Wall Street inches higher while oil prices fall on optimism over talks of Iran ceasefire extension
Summary
Wall Street stock futures rose slightly as investors grew hopeful about a possible extension of the ceasefire in the conflict involving Iran. Oil prices fell due to this optimism, while Dell Technologies' strong financial results and a large Pentagon contract helped boost its stock.Key Facts
- U.S. stock futures for the S&P 500 and Dow Jones rose slightly before trading started.
- The Nasdaq futures stayed mostly unchanged after hitting a record high.
- Dell Technologies’ shares jumped 33% after beating sales and profit expectations in the first quarter.
- Dell also received a $9.7 billion Pentagon contract to improve the military’s use of Microsoft products.
- The retail company Gap’s shares dropped 15% after lowering its full-year sales forecast despite beating quarterly profit targets.
- U.S. and Iran negotiators agreed on a tentative 60-day extension of the ceasefire and planned further talks on Iran’s nuclear program.
- Oil prices dropped, with Brent crude falling to $91.44 and U.S. crude to $87.87 per barrel, due to hopes for easing tensions and a possible reopening of the Strait of Hormuz.
- The ceasefire deal would prevent Iran from charging tolls on ships passing through a key waterway and would gradually end the U.S. blockade on Iranian ports.
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