Stock market today: Live updates

Stock futures traded near flat on Thursday night as traders monitored the conflict in the Middle East and the fragile ceasefire between Iran and the U.S.

S&P 500 futures and Nasdaq 100 futures were trading around the flatline. Futures tied to the Dow Jones Industrial Average rose 24 points, or less than 0.1%.

Late Thursday, Iran’s armed forces reportedly launched missiles while President Donald Trump mulled over a potential ceasefire extension.

In extended trading, shares of Dell Technologies surged 30% after the laptop maker raised its full-year guidance and reported a first-quarter beat on both the top and bottom lines. On the other hand, clothing retailer American Eagle Outfitters dropped 11% after comparable sales at the company’s American Eagle banner fell 2% in the first quarter.

All three major averages finished at new closing records on Thursday, boosted by a rally in the technology sector. The S&P 500 rose 0.58%, while the Nasdaq Composite gained 0.91%, with both indexes also notching new intraday all-time highs. The Dow Jones Industrial Average eked out a gain of 0.05%.

Stocks rose to their session highs after Axios reported that U.S. and Iranian negotiators agreed on a 60-day memorandum of understanding to extend the ceasefire and open negotiations on Iran’s nuclear program, citing two U.S. officials and a regional source. However, the outlet added that this deal was still pending President Donald Trump’s final approval. A White House official later confirmed to CNBC that the U.S. and Iran have “mostly agreed” to the terms of an agreement to temporarily end the war.

But just a few hours later, Iranian state media outlet Fars reported that the country’s armed forces had fired missiles at unidentified targets late Thursday local time.

However, Kate Moore, chief investment officer at Citi Wealth, believes that the market’s rally to new heights may continue to be dictated more by strong earnings growth versus headlines about any Middle East tensions.

“I think a lot of the snapback we saw since the lows in March was this acceptance that there was going to be a resolution at some point, but obviously the scope of that and the timing of that is still anybody’s guess,” she said on CNBC’s “Closing Bell: Overtime” on Thursday afternoon. “I really do think what’s been driving the market higher is, frankly, the power of the technology earnings … this has been happening company after company throughout the course of this earnings season.”

She added: “So if the markets are only focusing on one thing at a time, they’re not really focusing on the Iran war and the implications of higher oil prices and higher chemical prices on a broad swath of consumer goods. They’re instead saying this AI and technology super cycle is full steam ahead.”

All three major indexes are on pace to end the week higher, with the tech-dominant Nasdaq Composite in the lead with a gain of more than 2%. The S&P 500 has risen more than 1% on the week, while the blue-chip Dow is sitting with a gain of less than 1%.

Friday marks the final trading session of May, and all three major averages are on pace for gains. The S&P 500 is up nearly 5%, while the Dow is on track for a 2% advance. The Nasdaq is outperforming, heading for an 8% advance for the month.

Fashion retailer Buckle will report earnings before Friday’s opening bell. Traders will also watch out for April’s preliminary wholesale inventories reading alongside May’s reading of the Chicago PMI, which tracks the manufacturing and non-manufacturing sector in the Chicago area.

— CNBC’s Kevin Breuninger contributed reporting.