“Armageddon Time,” which premiered Thursday at the Cannes Film Festival, transports viewers to the eve of Ronald Reagan’s presidency, delving into issues of race and privilege in American society with a cast that includes Anne Hathaway, Anthony Hopkins, Jeremy Strong, and Jessica Chastain.

The story is told through the eyes of young Paul Graff, played by Michael Banks Repeta in the film directed by James Gray. It depicts his friendship with Johnny, played by Jaylin Webb. The two boys have lofty goals, but they are stymied by rigid social structures. “It’s very emotional for me, it’s kind of my story,” a tearful Gray said to a standing ovation.

The 64-year-old director, who has previously had four films compete at the festival, said it was the first time he had spoken to an audience there.

Gray’s latest film is one of 21 films competing for the festival’s top prize, the Palme d’Or, and is distributed by Comcast Corp’s Universal Pictures. It takes its title from a quote by Ronald Reagan, who is heard on television warning that this generation may be the last to experience Armageddon.

“We finished the film Saturday in a complete panic and flew this thing here, so you are the very first people on Earth to see it,” Gray said, eliciting a round of applause and clapping from the audience.