US equity indices rose on Friday as traders tracked potential peace deal between Washington and Tehran to conclude the nearly three-month-long Mideast war.
As of 10:15 a.m., the S&P 500 rose 0.4%, the Nasdaq 100 gained 0.6%, and the Dow Jones Industrial Average added 0.6%.
At the opening bell, the Dow Jones Industrial Average rose 149.0 points, or 0.30%, to 50,434.65. The S&P 500 rose 23.1 points, or 0.31%, to 7,468.82, while the Nasdaq Composite rose 88.5 points, or 0.34%, to 26,381.564.
Regarding regional movements, Pakistan’s top general, Asim Munir, traveled to Tehran on Friday following widespread anticipation regarding a prospective accord between Iran and rhe US intended to resolve months of gridlock and global disruption, according to Iran’s state-owned IRNA news agency.
This pressing deployment occurred directly after a consecutive three-day diplomatic marathon in Tehran led by Pakistan’s Interior Minister Mohsin Naqvi, who previously conducted sessions with Iranian President Masoud Pezeshkian along with other prominent administrators.
“When a peace deal is struck, there is a prevailing expectation that the higher rates and the higher energy prices will fade from the headline view and create an added rationale to keep this bull market running,” Briefing.com analyst Patrick O’Hare said.
Subsequently, Kevin Warsh will be sworn in as Federal Reserve Chair at the White House, replacing Jerome Powell.
In the bond market, the yield on the 10-year Treasury fell to 4.54% from 4.57% late on Thursday.
Key Stock Movers
Estee Lauder stock jumped 11.5% after the firm said it was no longer considering a possible merger with the Spanish fragrance and beauty products company Puig.
Shares of Workday rose 6.5% and Zoom Communications jumped 15.5% after both the companies delivered better profits than analysts expected.
Ross Stores stock climbed 7.7% after the retailer reported strong quarterly profit and revenue.
Take-Two Interactive shares gained 2.5%.
Bullion
Gold prices on Friday edged lower by a firmer US dollar and rising oil prices.
By 1255 GMT, spot gold fell 0.5% to $4,519.69 per ounce. US gold futures for June delivery lost 0.5% to $4,520.90.
Among other metals, spot silver fell 1.2% to $75.77 per ounce, platinum lost 1.8% to $1,930.33 and palladium fell 1.5% to $1,358.26.
“Gold is still very much on the defensive. Critically, it’s still holding support at $4,500 on a technical basis so that’s keeping the downside somewhat in check. The upside is limited, though, with the stronger dollar and rising oil capping gains,” said Edward Meir, an analyst at Marex.
Crude Oil
Crude oil prices gained on Friday as investors tracked US-Iran peace talks.
Brent crude futures were up $1.58, or 1.54%, at $104.16 a barrel by 9:44 a.m. CDT (1444 GMT), while US West Texas Intermediate futures were $1.17, or 1.21%, higher at $97.52.
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