US and Iran Reach Tentative Ceasefire Deal, Oil Futures Decline
The US and Iran have reached a tentative deal to extend their ceasefire by 60 days, according to Axios. The proposed agreement would guarantee unrestricted shipping through the Strait of Hormuz, requiring Iran to remove all mines from the waterway within 30 days.
The news has caused oil futures to decline in overnight trading, with Brent crude down over 1% at $92.74 a barrel and WTI crude falling by about 1.27% to $87.77 a barrel.
US stock markets rose to record highs on Thursday as reports emerged that the two nations were nearing a deal. The S&P 500 and Nasdaq 100 hit 52-week highs, closing up 0.91% and 0.84%, respectively, while the Dow Jones index added about 25 points to close up 0.05% higher.
Tech stocks outperformed the market on Thursday, with Snowflake Inc. (SNOW) jumping over 36% after strong earnings results and Ondas Inc. (ONDS) rising by more than 22%. After the bell, Dell Technologies Inc. (DELL) posted first-quarter earnings that beat expectations, sending its stock up by over 38%.