U.S. stock futures climbed on Tuesday night after President Donald Trump said “great progress” had been made toward a possible agreement with Iran. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) Index were up 0.52%, 0.24%, and 0.25%, respectively, at 9:45 p.m. EDT on May 5.
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Trade QQQ with leverageAt the same time, oil prices trended lower. Brent crude (CM:BZ) slipped 1.53% to around $108.22 per barrel, while WTI crude (CM:CL) fell 1.54% to about $100.7
The market gains came after Trump said he was pausing “Project Freedom,” the U.S. plan to guide ships out of the Strait of Hormuz. In a Truth Social post, Trump said the decision was driven by “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran.”
In extended trading, Advanced Micro Devices (AMD), the chipmaker, jumped 16% after issuing a strong second-quarter outlook. Super Micro Computer (SMCI) also jumped 18% after reporting better-than-expected third-quarter results.
In the regular trading session, major stock indices jumped on Tuesday, led by tech stocks. Importantly, the S&P 500 and the Nasdaq closed at fresh record highs. The Nasdaq, the S&P 500, and the Dow rose 1%, 0.8%, and 0.7%, respectively.
A busy earnings slate awaits on Wednesday, with Disney (DIS), CVS Health (CVS), Kraft Heinz (KHC), Arm (ARM), Beyond Meat (BYND), IonQ (IONQ), Snap (SNAP), and Uber (UBER) set to report. Traders will also watch for ADP’s April private payrolls report and the unemployment rate tomorrow.