Pre-Market Update: S&P 500 and Nasdaq Futures Rise as Iran Talks Progress and Oil Falls

TLDR

• S&P 500 and Nasdaq futures rose slightly Thursday, building on record-high closes from Wednesday
• Iran is evaluating a US peace proposal, with a response expected as soon as Thursday
• Oil prices fell below $100 a barrel on hopes the Strait of Hormuz could reopen
• Arm beat earnings estimates but shares swung wildly on chip supply concerns
• Weekly jobless claims came in cooler than expected ahead of Friday’s key jobs report

US stock futures edged higher Thursday morning, with the S&P 500 and Nasdaq set to build on record closes from the previous session.

S&P 500 futures rose about 0.2%, Nasdaq 100 futures climbed 0.1%, and Dow Jones futures were up 0.3% in premarket trading.

The gains came as investors watched for Iran’s formal response to a US peace proposal. CNN reported the country was evaluating the deal and could respond as soon as Thursday.

Oil prices pulled back on hopes the Strait of Hormuz could reopen. Brent crude futures slid 2% to $99.21 a barrel, while West Texas Intermediate fell 2.2% to $93.02 a barrel.

The drop in oil eased inflation concerns and pushed gold higher, extending recent gains.

The dollar slipped 0.2% against a basket of currencies. The 10-year Treasury yield dipped 1 basis point to 4.34%.

AI Earnings Keep the Rally Going

Arm reported strong earnings after Wednesday’s close, beating analyst estimates and offering solid guidance for the current quarter. However, its shares swung widely in premarket trade on worries about chip supply constraints.

McDonald’s first quarter earnings beat estimates as consumers looked for value meals. Shake Shack and Papa John’s were also set to report before the open Thursday.

An equity analyst at Hargreaves Lansdown noted that roughly 80% of S&P 500 companies have now reported, with profit growth coming in broad-based — not just from AI-linked sectors.

Labor Market in Focus

Thursday’s Challenger report on April layoffs showed the tech sector was hit hardest, with AI cited as a contributing factor.

Weekly jobless claims came in cooler than expected, which gave markets a mild boost heading into Friday.

All eyes now turn to Friday’s nonfarm payrolls report, which will give a clearer picture of how the labor market is holding up as consumer confidence shows signs of softening.

Wall Street remained in wait-and-see mode Thursday, with no new developments from the Middle East confirmed as of early trading.

The Dow Jones Industrial Average exited correction territory on Wednesday, joining the S&P 500 and Nasdaq at or near record highs.

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