Stock futures were slightly higher on Friday as the two-day intense focus on the Federal Reserve and its rate hike plans began to ease.
S&P 500 futures were up 0.3%, Dow Jones Industrial Average futures climbed 0.32%, and Nasdaq futures added 0.4%.
Wall Street has been under pressure for much of the week as investors digested the increased likelihood of a June rate hike. Minutes from the Fed's April meeting released on Wednesday suggested many members would be comfortable raising rates as soon as June, more quickly than even the most hawkish of economists' forecasts. A June rate hike now has a 30% probability, according to CME Group. The likelihood had been priced in at less than 10% chance at the beginning of the month.
Crude oil appeared to stabilize after big swings earlier in the week. Commodities have been under relief on supply outages in Nigeria, reduced production in wildfire-stricken Alberta, Canada, and a bullish turn for a number of analysts. West Texas Intermediate crude oil was up 0.12% to $48.24 a barrel.
Deere & Co. (DE - Get Report) was lower after a challenging second quarter. The farm machinery maker reported a 28% decline in profit and 4% slide in revenue, a reflection of the "downturn in global farm economy." The company expects equipment sales to drop 9% in fiscal 2016.
Gap (GPS - Get Report) climbed after announcing plans to shut down all 53 of its Old Navy stores in Japan and a number of international Banana Republic stores as part of its streamlining efforts. The closures will result in annual pre-tax savings of $275 million. The retailer also reported an in-line first quarter.
Foot Locker (FL - Get Report) fell more than 2% on a mixed first quarter. The shoe retailer earned $1.39 a share over the quarter, as analysts expected, while sales climbed 3% to $1.99 billion. However, top-line growth fell just short of estimates of $2 billion. Same-store sales growth of 2.9% missed forecasts of 4.5%.
Applied Materials (AMAT - Get Report) rose 9% in premarket trading after beating second-quarter estimates and reporting a double-digit boost in orders. The chipmaker reported a 52% quarter-on-quarter orders gain, while earnings of 34 cents a share beat by 2 cents. Its third quarter also looks strong with expected sales growth of 14% to 18% quarter on quarter, far higher than consensus of 2% growth.
Brocade Communications (BRCD) fell 3% after reporting disappointing revenue in its second quarter. The networking-tech company reported a 4.3% decline in sales to $523 million, falling short of estimates by $7.5 million. Earnings of 22 cents a share was in line with consensus.
Campbell Soup (CPB - Get Report) inched higher after topping quarterly profit and raising full-year earnings guidance. The canned goods company expects full-year adjusted earnings between $2.93 and $3 a share, up from a previous range of $2.88 to $2.96 a share. Campbell reaffirmed expected full-year sales down 1% to flat.
InterOil (IOC) surged after Oil Search agreed to acquire the Papua New Guinea oil company in a deal worth $2.2 billion. Australia's Oil Search shares were on watch.