US stocks opened higher on Friday, extending their record-setting rally as strong earnings and growing optimism around artificial intelligence outweighed concerns about inflation and the economic impact of the conflict involving Iran.The S&P 500 rose 0.4 per cent in morning trade, building on six consecutive gains and putting the benchmark index on track for a ninth straight weekly advance, its longest winning streak since 2023, AP reported.The Dow Jones Industrial Average gained 182 points, or 0.4 per cent, while the Nasdaq Composite advanced 0.6 per cent.Technology stocks led the gains, with Dell Technologies surging 33 per cent after reporting profits that exceeded market expectations and raising its outlook on the back of strong demand for AI computing.The rally has pushed major US indices closer to fresh records and positioned them to end May with solid gains despite concerns over the US-Iran conflict and its impact on inflation.Markets in Europe and Asia also traded mostly higher.Investor sentiment was supported by reports that the United States and Iran are working towards an agreement to extend the current ceasefire arrangement, helping ease pressure on energy markets.Brent crude, the global benchmark, fell 1.8 per cent to $92.10 a barrel, although it remained significantly above the roughly $70-a-barrel level seen before the conflict began in late February. US benchmark crude declined 1.5 per cent to $87.55 a barrel.Treasury yields were largely unchanged as lower oil prices helped ease some inflation concerns. The yield on the benchmark 10-year US Treasury note stood at 4.45 per cent, unchanged from late Thursday.Higher oil prices remain a key concern for investors as the conflict has disrupted oil shipments through the Strait of Hormuz, a critical route that handles roughly one-fifth of global oil and natural gas trade.The resulting rise in fuel and transportation costs has added to inflationary pressures and weighed on consumers and businesses.Recent economic data has highlighted those concerns. A key inflation measure tracked by the US Federal Reserve accelerated in April to its highest level in three years, while consumer confidence has weakened amid rising prices and pressure on household budgets.