On the 6th (local time), the Dow Jones Industrial Average rose 612.34 points, or 1.24%, to close at 49,910.59 on the New York Stock Exchange. The S&P 500 gained 105.90 points, or 1.46%, to 7,365.12, and the Nasdaq composite climbed 512.81 points, or 2.02%, to 25,838.94. The S&P 500 and Nasdaq both set fresh record highs with the gains.
According to Axios and other foreign media, the United States and Iran are discussing signing a memorandum of understanding to end the war. The MOU is expected to include a temporary halt to Iran’s uranium enrichment, U.S. sanctions relief, and steps related to reopening the Strait of Hormuz, including Iran lifting a blockade of the waterway and the United States ending its maritime blockade of Iran, the reports said.
Iranian Foreign Ministry spokesman Esmail Baghaei also said Iran is reviewing a U.S. proposal to end the war. In an interview with Iran’s ISNA news agency, Baghaei said, “Iran is still reviewing the U.S. plan and proposal, and after consolidating Iran’s position, it will be conveyed to the Pakistani side.”
Bill Northey, chief investment officer at U.S. Bank Asset Management Group, told CNBC that if hostilities begin to slow or stop and the Strait of Hormuz reopens, some of the most economically sensitive regions hit hardest — such as Southeast Asia and Europe — could avoid their own economic strain. “That creates the conditions for a sharp rebound in the stock market,” he said.
Oil prices fell on expectations of a war-ending deal and a reopening of the Strait of Hormuz. Brent crude futures for July delivery settled at $101.27 a barrel, down 7.83% from the previous session. U.S. West Texas Intermediate crude futures for June delivery settled at $95.08 a barrel, down 7.03%.
In individual stocks, AMD surged 18.61% after reporting results that beat expectations. The company said it posted first-quarter earnings of $1.37 per share on revenue of $10.25 billion, above market forecasts for earnings of $1.29 per share and revenue of $9.89 billion.
The major technology stocks known as the “Magnificent Seven” also mostly rose. Nvidia gained 5.77%, Alphabet 2.47%, Tesla 2.40%, Meta 1.31%, Apple 1.17%, Microsoft 0.63% and Amazon 0.53%.
* This article has been translated by AI.
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