08:50 AM EDT, 05/29/2026 (MT Newswires) -- US equity futures edged higher pre-bell Friday as traders monitored developments on the peace negotiations between US and Iran, with the two countries reportedly agreeing on a memorandum of understanding to extend the ceasefire by 60 days.

Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were flat.

The memorandum still has to be approved by President Donald Trump, and Iran has not yet given a response to the latest version. Vice President JD Vance said the talks are making progress but still ongoing, while Treasury Secretary Scott Bessent confirmed that the negotiation teams have been "going back and forth."

Iran reportedly fired missiles at unidentified targets on Thursday while the Pentagon said Iran had launched a ballistic missile towards Kuwait and deployed attack drones in the Strait of Hormuz.

Traders also digested the latest round of earnings, with Costco Wholesale ( COST ) posting higher fiscal Q3 earnings and revenue late Thursday.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.7% at $91.14 per barrel and US West Texas Intermediate crude 1.5% lower at $87.58 per barrel.

The US advance international trade in goods deficit narrowed to $82.40 billion in April from $85.27 billion in March, according to data released by the US Census Bureau.

The Chicago purchasing managers index for May, due at 9:45 am ET, is seen coming in at 50.3, up from its prior value of 49.2.

Federal Reserve Vice Chair Michelle Bowman, Philadelphia Fed President Anna Paulson, and San Francisco Fed President Mary Daly are slated to speak on Friday.

In other world markets, Japan's Nikkei closed 2.5% higher, Hong Kong's Hang Seng ended 0.7% higher, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.

In equities, Dell Technologies ( DELL ) shares were up 33% after the company reported higher fiscal Q1 non-GAAP net income and revenue that surpassed analysts' consensus. IBM ( IBM ) stock was 4.4% higher after the company said in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development. CoreWeave ( CRWV ) shares rose 1.4% after the company said it launched new agentic artificial intelligence capabilities designed to connect AI model training and inference in a continuous feedback loop to improve performance over time.

On the losing side, Autodesk ( ADSK ) shares were down 6.6% after multiple analyst price target cuts, including those by RBC and BMO Capital. JD.com ( JD ) stock was 1.1% lower after the European Commission said it launched an in-depth investigation over the company's proposed acquisition of Ceconomy due to concerns that foreign subsidies may have distorted the deal process.