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US Equity Markets Rise Amid Expectations for US-Iran Peace Deal
US equity indexes closed higher on Monday amid expectations that the US will manage to finalize a peace deal with Iran.* President Trump signaled his administration was contacted by Iran "to work out a deal," though he also threatened to destroy ships impeding a US blockade in the Strait of Hormuz.* The pace of US existing home sales fell 3.6% to a 3.98 million seasonally adjusted annual rate in March from 4.13 million in February, compared with a smaller decrease to a 4.05 million rate expected in a survey compiled by Bloomberg.* May West Texas Intermediate crude oil rose $1.45 to settle at $98.02 per barrel, while June Brent crude, the global benchmark, was last seen up $3.23 at $98.43.* Oracle (ORCL) shares rose 12%, the top gainer on the S&P 500, after the company introduced AI-focused updates to its utilities software suite, targeting improvements in billing, grid operations, and asset management.* Conagra Brands (CAG) shares fell 4.4%, the second-biggest decline on the S&P. The company appointed John Brase as CEO to succeed Sean Connolly, effective June 1. Brase previously served as chief operating officer at J.M. Smucker (SJM).
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Japan
US Equity Indexes Mixed as Technology Gains Help Push Nasdaq Higher
US equity indexes were mixed in Monday's midday trading, with technology topping sector charts and helping lift the Nasdaq Composite.The Nasdaq rose 0.4% to 23,000.3, while the S&P 500 climbed 0.2% to 6,831.2. Both gauges traded lower earlier in the session. The Dow Jones Industrial Average, however, fell 0.2% to 47,810.6.Defensive sectors -- consumer staples and utilities -- led the decliners.The US military blockade on all traffic entering and leaving Iranian ports started at 10 a.m. ET Monday, after weekend peace talks in Pakistan faltered, CNN reported Monday."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on a social media post.In company news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.Shares of the investment bank dropped 2.5% intraday, the steepest decline on the Dow.
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US Equity Futures Decline as Trump Orders US Blockade of Strait of Hormuz After Talks With Iran Fail
US equity futures were lower pre-bell on Monday after President Donald Trump ordered a blockade of the Strait of Hormuz after US-Iran talks in Islamabad failed to reach an agreement.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.6% lower."Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a post on Truth Social on Sunday. Trump had said that an agreement was not reached due to Iran's unwillingness to give up its nuclear ambitions.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 7.1% at $101.95 per barrel and US West Texas Intermediate crude 7.7% higher at $103.99 per barrel.Existing Home Sales, scheduled for release at 10 am ET, are seen declining 0.8% for March after an increase of 1.7% reading in the prior month, according to estimates compiled by Bloomberg.
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