traded with solid gains in Wednesday’s session, 6 May , as oil prices plunged sharply after reports indicated that the US and Iran were nearing a one-page memorandum to end the war in the Middle East.
Futures tied to the S&P 500 rose 1%, while those linked to the Nasdaq 100 gained 1.6%. Dow Jones Industrial Average futures, meanwhile, advanced 1.1%.
Axios reported, citing two US officials and two other sources briefed on the issue, that the White House believes it is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks. Mint could not independently verify the report.
Nothing has been agreed upon yet, the news agency added, and the US expects Iranian responses on several key points over the next 48 hours.
The plan reportedly involves Iran committing to a moratorium on its nuclear enrichment programme in exchange for Washington pledging to lift sanctions and release billions in frozen Iranian funds, with both sides agreeing to ease restrictions around the .
These developments came after US President Donald Trump announced in a Truth Social post that the US would temporarily halt “,” a military operation launched to escort vessels through the Strait of Hormuz, citing progress in negotiations. The American forces’ blockade of Iranian ports, however, remains in place.
Earlier this week, Iranian Foreign Minister Abbas Araghchi said talks were “making progress” but warned that the US and the United Arab Emirates “should be wary of being dragged back into a quagmire.”
Meanwhile, both S&P 500 and Nasdaq Composite indices rose to yet another fresh record highs on Tuesday. March-quarter earnings from tech majors have so far come in above Wall Street estimates, helping the S&P 500 and Nasdaq recover 16% and 18%, respectively, from their March lows.
S&P 500 companies are now on track to post aggregate earnings growth of 28% year-on-year for the first quarter, the strongest quarterly profit growth since 2021, Reuters reported, citing LSEG research.
Sharp correction in crude oil prices
Tracking the latest developments, benchmark US crude slipped $13.6 to $88.6 a barrel. Brent crude, the international standard, , extending declines that erased the sharp gains recorded earlier in the week.
However, Brent crude still remains well above the roughly $70 per barrel level seen before the war with Iran began. Washington is now turning its attention to reopening the strait amid mounting pressure from other nations and growing domestic opposition to the war.
US stocks in focus today
Vested Finance said stocks powered higher as optimism around a potential US-Iran deal triggered a sharp risk-on rally. Futures on the Nasdaq 100 surged 1.6%, while S&P 500 futures gained 1%, putting both indices on track to extend their record highs.
Advanced Micro Devices surged nearly 18% in premarket after strong data center demand boosted its outlook. Across the globe, Samsung Electronics jumped 16%, while AI-linked names like Intel and Micron Technology also moved higher. The AI trade is clearly back in full force.
Even deal activity is picking up, with Alphabet raising billions to fund AI investments and SpaceX planning a massive semiconductor facility, the brokerage added.
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