The S&P 500 and the Nasdaq climbed to record levels on Thursday as crude oil prices continued to retreat, fueled by optimism surrounding a potential peace agreement between the US and Iran.
As of 10:30 a.m. Eastern Time, the S&P 500 gained 0.1%, the Dow Jones Industrial Average was down 0.4%, and the Nasdaq Composite added 0.5%.
At 09:30 a.m. ET, the Dow Jones Industrial Average rose 192.59 points, or 0.39%, to 50,091.92, the S&P 500 rose 6.38 points, or 0.09%, to 7,374.11 and the Nasdaq Composite rose 40.33 points, or 0.16%, to 25,879.28.
The United States currently awaits Tehran’s response to a proposed deal aimed at concluding hostilities and reopening the Strait of Hormuz, a critical maritime artery for global petroleum transport.
On Wednesday, a spokesperson for Pakistan’s Foreign Ministry said: “We expect an agreement sooner rather than later.” Pakistan has been acting as a mediator between the United States and Iran.
, the international benchmark, dropped another 3.8% to $97.38 per barrel, a sharp decline from the $115 peak seen earlier this week.
Although fuel costs remain elevated compared to pre-war levels, market sentiment has turned bullish as Iran reviews Washington’s latest proposals to end the conflict.
Domestic economic data provided a mixed backdrop. While unemployment benefit applications rose last week, the figures were less severe than economists had anticipated. Conversely, a separate report indicated that US labor productivity growth was only half of the forecasted rate for the previous quarter.
In the bond market, the yield on the 10-year Treasury sank to 4.33% from 4.36% late on Wednesday.
Key Stock Movers
DoorDash stock rose 3.09% following a robust quarterly performance, while cloud security firm Datadog shares rallied 33.6% after exceeding profit estimates.
Cybersecurity firms CrowdStrike and Palo Alto Networks added 4.8% and 6.4%, respectively.
Shares of utility provider Vistra gained 4.6% and McDonald’s edged up 0.6% as revenues slightly surpassed analyst expectations.
In contrast, Whirlpool shares plummeted 12.4% after the company disclosed an $85 million loss driven by weakening sales volumes.
Stocks of Intel dropped 3.3% and Advanced Micro Devices fell 2%.
Snap shares shed 2.2% after the Snapchat parent said its first quarter advertising revenue was impacted by the Middle East conflict and slowing growth in North America.
Bullion
climbed for a third straight day this Thursday, supported by growing confidence that a diplomatic peace accord will be successfully reached between the US and Iran.
As of 9.08 a.m. EDT (1308 GMT), spot gold was up 1.1% to $4,740.42 per ounce. US gold futures rose 1.2% to $4,749.20.
Among other metals, spot silver rose 5% to $81.19. Platinum added 1.2% at $2,085.75, and palladium firmed 0.1% to $1,539.01.
“If the ceasefire holds, and we can put this war behind us, and get back to business with the Strait being open, I can see gold push to $5,000/oz,” Bob Haberkorn, senior market strategist at RJO Futures, said.
“The market is just watching the situation in the Middle East, as well as the direction the U.S. Federal Reserve is looking at,” Haberkorn added.