US Stocks Rise as Oil Prices Fall on Diplomatic Hopes

US stocks rose on Friday as oil prices fell on hopes of diplomatic progress between the US and Iran, which could lead to the reopening of the Strait of Hormuz.

The S&P 500 was up 0.44%, while the Dow was up 0.4% and the Nasdaq was up 0.75%

Oil prices fell as the market weighed the possibility of diplomatic progress against ongoing supply concerns, with the US and Iran negotiations in New York exploring a potential way out of the war.

The US Treasury yields continue to climb at multi-decade highs, with the 10-year yield reaching 5.225% and the 30-year yield reaching 5.502%, levels last seen in 2004 and 2003 respectively.