- Stock futures rose on Wednesday following a report that the U.S. and Iran were
nearing an agreement to end the war.
- Axios reported, citing sources, that the U.S. and Iran were getting close to a
deal that would bring a resolution to the conflict. According to the report, the
agreement would include a moratorium on nuclear enrichment. An Iranian foreign
ministry spokesperson also said that Iran was evaluating a U.S. proposal toward
a resolution.
- President Donald Trump signaled later Wednesday that a deal was not certain,
however, saying it was a “perhaps, a big assumption” Iran would agree to the
U.S. proposal.
- “If they don’t agree, the bombing starts, and it will be, sadly, at a much
higher level and intensity than it was before,” the president wrote in a post on
Truth Social.
- Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s
plan to guide ships out of the Strait of Hormuz.
- In a Truth Social post, Trump cited “the fact that Great Progress has been
made toward a Complete and Final Agreement with Representatives of Iran,” as a
driver behind the decision.
- Oil prices plunged as traders pared exposure on hopes the war would end soon.
West Texas Intermediate futures dropped 10%, trading above $91 per barrel.
International Brent lost 9% to trade near $100.
- Chipmaker Advanced Micro Devices added to the gains, soaring 18% after the
company issued a rosy outlook for the second quarter
- US private-sector payrolls rose 109,000 in April, the largest monthly gain in
over a year, signaling labor-market stabilization.
- European markets roared into the green on Wednesday, with the pan-European
Stoxx 600 surging 2.1% following reports that U.S. and Iran could be nearing a
deal to end the two-month-long conflict in the Middle East.
- South Korea’s Kospi closed at another record Wednesday as Asia-Pacific markets
saw a broad rally
