Updated 1 min read
US stock futures were little changed on Thursday after a strong session that pushed the S&P 500 over 7,000 for the first time amid growing optimism for an extension to the Middle East ceasefire.
Futures on the S&P 500 (ES=F) and the Dow Jones Industrial Average (YM=F) wavered along the flat line. Contracts on the Nasdaq 100 (NQ=F) climbed 0.4%.
The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) surged on Wednesday to notch fresh all-time closing highs as gains for tech stocks outpaced the broader market. The week’s rally rolled on after President Trump suggested the Iran war could soon end.
The US and Iran are now reportedly in indirect discussions to prolong the two-week ceasefire set to expire on April 22, with both sides said to be in favor of an extension. The US is still “very much engaged in these negotiations,” Karoline Levitt, the White House press secretary, said on Wednesday.
On deck is a fresh batch of corporate earnings, with highlights Netflix (NFLX), PepsiCo (PEP), and Charles Schwab (SCHW) scheduled to report Thursday.
On the economic data front, a weekly reading on jobless claims is due, alongside an update on industrial production for March.
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US and Iran Weigh Truce Extension With Hormuz Still Shuttered
From Bloomberg:
The US and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the risk of renewed fighting despite an intensifying standoff over the Strait of Hormuz.
With the initial truce due to expire next week, mediators are seeking technical talks to overcome the most contentious issues preventing a longer-term agreement, said the person, who asked not to be identified discussing sensitive matters. Those include reopening Hormuz and the future of Iran’s nuclear program.
Tensions remain high over the strait, a critical waterway for oil and gas that’s been effectively shuttered since the start of the war almost seven weeks ago. The US has set up a naval blockade to cut off Iranian shipments, and said Wednesday that 10 vessels have been forced to turn around. Tehran is keeping the strait closed to most other traffic.
… The US hasn’t “formally requested an extension of the ceasefire,” White House Press Secretary Karoline Leavitt told reporters Wednesday. But she acknowledged “we remain very much engaged in these negotiations.”
The US is sending thousands of additional troops to the Middle East in the coming days to pressure Tehran into making a deal or to prepare for strikes if the ceasefire ends, the Washington Post reported, citing current and former officials it didn’t name.
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Japan’s Nikkei closes at record high, wiping out Iran war losses
Japan’s Nikkei 225 Stock Average (^N225) ended Thursday’s session at a new record high, erasing its losses from the Iran war amid optimism that new peace talks could speed an end to the conflict.
Bloomberg reports:
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CATL, worlds largest EV battery shares jump as markets pivot
Bloomberg reports:
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Oil holds as potential peace talks provide stability
Bloomberg reports:
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TSMC on track for fourth quarter of record earnings
Reuters reports:
