09:04 AM EDT, 06/20/2025 (MT Newswires) -- US equity futures were cautiously higher ahead of Friday's opening bell as traders monitored a potential direct US involvement in the Israel-Iran conflict.

Dow Jones Industrial Average futures were up 0.3%, S&P 500 futures were 0.2% higher, and Nasdaq futures were up 0.3%.

President Donald Trump will decide on a potential military action against Iran within the next two weeks, White House Press Secretary Karoline Leavitt said during a press briefing Thursday.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3.1% at $76.42 per barrel. The US West Texas Intermediate crude was 0.04% lower at $75.11 per barrel.

The Philadelphia Fed Manufacturing Index, released at 8:30 am ET, came in at minus 4 in June to match the prior month's reading, compared with estimates compiled by Bloomberg for an improvement to minus 1.5.

In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 0.07% lower. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was up 1.7% in Europe's early afternoon session.

In equities, GMS (GMS) shares were 28% higher pre-bell after the company confirmed Thursday that it received an unsolicited takeover proposal from QXO (QXO). Jeffs' Brands ( JFBR ) shares were up 15% after the company said the TSX Venture Exchange has approved the pending acquisition of the company's Fort Products subsidiary by Impact Acquisitions.

On the losing side, Smith & Wesson Brands ( SWBI ) shares were down 14% after the company reported late Wednesday lower fiscal Q4 adjusted earnings and sales.