U.S. stock futures were higher early Friday as Wall Street staged a sharp rebound, with upbeat earnings from Amazon adding to optimism. Nasdaq-100 futures gained 0.9%. Futures for the Dow Jones Industrial Average rose 259 points, or 0.5%, while S&P 500 futures added 0.3%. Amazon surged 13% after reporting better-than-expected second-quarter revenue. The results, which were aided by the strength of its cloud-computing business, reinforced investor confidence in artificial intelligence spending. Apple, in contrast, was more than 7% lower ahead of Friday’s opening bell. The firm’s fiscal third-quarter revenue topped expectations, helped by a 22% jump in iPhone sales, though a shortfall in service revenue pushed its stock lower. Meta, which sank almost 8% in Thursday’s session, was up 1.7% in premarket trade. The moves followed a powerful rally during Thursday’s session led by Microsoft, which jumped 16% after the software giant posted stronger-than-expected Azure cloud growth. The results sparked a broad advance across AI-linked chipmakers, with the iShares Semiconductor ETF (SOXX) climbing more than 8%. The recovery came after a bruising session on Wednesday, when the Dow plunged more than 1,100 points, its worst one-day decline since April 2025. Selling accelerated late in the session after the Federal Reserve held interest rates steady, fueling concerns that policymakers were falling behind in the fight against inflation. Those worries rippled through the Treasury market. The 30-year Treasury yield climbed 6 basis points Wednesday to above 5.2%, hovering near its highest level since 2007. “Investors are recalibrating expectations for Fed rate cuts, reducing the excess liquidity that has fueled speculative, momentum-driven markets,” Richard Bernstein, global head of macro and customized investing​ at Janus Henderson Investors, said. “Market leadership is expanding beyond the ‘Magnificent 7’ as investors increasingly reward improving fundamentals rather than hype-driven momentum.” Despite the week’s sharp swings, the major averages remained on track to finish higher. The Dow was up about 0.5% for the week heading into Friday’s session, while the S&P 500 had gained roughly 0.4% and the Nasdaq Composite was ahead about 0.6%. U.S. Treasury yields followed oil prices lower on Friday amid signs of a recovery in crude flows through the Strait of Hormuz and hopes for easing Middle East tensions. At 4:25 a.m. ET, the 30-year Treasury bond yield was down nearly 2 basis points to 5.188%, and the benchmark 10-year Treasury yield was 1 basis point lower to 4.647%. Meanwhile, the 2-year Treasury note yield hovered just above the flatline at 4.231%. In Asia, South Korea’s Kospi soared over 15% Friday after chip behemoths SK Hynix and Samsung Electronics surged. Japan’s benchmark Nikkei 225 surged more than 3%. The S&P/ASX 200 rose 0.27%. The Hang Seng Index was down 0.11%, while CSI 300 was up 1.24%. Oil prices moved higher on Friday as investors monitored a recovery in crude flows through the Strait of Hormuz, which earlier eased supply concerns, following the resumption of hostilities between the U.S. and Iran earlier this week. West Texas Intermediate futures for September delivery rose 1.54% to $84.87 per barrel, turning positive after trading lower earlier in the session. Brent crude futures, the international benchmark, gained 1.37%, trading at $90.25 a barrel. Gold dropped more than 1% on Friday ​as the U.S. dollar ​regained footing but was ​still on track to post its first monthly rise since February as investors pared back rate-hike bets after the Federal Reserve meeting this week. Spot gold slipped ⁠1% ‌to $4,062.05 per ounce by 0857 GMT but was ⁠headed for a weekly rise of 0.5%. Prices were also up about 1.7% so far this month. U.S. gold futures for August delivery dropped 1.1% to $4,059.70. “Gold struggles to regain meaningful momentum and remains ‌in the corrective phase of a broader structural bull market,” independent analyst Ross Norman said. “The dollar index has staged a modest recovery ​back above the key 100 level following its sharp post-FOMC sell-off, taking some of the shine off gold today.” The dollar gained 0.3% after dropping about 2.4% on Thursday, in its biggest one-day drop since January ⁠2023. A stronger dollar makes bullion more expensive for holders of other currencies.