US equity futures were marginally higher pre-bell Thursday as hopes for a finalized peace deal between US and Iran continue, on top of a strong earnings season to date.
Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.1% higher.
A final peace agreement would end the conflict and reopen the Strait of Hormuz, President Donald Trump said in a Truth Social post on Wednesday. The White House had said it is nearing an agreement with Iran that would end the war and establish a framework for more detailed nuclear negotiations, according to an Axios report.
However, Trump said Iran's acceptance of the US proposal would be "perhaps, a big assumption," and warned that bombing would resume "at a much higher level and intensity than it was before" if an agreement was not reached. An Iranian foreign ministry spokesperson told CNBC on Wednesday that Iran was evaluating the proposal.
Traders absorbed the most recent round of earnings, with Shell (SHEL) and McDonald's (MCD) posting higher Q1 adjusted earnings and revenue.
Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3% at $98.25 per barrel and US West Texas Intermediate crude 3.2% lower at $92.02 per barrel.
The weekly jobless claims bulletin, scheduled for release at 8:30 am ET, is expected to show 205,000 new unemployment claims for the week ended May 2, compared with 189,000 in the prior week, according to estimates compiled by Bloomberg. The Q1 nonfarm productivity report is expected to show an annual gain of 0.6% after a 1.8% increase in the prior quarter. Unit labor costs are projected to rise 2.5%, compared with 4.4% previously.
The February and March construction spending reports are due at 10 am ET.
Federal Reserve Minneapolis President Neel Kashkari, Cleveland President Beth Hammack, and New York President John Williams are slated to speak on Thursday.