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Hopes for Middle East Peace Nudge US Equity Futures Higher Pre-Bell

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US equity futures were edging higher pre-bell Thursday as optimism for an end to the Middle East conflict continues to grow, with a second round of talks and a ceasefire extension on the horizon.

Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.

Israel's security cabinet met on Wednesday to discuss a potential ceasefire in Lebanon that could remove a key hurdle in securing a broader peace agreement.

A series of solid earnings so far this week has also allayed concerns about the economy. Taiwan Semiconductor Manufacturing (TSM) and Charles Schwab (SCHW) posted higher Q1 earnings and net revenue. Netflix (NFLX) is due to report after market close.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $96.16 per barrel and US West Texas Intermediate crude up 0.7% at $91.93 per barrel.

Initial jobless claims dropped to 207,000 in the week ended April 11 from 218,000 in the previous week, compared with expectations for a decrease to 213,000 in a survey of analysts compiled by Bloomberg.

The March industrial production report, due at 9:15 am ET, is forecast to show a 0.1% increase following a 0.2% gain in the prior month.

In other world markets, Japan's Nikkei closed 2.4% higher, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.

In equities, Charles Schwab (SCHW) stock was 2% lower after the company posted Q1 net revenue below analyst estimates. Paypal (PYPL) shares were down 1.7% after Mizuho downgraded the company's stock to neutral from outperform.

On the winning side, Alibaba (BABA) stock was 3.3% higher after the company launched a new AI model that creates 3D environments and interactive videos, according to a Bloomberg report. TotalEnergies (TTE) shares were up 3.5% after the company said its Q1 exploration and production results are expected to rise significantly, supported by higher oil prices and contributions from new projects. Adobe (ADBE) stock was 2.7% higher after the company launched its new artificial intelligence tool, Firefly AI Assistant.

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Asia Markets

S&P 500 Hits Record Amid Reports Iran Ceasefire to be Extended to Reach Peace Deal

US equity indexes closed mixed on Wednesday as strong gains in growth sectors pushed the S&P 500 to an all-time high amid speculation that the two-week Iran ceasefire could be extended to find a lasting peace agreement.The Nasdaq Composite advanced 1.6% to 24,016.02. The S&P 500 rose 0.8% to 7,022.95. The Dow Jones Industrial Average, however, slipped 0.2% to 48,463.72.The US and Iran are considering extending their two-week ceasefire to negotiate a peace deal, Bloomberg reported, citing a person familiar with the matter. Mediators are seeking technical talks to overcome the most contentious issues -- the reopening of the Strait of Hormuz and Iran's nuclear program -- preventing an agreement that would extend beyond next week, when an initial truce will expire, the person told Bloomberg.The CBOE Volatility Index, also known as the fear index, fell 1% to 18.17.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.West Texas Intermediate crude oil futures fell 0.2% to $91.06, and Brent crude futures were little changed at $94.84. Both the WTI and Brent futures were up as much as 1% earlier in the session.Technology, consumer discretionary, communication services, and financials led gainers in the final leg of trading. Industrials and materials were among the decliners. Except for Amazon.com (AMZN), all the other Magnificent-7 stocks ended higher. Tesla (TSLA) led the pack, with a gain of 7.6%.Tesla has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing.Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.Most US Treasury yields rose, with the 10-year up 2.3 basis points to 4.28% and the two-year higher by one basis point to 3.76%.Meanwhile, the National Association of Home Builders' monthly housing market index fell to 34 in April, its lowest since September 2025, from a revised 38 in March, compared with the 37 forecast in a Bloomberg-compiled poll.In precious metals, gold futures fell 0.7%% to $4,816.1 and silver futures declined 0.3% to $79.32.

Dow JonesNasdaq CompositeS&P 500$AMZN$MS$TSLA
Asia Markets

US Equity Indexes Mixed as Trump Aims to Cool Geopolitical Risk

US equity indexes traded mixed in midday trading on Wednesday as investors weighed President Donald Trump's attempts to downplay the possibility of an extended war in Iran.The Nasdaq Composite advanced 0.8% to 23,836.9, and the S&P 500 rose 0.3% to 6,990.45. The Dow Jones Industrial Average, however, declined 0.4% to 48,346.9. S&P traded within a hair's breadth of its all-time high of 7,002.28.Technology, consumer discretionary, communication services, and financials were the gainers. Industrials and materials led the decliners.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.Meanwhile, Iran's military has threatened shipping in the Red Sea if the US continues its blockade of Iranian ports, after US Central Command said the blockade has "completely halted" Tehran's economic sea trade, CNN reported.West Texas Intermediate crude oil futures rose 0.6% to $91.86, and Brent crude futures climbed 0.9% to $95.69, off their respective session highs."The bottom line is that despite the market's rally since last week, the current ceasefire remains fragile," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie Group, said in a note. "It is currently not letting the oil flow anyway. And if agreement is not reached on the nuclear issue, hostilities may restart, including in the Red Sea."Most US Treasury yields rose, with the 10-year up 2.7 basis points to 4.28% and the two-year higher by 1.9 basis points to 3.77% as elevated crude oil futures risked firing up the inflation rate.In precious metals, gold futures fell 0.5%% to $4,826.60 and silver futures declined 0.2% to $79.42.In company news, Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.Tesla (TSLA) has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing. Shares of the electric vehicle manufacturer surged 6.3% intraday, among the top gainers on the S&P 500 and Nasdaq.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg. The index was below 40 a year ago and is at its lowest since September 2025.

Dow JonesNasdaq CompositeS&P 500$MS$TSLA
Asia Markets

Exchange-Traded Funds, US Equities Mixed After Midday

Broad Market IndicatorsBroad-market exchange-traded fund IWM fell while IVV rose. Actively traded Invesco QQQ Trust (QQQ) added 0.5%.US equity indexes traded mixed after midday Wednesday as President Donald Trump's comments downplaying the possibility of an extended war in Iran kept geopolitical risk contained.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each gained about 0.2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was up 0.3%; iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM) each added about 0.5%.The State Street SPDR S&P Semiconductor (XSD) fell 0.4%, and iShares Semiconductor (SOXX) was down 1.7%.FinancialThe State Street Financial Select Sector SPDR (XLF) rose 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) climbed up 2.1%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 2.2%.CommoditiesCrude oil rose 0.5%, and the United States Oil Fund (USO) eased 0.2%. Natural gas fell 0.3%, and the United States Natural Gas Fund (UNG) dipped 0.2%.Gold on Comex lost 0.4%, and the State Street SPDR Gold Shares (GLD) fell 0.9%. Silver shed 0.2%, and iShares Silver Trust (SLV) declined 0.5%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) eased 0.3%. The Vanguard Consumer Staples ETF (VDC) fell 0.3%, and iShares Dow Jones US Consumer Goods (IYK) was 0.6% lower.The State Street Consumer Discretionary Select Sector SPDR (XLY) rose 1.2%. VanEck Retail ETF (RTH) lost 0.4%, while the State Street SPDR S&P Retail (XRT) added 0.6%.Health CareThe State Street Health Care Select Sector SPDR (XLV) fell 0.9%, iShares US Healthcare (IYH) declined 0.7%, and Vanguard Health Care ETF (VHT) was also 0.7% lower. IShares Biotechnology ETF (IBB) fell 0.5%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) lost 1.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) also declined.CryptocurrencyIn midday activity, bitcoin (BTC-USD) shed 0.3%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) fell 0.5%, ProShares Ether ETF (EETH) added 1.3%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was down 0.4%.

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