US Stocks Edge Higher as Trump Hints at Strait of Hormuz Deal
US stock futures rose in the early morning hours on Wall Street, following strong corporate earnings reports and hopes for a deal to ease tensions in Iran. The Dow Jones Industrial Average futures climbed 0.3%, while S&P 500 futures added 0.4%. Nasdaq futures gained 0.2%.
The Walt Disney Co. reported a $1 billion box office haul from 'Toy Story 5', contributing to its quarterly profits. Shares of the company rose 3.4% in the premarket, while those of Chipotle Mexican Grill added 1.8%. However, SpaceX's stock sank more than 10%, as it revealed significant spending on artificial intelligence.
Oil prices resumed their ascent, with Brent crude rising 1% to over $80 a barrel. The move follows uncertainty in the Middle East, where hopes for progress toward reopening the Strait of Hormuz have caused oil prices to fluctuate between $72 and $102 in July.