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Wall Street set to open higher on US-Iran peace deal hopes
Brent crude futures fell after hitting one-week highs, while the prior session saw oil prices rise 5% on U.S. and Iran demand exchange complications.
Wall Street was poised to open higher on Tuesday as investors digested a report that the United States and Iran were nearing some sort of arrangement to end six months of conflict, according to Reuters. The optimism followed comments cited from Pakistan's defense minister that signals in recent days pointed to a peace agreement coming soon, and after Qatar said Iran-Oman talks were at an advanced stage.
Oil dynamics appeared to shift alongside the headline risk. Reuters reported that Brent crude futures turned lower after reaching one-week highs earlier in the session, reversing the backdrop of Monday's oil move, when an exchange of demands tied to reopening the strait complicated efforts and pushed oil prices up 5%.
The market also looks ahead to inflation data that could influence expectations for the Federal Reserve's policy path. Reuters noted that consumer and producer price readings later this week may shape rate expectations, particularly as Chair Kevin Warsh's posture on trimming forward guidance comes into view.
In early trading, index futures were pointing slightly higher, with Dow E-minis up 0.1%, S&P 500 E-minis up 0.15%, and Nasdaq 100 E-minis up 0.35% as of 8:56 a.m. ET, Reuters reported. Reuters also said traders were split nearly evenly on whether the Fed would raise rates in September or pause, citing the CME FedWatch Tool.
Latest closeWTI crude $82.30 ▲5.3%|Brent $87.85 ▲5.2%|S&P 500 7,753.11 ▼0.1%