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Climbed to a record close, settling near 51,670, after a US-Iran framework to reopen the Strait of Hormuz sent oil prices tumbling.

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Update: Equities Rise, Oil Little Changed as Focus Shifts to Further US-Iran Talks
US Markets

Update: Equities Rise, Oil Little Changed as Focus Shifts to Further US-Iran Talks

(Updates with market moves at the end of the day.)US benchmark equity indexes closed higher Thursday and oil prices were little changed as markets evaluated the prospects of further talks between Washington and Iran following a preliminary agreement to end the Middle East conflict.The Nasdaq Composite added 1.9% to 26,517.9. The S&P 500 rose 1.1% to 7,500.6, while the Dow Jones Industrial Average closed 0.1% higher at 51,564.7.Among sectors, technology led the gainers, while energy saw the biggest drop.US markets will be closed Friday for the Juneteenth National Independence Day holiday.The US and Iran have signed a memorandum of understanding to end their war and reopen the critical Strait of Hormuz to commercial shipping. Both parties have at least 60 days to hammer out a final deal.But some analysts have flagged the possibility of implementation risks and potential disagreements.As part of the preliminary deal, the US and regional partners will develop a plan providing at least $300 billion in economic development financing for Tehran. Iran agreed that it will not procure or develop nuclear weapons.In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.West Texas Intermediate crude oil was little changed at $76.81 a barrel in Thursday late-afternoon trade, while Brent was up 0.1% to $79.63.The Federal Reserve is unlikely to raise interest rates anytime soon, if at all, despite the removal of the so-called easing bias from its monetary policy statement, Stifel said Thursday.The US central bank held its key interest rate steady on Wednesday for the fourth straight time, while upgrading inflation and interest rate expectations.New Fed Chair Kevin Warsh announced a series of taskforces to review areas including communication, data sources and inflation frameworks.US Treasury yields were mixed in late-afternoon trade, with the two-year rate last seen up about 1.8 basis points at 4.18% and the 10-year rate falling 0.8 basis points to 4.46%.In company news, Intel (INTC) closed 11% higher Thursday, among the top gainers on the S&P 500. US President Donald Trump announced that Apple (AAPL) had agreed to partner with Intel to design and manufacture chips domestically.Wedbush Securities said the chip production agreement is a major growth opportunity for Intel.Apple shares rose 0.7%.Sandisk (SNDK) shares closed 12% nearly higher, top performer on the S&P 500.Accenture (ACN) shares finished 18% lower, the steepest decline on the index. The company trimmed the top end of its full-year revenue growth outlook as its sales fell short of market expectations in the fiscal third quarter, while the consulting firm announced three acquisition deals worth about $4.18 billion.Gold was down 3.4% at $4,233.30 per troy ounce, while silver slumped 7.1% to $66.24 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$INTC$SNDK
Asia Markets

Update: US Equity Indexes Rise as Washington Lifts Blockade of Iran's Ports, Deal Sets Up Hormuz Chokepoint for Reopening

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, led to Washington lifting its blockade of Tehran's ports on Thursday and as mega-cap semiconductor names rallied.The Nasdaq Composite advanced 1.9% to 26,517.93, with the S&P 500 up 1.1% to 7,500.58 and the Dow Jones Industrial Average higher by 0.1% to 51,564.70 on Thursday.Technology led the gainers, followed by consumer discretionary and communication services. Energy led the decliners.The US on Thursday lifted its blockade of Iran, and oil tankers began freely moving through the Strait of Hormuz after months of being unable to use the critical channel, as the tentative agreement to end the war took effect, according to the Associated Press. US Vice President JD Vance said that the 60-day negotiating period between Tehran and Washington began on Thursday, Al Jazeera reported.Iran's Supreme National Security Council says that the Persian Gulf Strait Authority has been charged with issuing permits as fast as possible for commercial vessels wishing to transit the Strait of Hormuz, the Al Jazeera report said.Front-month global benchmark North Sea Brent shed 0.3% to $79.34 per barrel, and the US West Texas Intermediate climbed 0.3% to $76.55 per barrel. Both the WTI and Brent traded more than 2% lower earlier in the session.The US expects "a complete ceasefire on all fronts", including Lebanon, Hezbollah, and Israel, Al Jazeera cited US President Donald Trump as saying. "We encourage everyone in the Middle East Region to maintain their commitment to allowing our negotiations to beautifully unfold.""You can't just kill your way out of solving every single national security problem that you have," Al Jazeera cited Vance as saying in reference to Israel.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell jumped 7.3%, among the top gainers on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In precious metals, gold futures slumped 3.3% to $4,238.30, while silver futures plummeted 6.7% to $66.51 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.US Treasury yields traded mixed, with the 10-year down less than one basis point to 4.45%, while the two-year rose 1.6 basis points to $4.18%.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM
Equities

S&P 500 Posts Weekly Gain Amid US-Iran Memorandum of Understanding

The Standard & Poor's 500 index rose 0.9% this week, boosted by a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran.The S&P 500 ended the week at 7,500.58. Thursday marked the final trading day of the week as the US stock market will be closed Friday for the Juneteenth holiday.The market benchmark is down 1.1% for the month but up 9.6% for the year.The memorandum of understanding between the US and Iran was signed Wednesday. The landmark agreement arrives after more than three months of hostilities resulted in the effective closure of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.The document, signed by US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, ensures toll-free passage of commercial vessels between the Persian Gulf and the Sea of Oman for 60 days. As part of the preliminary deal, Iran agreed that it won't procure or develop nuclear weapons. In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.Also this week, the Federal Reserve kept its monetary policy steady, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.The technology sector had the largest percentage gain of the week, climbing 3.1%, followed by a 2.6% rise in industrials and a 1.1% increase in communication services. Consumer discretionary, utilities and financials also edged higher.Western Digital (WDC) and Seagate Technology (STX) shares were among the top weekly gainers in the technology sector as Morgan Stanley analysts said in a report that the companies are expected to benefit from strengthening demand for hard disk drives. Western Digital shares jumped 33% and Seagate shares added 15%.Micron Technology (MU) also gave the technology sector a boost, with its shares climbing 16%, amid multiple bullish analyst reports this week ahead of its earnings report due next week. Micron's shares deserve a higher valuation amid a stronger memory cycle driven by AI demand and tight industry supply, RBC Capital Markets said in a note to clients. Wedbush said the company is expected to benefit further from an upward trajectory in memory prices.On the downside, the energy sector fell 6.6% as crude oil futures dropped amid the agreement to reopen the Strait of Hormuz. Also in the red, real estate shed more than 3%, health care lost 3% and consumer staples declined 2.9%. Materials also edged lower.SLB (SLB) and Halliburton (HAL) had the largest weekly percentage drops in the energy sector, sliding 14% and 12%, respectively.Next week, in addition to Micron, earnings reports are expected from companies including FedEx (FDX), Darden Restaurants (DRI) and Carnival (CCL).Economic data will include the May personal consumption expenditures price index and the third estimate of Q1 gross domestic product. May consumer spending and durable goods will also be among the data released.

Dow JonesNasdaq CompositeS&P 500$HAL$MU$SLB$STX$WDC
Asia Markets

US Equity Indexes Rise This Week as Signing of Iran Peace Deal Lays Groundwork for Hormuz Chokepoint Reopening

US equity indexes rose this week as the interim Iran peace agreement set the stage for reopening the Strait of Hormuz, outweighing the Federal Reserve's hawkish tone at the June policy meeting.* The S&P 500 closed at 7,500.58 on Thursday versus 7,431.46 a week ago. The Nasdaq Composite stood at about 26,517.93, compared with 25,888.84 a week earlier. The Dow Jones Industrial Average ended at 51,564.70, versus 51,202.26 at the end of last week.* President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, digitally signed a memorandum of understanding targeting a permanent deal to end the war between the US and Iran.* "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days," Reuters cited from the MoU.* West Texas Intermediate crude oil traded at $73.81 late Thursday, heading for pre-Iran war levels ahead of the reopening of the Persian Gulf chokepoint for about a fifth of global crude oil flows.* The US 10-year Treasury yield traded at 4.43% late Thursday, after touching 4.66% in May, as slumping oil prices alleviated inflation concerns.* The Fed kept policy steady to mark its fourth consecutive pause, but ejected the so-called lingering easing bias from its policy statement.* "While Chair [Kevin] Warsh was unwilling to indicate the direction of the Fed funds rate ahead, nine of his 18 colleagues had no such reservations and pencilled in a hike to 3.75-4.00% by year-end in the dot plot," Berenberg said in a note. "That was a big change from the previous iteration in March, in which 12 out of 19 were expected to cut this year.* "This, alongside Warsh's defence of his Fed's commitment to the 2% inflation half of the Fed's mandate, led investors to price in 38bp of tightening this year, up from 21bp previously," the Berenberg note said. "A hike is now fully priced in by October."

Dow JonesNasdaq CompositeS&P 500
Japan

US Equity Markets Close Higher as Chipmakers Surge; US and Iran Sign Hormuz Deal

US equity indexes rose Thursday amid a rally in mega-cap semiconductors and after the US and Iran signed a memorandum of understanding to immediately reopen the Strait of Hormuz.* President Donald Trump and Iranian President Masoud Pezeshkian digitally signed an MOU targeting a permanent peace deal to end the war between the US and Iran. One clause in the framework agreement states that "the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters reported.* US initial jobless claims last week dropped to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in an analyst survey compiled by Bloomberg.* July West Texas Intermediate crude oil fell $0.06 to settle at $76.73 per barrel, while August Brent crude, the global benchmark, was last seen down $0.04 at $79.52.* Intel (INTC) shares rose 11%, the second-biggest gainer on the Nasdaq, after Trump said Apple (AAPL) agreed to work with the semiconductor maker to design and build chips in the US.* Accenture (ACN) shares fell 18%, the largest drop on the S&P 500, after the company reduced the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions worth about $4.18 billion.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$INTC
Japan

Update: US Equity Indexes March Higher Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves and political news from the first paragraph.)US equity indexes rose as crude oil headed for pre-Iran war levels after a peace deal signed by President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.5% to 26,406.3, with the S&P 500 up 1.1% to 7,499.9 and the Dow Jones Industrial Average higher by 0.4% to 51,673.7 ahead of Thursday's close.Trump and Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Israel published a map on Thursday showing an expanded military control zone in southern Lebanon and said it would not rule out carrying out attacks beyond it, challenging the terms of the US-Iran pact that calls for Lebanon's sovereignty to be respected, Reuters reported.US Vice President JD Vance on Thursday rebuked Israeli officials criticizing the agreement with Iran, saying at a White House press briefing that Trump "is the only head of state in the entire world who is sympathetic to the nation of Israel at this moment in time," according to the Associated Press.Front-month global benchmark North Sea Brent slumped 0.7% to $79.03 per barrel, and the US West Texas Intermediate sank 1% to $76.06 per barrel.

Dow JonesNasdaq CompositeS&P 500
Update: Equities Rise Intraday, Oil Falls as US, Iran Sign Peace Deal
US Markets

Update: Equities Rise Intraday, Oil Falls as US, Iran Sign Peace Deal

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices fell as markets reacted to the signing of an interim peace deal between Washington and Iran.The Nasdaq Composite was up 1.6% at 26,445.7 after midday Thursday, while the S&P 500 rose 1.2% to 7,505.3. The Dow Jones Industrial Average advanced 0.4% to 51,717.6. The indexes closed the previous trading session lower.Among sectors, technology paced the gainers intraday Thursday, while energy saw the steepest decline.US markets will be closed Friday for the Juneteenth National Independence Day holiday.West Texas Intermediate crude oil was down 2.1% at $75.19 a barrel intraday Thursday, while Brent fell 1.8% to $78.12.The US signed a memorandum of understanding with Iran to end their war and reopen the Strait of Hormuz.A 60-day period for negotiations on a final deal has started, CNN reported Thursday, citing US Vice President JD Vance, who added that technical talks are likely to commence this weekend."The relief in financial markets should not be mistaken for a complete dissolution of geopolitical risks but rather as a reaction to the reopening of the Strait of Hormuz," ING Bank said in a note."If the MoU really is the start of successful negotiations, we could eventually return to a macro world that we had actually expected at the start of this year: a gradually recovering global economy with risks of inflation undershooting and central bank rate cuts," the firm wrote.US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.43% and the two-year rate dropping one basis point to 4.15%.In economic news, weekly applications for unemployment insurance in the US dropped, while continuing claims moved higher, official data showed."Despite the bounce off the recent lows, the level of initial claims -- averaging just above 220,000 -- is still consistent with a broad range of labor market indicators that show the job market has improved but isn't overheating," Oxford Economics said in a note. "That will allow the (Federal Reserve) to keep (monetary) policy on hold while it waits for inflation to come down."On Wednesday, the US central bank's Federal Open Market Committee left its benchmark lending rate unchanged for a fourth straight meeting. The FOMC removed the so-called easing bias from its latest statement while raising its interest rate expectations through 2028, saying inflation remains elevated.In company news, Intel (INTC) shares were up nearly 11% intraday Thursday, the top gainer on the S&P 500. US President Donald Trump said on social media that Apple (AAPL) had agreed to work with Intel to design and build chips in the US.Wedbush Securities said in a note that Apple's chip production deal with Intel represents a big opportunity for the semiconductor manufacturer.Apple shares were up 0.7% intraday.Accenture (ACN) trimmed the top end of its full-year revenue growth outlook as its sales fell short of market expectations in the fiscal third quarter, while the consulting firm announced three acquisition deals worth about $4.18 billion to expand its cybersecurity capabilities. Accenture shares were down 18% intraday, the steepest decline on the S&P 500.Kroger (KR) was among the worst performers on the index, down 8.1%, as the supermarket chain reiterated its full-year outlook after its fiscal first-quarter sales topped market estimates, while earnings fell short of expectations.Gold was down 3.1% at $4,247.90 per troy ounce, while silver decreased 6.3% to $66.79 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$INTC$KR
Asia Markets

Exchange-Traded Funds, US Equities Higher After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher after midday Thursday. Actively traded Invesco QQQ Trust (QQQ) was up 2.4%.US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each fell 2%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) and iShares US Technology ETF (IYW) rose 2.9% each, while iShares Expanded Tech Sector ETF (IGM) was up 2.8%.The State Street SPDR S&P Semiconductor (XSD) increased and iShares Semiconductor (SOXX) were up 6.4% each.FinancialThe State Street Financial Select Sector SPDR (XLF) dropped 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) shed 1.9%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), gained 2%.CommoditiesCrude oil decreased 2.1%, and the United States Oil Fund (USO) fell 1.3%. Natural gas gained 2.5%, and the United States Natural Gas Fund (UNG) was 1.3% higher.Gold on Comex lost 3.3%, and the State Street SPDR Gold Shares (GLD) also dropped 0.2%. Silver declined 6.5%, and iShares Silver Trust (SLV) was down 1.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was down 0.2%. The Vanguard Consumer Staples ETF (VDC) fell 0.2% and iShares Dow Jones US Consumer Goods (IYK) was down 0.4%.The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 1.6%. VanEck Retail ETF (RTH) was 0.9% higher, and the State Street SPDR S&P Retail (XRT) moved up 2.5%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) shed 0.9%, iShares US Healthcare (IYH) decreased 0.7%, and Vanguard Health Care ETF (VHT) slipped 0.7%. IShares Biotechnology ETF (IBB) dropped 0.4%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) added 1.1%. Vanguard Industrials Index Fund (VIS) gained 1.3%, while iShares US Industrials (IYJ) rose 0.6%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) was down 2.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) declined 2.7%, ProShares Ether ETF (EETH) fell 3.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.8% lower.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH
Asia Markets

Update: US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.5% to 26,406.3, with the S&P 500 up 1.1% to 7,499.9 and the Dow Jones Industrial Average higher by 0.4% to 51,673.7 after midday Thursday.All sectors except energy, health care, consumer staples, and financials rose. Technology led the gainers, followed by consumer discretionary.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Crude oil futures declined, with front-month global benchmark North Sea Brent slumping 2.6% to $77.49 per barrel after midday. The US West Texas Intermediate sank 3% to $74.50 per barrel, the lowest level since around early March.Most US Treasury yields fell, with the 10-year down 2.2 basis points to 4.44%, as sliding crude oil alleviates inflation concerns.In precious metals, gold futures slumped 3.2% to $4,240.5, while silver futures plummeted 6.6% to $66.13 as investors priced in higher interest rates this year.On Wednesday, the Federal Reserve unanimously left its benchmark rate unchanged in the 3.50% to 3.75% range, while excluding language that suggested a lingering bias toward cuts. The probability of US interest rates rising to the 4% to 4.25% target range soared to 33% as of Thursday afternoon from 14% a week ago, implying the market doubled its outlook for two rate increases of 25 basis points each by the end of 2026, according to the CME FedWatch tool.In company news, Intel (INTC) shares surged 11% to among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.Tower Semiconductor (TSEM) said it shipped more than five million coherent photonic integrated circuits in partnership with Marvell Technology (MRVL). Shares of Marvell soared 12%, the top gainer on the Nasdaq.In economic news, US initial jobless claims fell to 226,000 in the week ended June 13 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AAPL$INTC$MRVL$TSEM
Japan

Update: US Equity Indexes Jump as Crude Oil Heads for Pre-War Levels Ahead of Iran Reopening Hormuz Chokepoint

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes rose amid a rally in mega-cap semiconductors and as crude oil extended declines to the lowest in more than three months after a signing of the interim Iran peace deal set the stage for an immediate reopening of the Strait of Hormuz.The Nasdaq Composite advanced 1.3% to 26,372.2, with the S&P 500 up 1.1% to 7,499.8 and the Dow Jones Industrial Average higher by 0.6% to 51,798.5 in midday trading Thursday.All sectors except energy, health care, and consumer staples rose. Technology led the gainers.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran."Upon the signing of this MOU, the Islamic Republic of Iran will make arrangements using its best efforts for the safe passage of commercial vessels with no charge for 60 days only from the Persian Gulf to the Sea of Oman and vice versa," Reuters cited one of the clauses in the framework agreement. "The traffic of commercial vessels will immediately start and, considering the need for removing the technical and military obstacles and de-mining by the Islamic Republic of Iran, will be instated within 30 days."Crude oil futures declined, with front-month global benchmark North Sea Brent slumping 3% to $77.15 per barrel after midday. The US West Texas Intermediate sank 3.5% to $74.09 per barrel, the lowest level since around early March.In company news, Intel (INTC) shares surged 8.4%, among the leaders on the S&P 500 and the Nasdaq, after Trump said Apple (AAPL) has agreed to work with Intel to design and build chips in the US.

Dow JonesNasdaq CompositeS&P 500$INTC
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Interim US-Iran Deal Lifts Risk Sentiment

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1.3% in Thursday's premarket activity, as investors welcomed an interim US-Iran agreement that reduced concerns about disruptions to global energy supplies.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 1.3% before the start of regular trading.US initial jobless claims fell to a level of 226,000 in the employment survey week ended June 13 from an upwardly revised 230,000 level in the previous week, compared with expectations for a larger decrease to 225,000 in a survey of analysts compiled by Bloomberg as of 7:30 am ET.The Philadelphia Federal Reserve's monthly manufacturing index rose to 10.3 in June after decreasing to minus 0.4 in May, compared with expectations for a slightly smaller increase to a reading of 10 in a survey compiled by Bloomberg.May's leading indicators data will be released at 10:00 am ET, followed by weekly natural gas stocks at 10:30 am ET.In premarket action, bitcoin was down by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) advanced 0.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.8% lower.HIVE Digital Technologies (HIVE) shares traded up 12% in early hours activity a day after the company said it received municipal approval to purchase the 32-megawatt Big Boden data center in Sweden from Bodens Utvecklings.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.1%, while the iShares US Healthcare ETF (IYH) gained 1.1%. The iShares Biotechnology ETF (IBB) was 0.1% higher.Legend Biotech (LEGN) stock was down more than 9% premarket after the company priced an underwritten public offering of 7.7 million American depositary shares at $29.35 each, for gross proceeds of about $226 million.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained 2%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 1.9%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 2.1% higher, while the iShares Semiconductor ETF (SOXX) rose by 4.2%.Intel (INTC) shares were up more than 9% in premarket activity after President Donald Trump said Apple (AAPL) has "agreed to work with Intel to design and build its Chips in America." Apple stock was gaining by 0.3%.EnergyThe iShares US Energy ETF (IYE) gained by 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down more than 3% before market open after edging down 0.2% in the prior close. The company and its partners said they have selected the development concept for the Ringvei Vest project in the Norwegian North Sea, which is expected to contribute about 240 million barrels of oil equivalent.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) rose 1%.Diageo (DEO) shares gained nearly 1% pre-bell after the Financial Times reported that Chief Executive Dave Lewis has ordered senior executives to implement broad cost-cutting measures as part of a major restructuring effort at the spirits giant.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1%, while the Vanguard Industrials Index Fund (VIS) was up 1.9% and the iShares US Industrials ETF (IYJ) was inactive.SpaceX (SPCX) stock was down more than 1% before the opening bell after experiencing its first post-IPO retreat from recent record highs, as market data and multiple analysts point to active put option trading and technical downward pressure following the stock's initial surge.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 1.9% to $75.35 per barrel on the New York Mercantile Exchange. Natural gas gained by 0.5% to $3.16 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.2%, while the United States Natural Gas Fund (UNG) was 0.6% lower.Gold futures for July were down by 2.7% to $4,261.40 an ounce on the Comex. Silver futures retreated by 5.6% to $67.33 an ounce. SPDR Gold Shares (GLD) gained by 0.6%, and the iShares Silver Trust (SLV) was 0.02% lower.

Dow JonesNasdaq CompositeS&P 500$AAPL$BETH$BITO$DEO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$INTC$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEGN$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: Signed US-Iran Peace Deal Lifts US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Thursday after the US and Iran digitally signed an agreement aimed at ending the war in the Middle East.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.6% higher.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran. Amid criticism that Iran came out with the better end of the deal, Trump said in a post on Truth Social that people thinking he was not tough enough on the Middle Eastern nation were "either jealous, bad people, or stupid."All three major US stock indexes ended lower on Wednesday after Federal Reserve officials signaled a potential rate hike by the end of 2026 as inflation remains elevated.Traders observed the latest round of earnings, with Accenture (ACN) posting higher fiscal Q3 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.3% at $78.52 per barrel and US West Texas Intermediate crude 2.1% lower at $75.22 per barrel.The weekly jobless claims bulletin showed 226,000 new unemployment claims for the week ended June 13, compared with the upwardly adjusted 230,000 figure in the prior week and above the 225,000 expected in a survey compiled by Bloomberg. The Philadelphia Federal Reserve's monthly manufacturing index rose to 10.3 in June from negative 0.4 in May, compared with expectations for a smaller increase to a reading of 10.0.In other world markets, Japan's Nikkei closed 1.7% higher, Hong Kong's Hang Seng ended 1.6% lower, and China's Shanghai Composite finished 0.4% lower. Meanwhile, the UK's FTSE 100 was down 1.1%, and Germany's DAX index was 00% lower in Europe's early afternoon session.In equities, Intel (INTC) shares were up 9% after President Donald Trump said Apple (AAPL) has "agreed to work with Intel to design and build its Chips in America." Taiwan Semiconductor Manufacturing's (TSM) stock was up 1.6% after a Nikkei Asia report cited chief operating officer Chris Koopmans as saying that Marvell Technology (MRVL) plans to adopt the company's 1.4-nanometer process for future chips. Broadcom (AVGO) shares were up 3.2% after the company said increased the maximum amount it will spend on its debt buyback program to $3 billion from $2.5 billion due to the strong participation.On the losing side, Accenture shares dropped 16% after the company reported its fiscal Q3 financial results. Kroger (KR) stock was down 4.7% after the company posted higher fiscal Q1 adjusted earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$AVGO$INTC$KR$MRVL$TSM
Japan

Signed US-Iran Peace Deal Lifts US Equity Futures Pre-Bell

US equity futures were higher pre-bell Thursday after the US and Iran digitally signed an agreement aimed at ending the war in the Middle East.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.6%, and Nasdaq futures were 1.4% higher.President Donald Trump and Iranian President Masoud Pezeshkian digitally signed a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran. Amid criticism that Iran came out with the better end of the deal, Trump said in a post on Truth Social that people thinking he was not tough enough on the Middle Eastern nation were "either jealous, bad people, or stupid."All three major US stock indexes ended lower on Wednesday after Federal Reserve officials signaled a potential rate hike by the end of 2026 as inflation remains elevated.Traders observed the latest round of earnings, with Accenture (ACN) posting higher fiscal Q3 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.5% at $78.36 per barrel and US West Texas Intermediate crude 2.2% lower at $75.13 per barrel.The weekly jobless claims bulletin, scheduled for release at 8:30 am ET, is expected to show 225,000 new unemployment claims for the week ended June 13, down from 229,000 in the prior week, according to estimates compiled by Bloomberg. The Philadelphia Fed's regional manufacturing index for May is seen coming in at 10.0, swinging from negative 0.4 posted previously.

Dow JonesNasdaq CompositeS&P 500$ACN
Stocks Rise Pre-Bell as US, Iran Sign Peace Deal; Traders Assess Fed Rate Decision
US Markets

Stocks Rise Pre-Bell as US, Iran Sign Peace Deal; Traders Assess Fed Rate Decision

US equity markets were tracking in the green before the opening bell Thursday as investors weighed the signing of an interim US-Iran peace deal and the Federal Reserve's decision to hold interest rates steady.The S&P 500 rose 0.7%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 1.1% in premarket activity. The three main indexes finished Wednesday trading lower.US markets will be closed on Friday for the Juneteenth National Independence Day holiday.US President Donald Trump and Iranian President Masoud Pezeshkian on Wednesday signed a memorandum of understanding to end the Middle East war, Bloomberg News reported. Trump reportedly said he signed the agreement at the palace of Versailles near Paris.The agreement was earlier reported to be scheduled for formal signing in Switzerland on Friday, but a spokesperson for Iran's Foreign Ministry said no ceremony would be held as the deal has been signed digitally, CNN reported.The agreement calls for the rapid reopening of the Strait of Hormuz and immediate sanctions waivers for Iranian oil exports, with talks on nuclear issues to follow, according to the report.Earlier on Wednesday, Trump said the proposed memorandum of understanding with Iran is "not final" and that Washington would resume military operations if he doesn't like the Tehran deal, according to various media outlets.West Texas Intermediate crude oil dropped 2.9% to $74.58 a barrel before the open, while Brent declined 2.2% to $77.80.The International Energy Agency on Wednesday lowered its global oil demand forecast for 2026 amid war-driven headwinds while projecting a rebound next year."While the US-Iran interim agreement paves the way for a rebound in Middle East (oil) exports, operational and political constraints, including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook," the agency said.The Fed kept its monetary policy steady on Wednesday to mark its fourth consecutive pause, removing the so-called easing bias from its statement. Fed policymakers raised interest rate expectations through 2028 and their inflation projections for 2026 and 2027.The policy decision was the first under new Chair Kevin Warsh.US Treasury yields were mixed in premarket action, with the two-year rate increasing 2.9 basis points to 4.19% and the 10-year rate retreating 0.6 basis points to 4.46%.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the Philadelphia Fed manufacturing index for June. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Intel's (INTC) shares jumped 8.3% pre-bell after Trump on social media said that iPhone maker Apple (AAPL) has agreed to work with the chipmaker to design and build chips in the US.Robinhood Markets (HOOD) advanced 2.1% after finishing the previous trading session with an 8.8% jump. Meta Platforms (META) rebounded 1.6% following a 5.4% decline on Wednesday.Accenture (ACN) and Kroger (KR) are scheduled to report their latest financial results before the bell.Gold fell 2.1% to $4,289 per troy ounce, while bitcoin decreased 0.7% to $63,934.

Dow JonesNasdaq CompositeS&P 500$AAPL$ACN$HOOD$INTC$KR$META
International

Persian Gulf Outlook Lifts Wall Street Pre-Bell; Asia Up, Europe Lags

Wall Street futures pointed higher pre-bell Thursday, after President Donald Trump and Iranian President Masoud Pezeshkian signed a memorandum of understanding on Wednesday to conclude Persian Gulf hostilities.West Texas Intermediate crude oil declined 1.9% to $75.35 a barrel in pre-bell trades, on prospects that oil tankers will soon transit the Strait of Hormuz.In the futures, the S&P 500 rose 0.8%, the Nasdaq advanced 1.5%, and the Dow Jones was up 0.4%. US stock markets will be closed on Friday for a holiday.Asian exchanges traded mostly higher overnight, with Tokyo's Nikkei 225 index rising 1.7% to strike 71,053.49, closing above the 70,000-milestone for the first time.European bourses tracked moderately lower midday on the continent.Accenture (ACN) declined 9.9% pre-bell after the consulting company posted fiscal Q3 earnings and full-year guidance.On the economic calendar is the weekly jobless claims bulletin at 8:30 am ET,along with the Philadelphia Fed manufacturing index for June.The May leading indicators report logs at 10 am, and the weekly EIA natural gas bulletin at 10:30 am.The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm.In pre-market action, Bitcoin traded at $63,892, and 10-year US Treasuries offered 4.45%. Spot gold commanded $4,266 an ounce.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

Update: US Equity Indexes Drop as Bets for Higher Interest Rates Jump After Fed Eliminates Easing Bias

(Updates with index/price moves, FedWatch outlook, macro data, and political/company news from the first paragraph.)US equity indexes fell while government bond yields jumped as odds favoring higher interest rates this year surged after the Federal Reserve removed the so-called easing bias from its policy statement.The Nasdaq Composite fell 1.4% to 26,021.66, with the S&P 500 down 1.2% to 7,420.10 and the Dow Jones Industrial Average lower by 1% to 51,492.55 on Wednesday. All sectors fell, with communication services, consumer discretionary, and consumer staples leading the decliners at the close.The Fed left its benchmark rate unchanged in the 3.50% to 3.75% range in a unanimous decision announced Wednesday, excluding language that suggested a lingering bias toward cuts."Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the Fed statement said. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."The probability of a 25-basis-point increase in rates to a target range of 3.75% to 4% in July soared to 35% from 9% a day ago, according to the CME FedWatch tool. The comparisons for September were 47% versus 27%, and, for October, the data showed an increase to 45% from 33%. Strikingly, there is a 33% likelihood that rates will be 4% to 4.25% in December, implying that the Fed may raise rates by another 25 basis points even after tightening policy once between July and October.In economic news, retail sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.Pending home sales rose by 3.8% in May, above the 0.9% increase expected in a survey compiled by Bloomberg and following a 0.3% increase in April, according to the National Association of Realtors. The monthly sales index was up 4.8% from a year ago.US Treasury yields jumped, with the 10-year surging 6.1 basis points to 4.49% and the two-year soaring 14.8 basis points to 4.2%.In geopolitical news, the US draft of the framework agreement with Iran includes a new 'minimum' standard for diluting Iran's uranium and toll-free passage of the Strait of Hormuz for 60 days, senior US officials told the Associated Press. That shows the US draft does not preclude Iran from imposing fees on maritime traffic after the fixed period.The US draft includes provisions to ensure "territorial integrity" of Lebanon after Israel's latest attacks in the country against the militant outfit Hezbollah, the officials were cited as saying. In return, the US will waive, but not eliminate, some sanctions that were previously imposed on Iran after the deal is signed on Friday, the news report said, adding that Tehran has not released its version of the peace deal.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Front-month global benchmark North Sea Brent slipped 0.1% to $78.85 per barrel, and US West Texas Intermediate edged 0.2% lower to $75.92 per barrel.In company news, Moderna (MRNA) plans to invest in production sites in Germany and is interested in the plants that BioNTech (BNTX) has slated for closure, according to a Google translation of a Wednesday report published by German news outlet Handelsblatt. Shares of the COVID vaccine manufacturer soared 12%, the biggest outperformer on the S&P 500.

Dow JonesNasdaq CompositeS&P 500$MRNA
Dow Retreats From Highs in Broad Sell-Off Following Fed Decision
US Markets

Dow Retreats From Highs in Broad Sell-Off Following Fed Decision

The Dow Jones Industrial Average fell from record highs Wednesday as markets reacted to the Federal Reserve's first policy decision under Kevin Warsh's leadership.The Dow shed 1% to 51,492.6 after notching back-to-back closing highs. The Nasdaq Composite dropped 1.3% to 26,021.7, while the S&P 500 fell 1.2% to 7,420.1. All sectors ended in the red, led by communication services.The Fed kept its monetary policy steady Wednesday to mark its fourth consecutive pause, removing the so-called easing bias from its statement. Fed policymakers raised its interest rate expectations through 2028 and their inflation projections for 2026 and 2027.It was Warsh's first policy meeting as Fed chair, replacing Jerome Powell, who remains a Fed governor.Warsh said at a post-meeting press conference that he didn't submit his rate forecast in the dot plot, which anonymously shows individual members' expectations regarding monetary policy, CNBC reported."The FOMC stuck a more hawkish tone under (Warsh's) debut appearance as the new Fed chair," Thomas Feltmate, senior economist at TD Economics, said in a report.US Treasury yields jumped in late-afternoon trade, with the two-year rate last seen up about 16 basis points at 4.23% and the 10-year rate rising five basis points to 4.5%."The Fed's latest message was dramatically reduced from prior releases, perhaps a precursor (to) a new Warsh era of decisively more succinct language and more limited communication from Fed officials," Stifel Chief Economist Lindsey Piegza said in a report e-mailed to.West Texas Intermediate crude oil was up 0.1% at $76.14 a barrel in Wednesday late-afternoon trade, while Brent was little changed at $78.98.A draft agreement between the US and Iran includes a mechanism for Tehran to gain access to at least $300 billion in financing, as well as a commitment from the Islamic Republic that it will never produce nuclear weapons.A formal signing ceremony is scheduled to take place in Switzerland Friday, which would kick off a 60-day period of further talks.US President Donald Trump said Wednesday that the proposed memorandum of understanding with Iran is "not final" and that Washington would resume military operations if he doesn't like the Tehran deal, CNBC reported.The International Energy Agency lowered its global oil demand forecast for 2026 amid war-driven headwinds while projecting a rebound next year."While the US-Iran interim agreement paves the way for a rebound in Middle East (oil) exports, operational and political constraints, including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook," the agency said.In economic news, US retail sales rose more than expected in May as consumers kept spending despite higher prices, official data showed.In company news, CarMax's (KMX) fiscal first-quarter earnings fell year over year as comparable used vehicle sales swung negative. The used-vehicle retailer's shares slid 9%.Carvana (CVNA) shares sank 10%, the steepest decline on the S&P 500.Gold was down 2.2% at $4,258.60 per troy ounce, while silver slumped 4.1% to $67.17 per ounce.

Dow JonesNasdaq CompositeS&P 500$CVNA$KMX
International

US Equity Markets End Lower After Government Bond Yields Rise, Fed's Policy Statement

US equity indexes were lower on Wednesday as government bond yields rose and the Federal Reserve announcement excluded any language hinting at near-term rate cuts.* "Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the Fed statement said. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."* Iran accused Israel of violating the truce in Lebanon 84 times since it reached the interim agreement with the US and warned of a "harsh response" if attacks continue, Al Jazeera reported.* July West Texas Intermediate crude oil fell $0.10 to settle at $75.95 per barrel, while August Brent crude, the global benchmark, was last seen down $0.08 at $78.87.* Moderna (MRNA) plans to invest in production sites in Germany and is interested in the plants that BioNTech (BNTX) has slated for closure, according to a Google translation of a Wednesday report from German news outlet Handelsblatt. Moderna shares were up roughly 12%, the top gainer on the S&P 500, and BioNTech stock was up about 2.9%.* Carvana (CVNA) shares were down nearly 10%, the worst performer on the S&P 500, after competitor CarMax's (KMX) fiscal Q1 earnings fell year over year on Wednesday as comparable used vehicle sales swung negative and its management flagged higher margin pressure in the near term.

Dow JonesNasdaq CompositeS&P 500$BNTX$CVNA$KMX$MRNA
Japan

Update: US Equity Indexes Drop, Treasury Yields Surge After Fed Removes Easing Bias

(Updates with index/price moves and macroeconomic news from the first paragraph.)US equity indexes declined while government bond yields jumped ahead of Wednesday's close after the Federal Reserve removed the so-called easing bias from its policy statement.The Nasdaq Composite fell 1.4% to 26,005.8, with the S&P 500 down 1.3% to 7,409.7 and the Dow Jones Industrial Average lower by 1% to 51,469.4.The Fed kept its benchmark interest rate unchanged in the 3.50% to 3.75% range in a unanimous decision announced on Wednesday. The latest policy statement excluded language that suggested a lingering bias toward rate cuts."Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East," the Fed statement said. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."Most US Treasury yields jumped, with the 10-year up 6.9 basis points to 4.50% and the two-year higher by 17.1 basis points to 4.22%.In his closing remarks at the G7 summit in France, French President Emmanuel Macron said that it is vital that Iran, Hezbollah, and Israel do not resume fighting, while noting that Paris supports a preliminary US-Iran deal to end the war, according to CNN.Iran will be able to export oil as soon as its agreement with the US is signed on Friday, CNN reported, while noting it has seen a draft of the memorandum of understanding. The MoU states Iran will "never produce nuclear weapons" while allowing Tehran to potentially tap into a $300 billion development fund if it meets commitments related to its nuclear program in further talks, the news agency reported.Front-month global benchmark North Sea Brent shed 0.1% to $78.86 per barrel, and US West Texas Intermediate down 0.1% to $75.96 per barrel.

Dow JonesNasdaq CompositeS&P 500
Update: Equity Markets Mixed Ahead of Fed Decision
US Markets

Update: Equity Markets Mixed Ahead of Fed Decision

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday ahead of the Federal Reserve's latest monetary policy decision and new central bank chair, Kevin Warsh's, press conference.The Dow Jones Industrial Average was up 0.4% at 52,202.7 after midday Wednesday, after closing at a record high in the previous session. The Nasdaq Composite and the S&P 500 were little changed at 26,367.7 and 7,511, respectively, intraday Wednesday.Among sectors, communication services saw the steepest decline, while industrials paced the gainers.The Fed is scheduled to announce its interest rate decision at 2 pm ET. Markets widely expect the central bank to keep rates unchanged for a fourth consecutive time, according to the CME FedWatch tool.Warsh, who assumed the Fed chair role last month, is expected to hold a press conference at 2:30 pm."I would expect the balance of the dots projection to remove the median participants call for a rate cut this year, but for Warsh's press conference to sound more neutral-dovish than the dots, which he'll likely boycott," Derek Holt, head of capital markets economics at Scotiabank, said in a note.West Texas Intermediate crude oil was up 0.8% at $76.68 a barrel intraday, while Brent rose 0.7% to $79.49.A draft agreement between the US and Iran includes a mechanism for Tehran to gain access to at least $300 billion in financing, as well as a commitment from the Islamic Republic that it will never produce nuclear weapons, news outlets reported.A formal signing ceremony is scheduled to take place in Switzerland Friday, which would kick off a 60-day period of further talks.US President Donald Trump said Wednesday that the proposed memorandum of understanding with Iran is "not final" and that Washington will "go right back to dropping bombs" if he doesn't like the Tehran deal, CNBC reported.The International Energy Agency lowered its global oil demand forecast for 2026 amid war-driven headwinds while projecting a rebound next year."While the US-Iran interim agreement paves the way for a rebound in Middle East (oil) exports, operational and political constraints, including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook," the agency said.US Treasury yields were mixed intraday, with the two-year rate increasing 2.1 basis points to 4.07% and the 10-year rate little changed at 4.43%.In economic news, US retail sales rose more than expected in May as consumers kept spending despite higher prices, official data showed.In company news, CarMax's (KMX) fiscal first-quarter earnings fell year over year as comparable used vehicle sales swung negative. The used-vehicle retailer's shares were down 8.1% intraday.Carvana (CVNA) shares sank 7.1%, the steepest decline on the S&P 500.La-Z-Boy (LZB) shares surged nearly 20%. Late Tuesday, the furniture manufacturer reported a year-over-year gain in fiscal fourth-quarter earnings and said it expected sales to outperform the industry in the ongoing quarter.Gold was up 0.6% at $4,381.60 per troy ounce, while silver rose 0.9% to $70.64 per ounce.

Dow JonesNasdaq CompositeS&P 500$CVNA$KMX$LZB

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