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The S&P 500 index has pushed to fresh highs on April 23, but the pace of the move is starting to raise eyebrows. Short-term momentum is stretched, and parts of the market—especially growth and tech—are looking crowded.

US stocks edged higher on Friday, supported by renewed optimism around potential diplomatic progress between Washington and Tehran, alongside strong momentum in semiconductor stocks led by Intel. The S&P 500 rose about 0.25%, while the Nasdaq 100 climbed 1.2%.

US indices continue to look positive despite being overstretched.

UK equities moved lower on Friday and were on track for weekly losses, as fading hopes of a swift resolution to the Iran conflict and a warning from the Bank of England weighed on investor sentiment. The benchmark FTSE 100 index fell 0.6% to 10,391.16 points by 1005 GMT.

U.S. stock futures were mixed on Friday following Thursday's decline, after President Donald Trump announced the extension of the ceasefire between Israel and Lebanon by three weeks.