Stocks in Asia dropped at the open, sending the MSCI Asia Pacific Index down 0.1%. While Wall Street gauges edged lower on Thursday, Nasdaq 100 futures rose 0.6% early Friday on optimism sparked by Intel Corp.’s earnings. The chipmaker jumped 19% in after-hours trading after its sales forecast topped expectations. Semiconductor stocks were outliers in the US session, climbing for a 17th consecutive day.

Souring risk appetite, global crude benchmark Brent opened 1.1% higher to $106.20 a barrel on Friday as geopolitical risks intensified. An index of the dollar held its gains from the prior session and is set for its best run this month. Treasuries held their losses made during the US session as higher oil prices stoked inflation concerns.

Investors remained cautious as markets hinge on whether Iran tensions escalate or shift toward diplomacy. Traders will watch signals from Washington and Tehran, along with shipping flows, for clues on energy supply risks, with any Strait of Hormuz disruption likely to keep oil elevated and weigh on global economic growth.

“There’s a fair bit of uncertainty when it comes to diplomacy between the two sides,” said Fawad Razaqzada at Forex.com. “Less comforting is the ongoing lack of clarity around the Strait of Hormuz. With no clear plan to reopen it, uncertainty remains elevated.”

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The prospect of Iran agreeing to more in-person peace talks with the US is being hindered by President Donald Trump’s threats and brash social media posts, according to several officials with knowledge of the diplomatic efforts to end their war.
Late Thursday in the US, Trump said Israel and Lebanon will extend their ceasefire by three weeks. The move creates space to work on a long-term deal and removes a roadblock to ending the US war with Iran.Earlier, Trump ordered the US Navy to fire on any vessel laying mines in the strait, while adding Tehran wants a deal and talks are underway. Also, US forces boarded a supertanker carrying Iranian oil in the Indian Ocean as the navy stepped up its blockade of the Islamic Republic’s shipping. Tehran continues to keep Hormuz effectively closed, preventing the passage of hundreds of millions of barrels of oil and fuel as well as other commercial traffic.

“As long as flows through the Strait remain restricted, the market keeps tightening and oil inventories keep falling, oil prices will remain supported,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.

In Asia, the yen was flat early Friday after weakening against the dollar for a fourth session on Thursday.

Japan’s Finance Minister Satsuki Katayama warned that officials are in close contact around the clock with their US counterparts as Tokyo remains on high alert over speculative moves that are keeping the yen weak.

In other corners of the market, gold opened little changed on Friday after declining in its previous session. Elsewhere, Bitcoin was steady, trading at around $78,000.

While markets have whipsawed on geopolitical risks, corporate profits have remained strong. Nearly 80% of the US equity benchmark’s firms have beaten first-quarter earnings estimates so far, according to data compiled by Bloomberg.

While volatility increased with the onset of the Iran conflict, financial markets have proven relatively resilient, noted Adam Hetts and Oliver Blackbourn at Janus Henderson.

“Investors coalesced around the critical assumption that hostilities and the associated disruptions to the global economy would be short lived,” they said. “Our sentiment and positioning indicators showed drawdowns within several market segments reaching capitulation territory and could therefore represent attractive entry points.”

As the 2026 NFL Draft is set to kick off, Fanatics and the NFL announced an exclusive, multi-year partnership where the global sports platform will be the league’s official on-site retail partner at marquee events like the one set for Thursday night in Pittsburgh. 

Fanatics will be bringing its on-site retail expertise to marquee global events, including the Super Bowl, NFL Kickoff, NFL International Games, NFL Flag Championships, NFL Scouting Combine and the Pro Bowl Games. 

This marks the first time both sides have come together to impact on-location retail at the Super Bowl and NFL Draft, the latter of which seeing a fun activation for all fans watching their favorite teams draft the future over the next three days. 

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The 2026 NFL Draft Theater stage at Acrisure Stadium on April 23, 2026. (Kirby Lee/Imagn Images / IMAGN)

Fanatics will be operating more than 10 retail locations throughout the draft footprint in Pittsburgh, headlined by a massive, 13,000-square-foot NFL Shop flagship tent. The footprint will also include satellite trailers, stadium concourse locations and more all conveniently located throughout the North Shore of Pittsburgh, which includes Acrisure Stadium and Point State Park. 

There will be more than 250 products from brands like Nike, New Era, Mitchell & ness, Topps, ’47, Homage, Yeti and many more as part of Fanatics’ on-location retail system with the league. 

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And even better, for the first time ever, fans at the draft will be able to order a special jersey for any first-round pick moments after that player is selected, with jerseys produced entirely on-site. The jerseys will feature a 2026 NFL Draft patch, the player’s name and the number one on the back – just like the ones they will receive on stage. 

“As the NFL has grown into a year-round, global event leader, Fanatics has established itself as the perfect partner to meet consumer demand for the best merchandise possible,” Casey Collins, NFL Senior Vice President of Consumer Products and Licensing, said in a statement. “We look forward to working in lockstep with Fanatics to deliver every fan a world-class retail experience during the League’s biggest moments.” 

Fanatics’ expanded partnership with the NFL taps into the global sports platform’s merchandising and operational capabilities, while also showcasing its creativity with the retail footprint at these key events each year. 

General view of Fanatics merchandise at the 2026 NFL Draft tent in Pittsburgh. (Fanatics / Fox News)

For example, exclusive and unique collaborations and capsule collections were created for the NFL Draft, focusing on the rich history of Pittsburgh. The “Bridge to Greatness” is a Fanatics curated assortment of premium workwear-inspired T-shirts, hoodies, quarter-zips, and coaches jackets in black-on-black and Pittsburgh’s black and gold colorways, which will be available exclusively onsite for the draft. Pittsburgh-based artist Jeremy Raymer will also be hosting a live art activation, creating one-of-one pieces for the collection. 

Mitchell & Ness also created a Mac Miller tribute collection for the late Pittsburgh music icon, which includes jerseys, T-shirts, hoodies and hats. From Homage’s tributes to the beloved Primanti Brothers and Mr. Rogers institutions, to designer John Geiger’s collaborations with Fanatics and New Era, the draft will have it all for those in the great city of Pittsburgh as well as those traveling to witness their rookie selections become a part of their team in person. 

“Fanatics and the NFL have built a truly collaborative, cross-functional business together, and this partnership is a testament to that growth and a look to the future,” Gary Gertzog, Fanatics President of Business Affairs, said in a statement. “The League is reaching more fans across more countries each year, and we believe that our global scale and expertise in merchandising and retail operations set us up perfectly to super-serve the fan experience across these coveted, marquee sports moments.”

Steelers merchandise at the onsite Fanatics retail tent ahead of the 2026 NFL Draft.  (Fanatics / Fox News)

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Fanatics was already the official e-commerce partner of the NFL, but this partnership significantly expands their work together, impacting the millions of fans in the States and beyond to deliver an unparalleled fan experience during football’s greatest events. 

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United Airlines warned Wednesday that the company is raising ticket prices by as much as 20% as it grapples with surging jet fuel costs driven by the war in Iran.

The alarming notice came during the company’s quarterly earnings call, where CEO Scott Kirby said the airline is aiming to “recover 100% of the increase in jet fuel prices as quickly as possible.”  

“Sell-in yields for all future travel are now up 20% year-over-year,” Executive Vice President and Chief Commercial Officer Andrew Nocella said, indicating that customers are already booking future flights at prices roughly 20% higher than last year’s levels.

Kirby added that yields likely need to remain near that range to achieve long-term profit margins.

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Customers of United wait in line to check in at Newark International airport in New Jersey, November 15, 2012.  (REUTERS/Eduardo Munoz / Reuters)

“Yields need to increase by about 15% to 20%, and we are assuming that fuel may remain higher for longer,” he said.

The CEO added that higher prices are expected to dampen overall demand, but noted there have been no signs of decline yet following earlier fare and baggage fee increases implemented since the war began.

“We believe we have the ability to pass on the increase in fuel due in large part to our brand loyal customers, continued demand strength and preference to fly United even at higher fares,” Executive Vice President and Chief Financial Officer Michael Leskinen said. 

MAJOR AIRLINE AXES 20,000 ‘UNPROFITABLE’ FLIGHTS AS JET FUEL COSTS SOAR

The United Airlines plane takes off from an airport. ((Photo by Tayfun Coskun/Anadolu Agency via Getty Images) / Getty Images)

“At this point, we can tell you that the price increases are going well and demand is hanging in there really strong,” Nocella added.  

The airline has already implemented five broad price increases since January mostly to offset higher fuel costs, according to the call. 

While ticket yields were up just 4% year over year in January and February, they reportedly climbed to 12% in early March, 18% later that month, and have now reached 20% for all future travel. 

United further attributed its “robust” demand to a strong base of brand-loyal customers and continued strength in premium and business travel.

Kirby also suggested that if demand does soften, the carrier may respond by supplying fewer seats to the market.  

Management noted that the longer fuel prices remain elevated, the more likely higher ticket prices are to become permanent across the industry.

UNITED AIRLINES CHECKED BAG FEES CLIMB $10–$50 AS FUEL PRICES NEARLY DOUBLE SINCE IRAN WAR

United Airlines CEO Scott Kirby speaks during a joint press event in North Charleston, South Carolina, on Dec.13, 2022. (LOGAN CYRUS/AFP via Getty Images / Getty Images)

Fuel costs have surged to multi-year highs following the outbreak of the U.S.–Israel conflict with Iran on Feb. 28, which disrupted roughly 20% of global oil flows passing through the Strait of Hormuz.

As of Wednesday, jet fuel in major U.S. markets averaged $4.23 per gallon, up nearly 70% from levels seen before the war began, according to Argus data published by Airlines for America. At one point in early April, prices reportedly surged more than 95% to $4.88 per gallon.

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In response, multiple major airlines have launched efforts to mitigate rising operating costs, including increasing baggage fees and consolidating flights by canceling select routes. 

United Airlines specifically raised checked bag fees by $10 to $50 earlier this month.

Heated socks sold at Costco have been recalled after customers reported burn injuries, according to the Consumer Product Safety Commission (CPSC).

The 32 Degrees Heated Socks were sold in medium, large and extra large. The CPSC report said when the socks are worn during “high intensity activities” they pose a potential burn hazard. 

According to the CPSC, there were 14 reported heat-related incidents with the socks, and 13 of them involved first- or second-degree partial thickness burns. 

The CPSC did not specify whether the issue stems from the battery pack, heating elements or prolonged heat exposure.

COSTCO ISSUES RECALL FOR CERTAIN GIFT CARDS

A shopper loads items into a vehicle at a Costco store in Vallejo, Calif., May 29, 2025.  (David Paul Morris/Bloomberg / Getty Images)

About 207,806 packs of socks were recalled. 

The affected socks were sold at both Costco retailers and online at Costco.com from August 2025 through March 2026, ranging from $30 and $46 in price. 

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Heated socks sold at Costco were recalled after customers reported burn injuries. (CPSC / Unknown)

A spokesperson for Costco did not immediately respond to FOX Business’ request for comment.

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Consumers are urged to stop using the socks immediately and return them to Costco for a full refund. For additional information, customers can contact 32 Degrees toll-free at 833-997-2452 from 9 a.m. to 5 p.m. ET Monday through Friday, email recall@32degrees.com or visit the company’s website and click “Sock Recall” under the Support section.

The recall underscores a broader concern with heated wearable products, where items marketed for everyday comfort can pose risks when used in real-world conditions. 

Since consumers increasingly rely on battery-powered apparel during active use — from outdoor work to exercise — the reported injuries highlight a potential gap between how these products are expected to perform and how they actually function under higher-intensity activity.

The recall comes as Costco has faced other recent product safety issues, including a Generac portable generator sold through the retailer that was recalled over fire risks.

Fox Business’ Bradford Betz contributed to this report.