Wall Street inches higher, oil prices falls in tenuous peace between Iran and US
Wall Street showed modest gains with the S&P 500 up 0.1% and Dow Jones rising 0.2%, while oil prices dropped 3% amid hopes of a U.S.-Iran deal to reopen the Strait of Hormuz. McDonald’s and DoorDash surged on strong earnings, while Whirlpool fell 18% after reporting a quarterly loss, as global markets reacted to geopolitical tensions and corporate performance.
U.S. stock futures opened higher on Thursday as investors weighed potential progress in U.S.-Iran negotiations to reopen the Strait of Hormuz, a critical shipping route. The S&P 500 rose 0.1%, the Dow Jones Industrial Average gained 0.2%, and Nasdaq futures remained nearly flat. Oil prices fell sharply, with U.S. crude dropping $3.23 to $91.85 per barrel and Brent crude declining $3.30 to $97.97, reflecting reduced tensions over Iranian crude exports. Iran’s review of U.S. proposals to end the conflict followed threats from former President Donald Trump, who warned of renewed military action unless a deal is reached. The U.S. military had earlier targeted an Iranian oil tanker attempting to bypass the blockade, escalating tensions that had disrupted global oil flows. A resolution could ease inflationary pressures by restoring supply chains, though risks remain. Corporate earnings drove volatility in U.S. markets. McDonald’s shares jumped 4.5% after reporting better-than-expected first-quarter sales, citing a new burger and value-focused strategies. DoorDash surged over 10% following a 33% year-over-year revenue increase, while Whirlpool plummeted 18% after posting a surprise quarterly loss and announcing price hikes due to worsening economic conditions. In Asia, Japan’s Nikkei 225 hit a record high of 63,086.00, up nearly 6%, as AI and semiconductor stocks led gains. Tokyo Electron rose 9%, Advantest Corp. climbed 6.8%, and Shin-Etsu Chemical gained 8.5%, though analysts warned of a potential bubble in tech-heavy trading. Hong Kong’s Hang Seng advanced 1.7%, and Australia’s S&P/ASX 200 rose 0.8%, while European markets showed modest gains, with Germany’s DAX up 0.2% and France’s CAC 40 rising 0.3%. Britain’s FTSE 100 slipped 0.3%.
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