FINWIRES · TerminalLIVE
FINWIRES

US Equity Indexes Mixed in Midday Trading as Crude Oil Slumps

By

US equity indexes traded mixed amid a decline in crude oil prices and government bond yields.

The Nasdaq Composite fell 0.3% to 26,578.4, with the S&P 500 down 0.2% to 7,506.4, as technology sat at the bottom of sector charts in midday trading on Wednesday. The Dow Jones Industrial Average, however, climbed 0.3% to 50,617.2.

The memorandum of understanding being negotiated between Tehran and Washington will call for US military forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television.

The US denied the Iranian TV report that said maritime traffic through the critical waterway could return to normal within a month of the peace deal coming into effect, Bloomberg reported.

West Texas Intermediate crude oil futures dropped 3.4% to $90.70, and Brent crude futures slumped 3% to $96.60.

Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.47% and the two-year lower by 1.9 basis points to 4.03%.

Related Articles

Japan

S&P 500, Nasdaq Rally, Middle East Peace Optimism Drive US Equity Futures Higher Pre-Bell

US equity futures were rising pre-bell Wednesday as the S&P 500 and the Nasdaq reached new all-time highs amid continued optimism for an end to the Middle East conflict.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.7% higher.The S&P 500 added 0.6% and the Nasdaq rose 1.2% to fresh intraday and closing highs, driven by an upswing in the technology sector.President Donald Trump said in a post on Truth Social that talks with Iran were "proceeding nicely." However, Iran threatened to respond to ceasefire violations after the US military carried out what it called "self-defense strikes" on Iranian missile launch sites and vessels around the Strait of Hormuz. Negotiations to end the war continue.Traders noted the latest round of earnings, with PDD (PDD) posting lower Q1 non-GAAP earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.5% at $94.29 per barrel and US West Texas Intermediate crude 3.5% lower at $90.64 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.

$^DJI$^IXIC$^SPX$PDD
Japan

S&P 500, Nasdaq Rise to Records, Dow Eases as US-Iran Tensions Linger

The S&P 500 and the Nasdaq rose to records, while the Dow eased after Tehran denounced US strikes in southern Iran, eroding prospects for peace talks.* Iran's Islamic Revolutionary Guard Corps said it has a "legitimate" right to respond to any "violation" of the ceasefire after the US military carried out what it called "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz, CNN reported Tuesday.* The Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above the 92.0 expected in a Bloomberg survey.* The Case-Shiller National Home Price Index rose by 0.7% in March, before seasonal adjustments, following a 0.3% increase in February. National home prices climbed 0.7% from a year earlier, compared with an 0.8% gained in February.* July West Texas Intermediate crude oil fell $2.83 to settle at $93.77 per barrel, while July Brent crude, the global benchmark, was last seen up $3.50 at $99.64.* Micron Technology (MU) shares jumped 19%, the biggest gain on the S&P 500 and Nasdaq, after UBS Securities raised its price target on the stock to $1,625 from $535. The company's market cap reached $1 trillion intraday.* AutoZone's (AZO) shares slumped 8.9%, the steepest decline on the S&P, after the company reported mixed fiscal Q3 results with earnings topping estimates and revenue falling short of forecasts.

$^DJI$^IXIC$^SPX$AZO$MU
Japan

US Equity Indexes Trade Mixed as Technology Lifts S&P 500, Nasdaq

US equity indexes traded mixed as technology topped sector charts, government bond yields sank, and crude oil futures diverged.The Nasdaq Composite jumped 1.1% to 26,637.2, with the S&P 500 up 0.6% to 7,518.1. Both the gauges hit fresh all-time highs earlier in the session. The Dow Jones Industrial Average, however, fell 0.3% to 50,454.5.Most US Treasury yields fell, with the 10-year down 7.7 basis points to 4.50% and the two-year down eight basis points to 4.05%.Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. The chipmaker's shares soared 22% after midday, the top performer on the S&P 500 and the Nasdaq.Among stocks with a market capitalization of more than $200 billion, nine in the top 10 are semiconductor companies, and the remaining one is a manufacturer of computer hardware, according to data compiled by Finviz.The US is touting progress toward a peace deal with Iran to end the nearly three-month war, even amid fresh hostilities and uncertainty over the vital Strait of Hormuz, Bloomberg reported Tuesday. Security in the crucial energy waterway remained unclear Tuesday after the two sides exchanged strikes overnight, and the US Central Command pushed back reports suggesting the military was helping escort vessels.Iran's top negotiator, Mohammad Baqer Qalibaf, was in Doha for talks with Qatar's prime minister on a potential deal, an official briefed on the visit told Reuters. Qalibaf returned to Iran after seeking agreement on the release of around $24 billion of frozen Iranian funds as part of the memorandum of understanding, the news report cited Iranian media.West Texas Intermediate crude oil futures dropped 2.7% to $93.88, while Brent crude futures jumped 3.6% to $99.72.

$^DJI$^IXIC$^SPX$MU