US Stock Indexes Rise Amid Easing Middle East Tensions

The major US stock indexes experienced gains at midday on Friday due to easing Middle East tensions. The Dow Jones Industrial Average rose 0.7% while the S&P 500 climbed 0.6%, and the Nasdaq Composite gained just 0.1%. This rally comes after reports emerged that Pakistan is exploring U.S.-Iran peace negotiations with Chinese backing.

Oil prices dropped by 4% to $95 per barrel following these developments, as the conflict between the US and Iran has weighed heavily on oil markets. The Iranian conflict has significant implications for China, which imports a substantial amount of oil from the Persian Gulf.

American Express saw a decline in its stock price, dropping 5.9% after beating earnings estimates but announcing that profit margins will compress slightly in the second half due to investments in cardholder perks and growth initiatives.