Trump's Diplomatic Shift Sends Oil Prices Reeling as US Stock Futures Rise

US stock index futures rose in pre-market trading on August 3 as US President Trump announced a suspension of attacks on Iran and a shift toward diplomatic negotiations, causing oil prices to plummet.

The Dow futures rose 1.02%, S&P 500 futures rose 0.65%, and Nasdaq 100 futures rose 0.35%. This surge in tech stocks was also driven by Amazon's post-earnings AI trading sentiment, which continued to support expectations for memory demand.

Meanwhile, international oil prices fell sharply, with WTI crude dropping over 8% to around $79.5 and Brent crude falling over 8% to trade at around $83.5.

AstraZeneca and Bristol Myers Squibb are reportedly in merger talks, with the combined company's market capitalization potentially reaching $400 billion.