Nvidia (NVDA) worth $3.4 billion.

Gold increased 0.4% to $4,730 per troy ounce, while bitcoin slipped 0.2% to $79,952.