U.S. stock index futures fell on Friday as investors took profits after a strong rally. Continued tensions in the Middle East, rising inflation concerns, and increasing market expectations of a U.S. interest rate hike all weighed on stocks. President Trump's statement that he would no longer be patient with Iran and his urging of a deal between Tehran and Washington fueled escalating geopolitical tensions. Oil prices continued to rise due to heightened uncertainty in the Strait of Hormuz, exacerbating inflation concerns and reinforcing market expectations of a possible Federal Reserve rate hike later this year. Meanwhile, the benchmark 10-year U.S. Treasury yield climbed above 4.5%, its highest level in nearly a year, after the latest inflation data showed that price pressures were accelerating. In regular trading on Thursday, the S&P 500 and Nasdaq Composite rose 0.77% and 0.88%, respectively, both closing at record highs. The Dow Jones Industrial Average also rose 0.74%, returning to the 50,000 mark.