U.S. Stock Index Futures Advance as Oil Prices Plunge on Reports of Potential U.S.-Iran Agreement

Deep News05-27 20:51

U.S. stock index futures rose, while oil prices and the yield on the 10-year U.S. Treasury note declined, following reports indicating that the United States and Iran may be nearing an agreement.

Iranian television reported that it had obtained a draft of an informal U.S.-Iran memorandum of understanding; market speculation circulated that the U.S. military would lift its maritime blockade, and Iran would allow the resumption of commercial shipping through the Strait of Hormuz.

As of 8:30 a.m. New York time, S&P 500 index futures were up 0.4%, nearing the day's highs, while Nasdaq 100 index contracts gained 0.9%. The yield on the 10-year U.S. Treasury note hovered around 4.46%, and West Texas Intermediate crude oil fell approximately 6% to around $88 per barrel.

Among S&P 500 index constituents, leading gainers included chip stocks Micron Technology, SanDisk, and NVIDIA.

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