US equity indexes touched all-time highs as technology soared ahead of President Donald Trump's decision on Friday on a preliminary Iran peace agreement.

The Nasdaq Composite climbed 0.2% to 26,972.62, with the S&P 500 up 0.2% to 7,580.06, and the Dow Jones Industrial Average higher by 0.7% to 51,032.46 on Friday. All three gauges scaled new peaks earlier in the day.

Dell Technologies (DELL) shares catapulted 33%, the top gainer on the S&P 500, after the company reported overnight fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.

President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran.

The ceasefire would need to include reopening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon, the president has said previously.

Iranian officials have used the talks to project confidence that they retain significant military options should diplomacy fail, CNN reported Friday. Any renewed conflict would spread "far beyond the region," threatening "crushing blows" and "utter ruin" in places opponents "cannot even imagine," the Iranian Revolutionary Guards were cited as saying.

Brent crude futures fell 1.7% to $92.05, and West Texas Intermediate crude oil futures declined 1.1% to $87.80.

Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is seeking greater clarity on the Middle East conflict before determining the monetary policy path forward.

"Economic research suggests that, in response to temporary adverse energy supply shocks, policy should not be overly aggressive at stabilizing total inflation to keep employment close to our maximum-employment goal," Bowman said at the Reykjavik Economic Conference.

Most US Treasury yields fell, with the 10-year down 1.8 basis points to 4.44%. The two-year declined 2.5 basis points to 4%.

In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.

Further in company news, Costco Wholesale (COST) posted higher fiscal Q3 earnings and revenue late Thursday. The company's net new warehouse openings in fiscal 2026 are, however, set to be below its previous guidance, according to an earnings conference call following the results. Its shares dropped 3.9%, among the worst performers on the Nasdaq.

The Dow's leader was IBM (IBM), with shares soaring 13%, after the company said in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development.

In precious metals, gold futures jumped 1% to $4,578.2, while silver futures slipped by less than 0.1% to $75.90.