US Futures Rise on Iran Peace Hopes; Oil Slides, Gold Climbs

US equity futures are trading higher in pre-market action Thursday as diplomatic progress between the US and Iran fuels optimism about reduced geopolitical tensions, sending oil prices sharply lower while gold climbs to a two-week high.

Overnight Market Developments

Asian markets rallied on the peace optimism, with Japan’s Nikkei blazing past 63,000 points driven by strong earnings results and reduced Middle East tensions. The Indian rupee rebounded sharply against the dollar as oil prices slid, with local shares pausing after recent gains as profit-taking offset the positive oil impact.

Reports indicate the US and Iran are inching toward a short-term deal to end current hostilities, with Iran’s Foreign Affairs ministry stating it will meet with FIFA in the coming days to seek World Cup assurances. The diplomatic developments have provided relief to global markets concerned about energy supply disruptions.

Sector Focus

Wednesday’s session saw broad-based gains led by technology stocks, which surged 2.66% following AMD’s strong results that sparked an AI stock rally. The Nasdaq 100 (QQQ) closed at $695.77, up 2.08%, while the S&P 500 (SPY) gained 1.39% to $733.83.

Energy was the notable laggard, declining 4.12% as oil prices retreated on the peace hopes. Utilities also fell 1.42%, while industrials posted strong gains of 2.59%.

Individual Stock Movers

Extreme volatility marked individual names, with HUTG surging 71.55% to $30.86 and SMCX jumping 48.69% to $17.62. On the downside, Primoris Services Corp (PRIM) plummeted 50.05% to $101.37.

Earnings Calendar

Today’s earnings slate includes GLIBA with revenue estimates of $276 million and EPS expectations of $1.25. BOBS is expected to report revenue of $590.5 million with EPS of $0.06, while TWNP faces revenue estimates of $104 million.

Global Market Context

The diplomatic developments have also impacted commodity markets, with gold climbing as investors seek safe-haven assets amid the evolving geopolitical landscape. China has reportedly asked banks to pause new loans to US-sanctioned refiners, adding another layer to the complex energy market dynamics.

This article is generated from market data for informational purposes only. It does not constitute investment advice.