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Stock index futures rise as oil steadies on U.S.-Iran deal hopes
S&P 500 and Nasdaq 100 E-mini futures were higher, while WTI crude pared gains after Pakistan signaled the U.S. and Iran were nearing an arrangement.
U.S. stock index futures edged higher Tuesday as sentiment improved on hopes for progress in U.S.-Iran negotiations, with market moves coinciding with a retreat in oil prices. September S&P 500 E-mini futures rose 0.19%, while September Nasdaq 100 E-mini futures gained 0.31%.
The optimism followed signals from Pakistan that Washington and Tehran were nearing some sort of arrangement, according to comments by Pakistan defense minister Khawaja Asif to reporters that the signals over the past two to three days suggested they were close to an arrangement.
WTI crude prices gave up earlier gains and were little changed after Asif's remarks. Oil had initially climbed more than 2% after U.S. President Donald Trump issued sweeping new demands on Iran on Monday, including calls for compensation tied to alleged impacts from conflicts and attacks over multiple decades.
In equities, recent weakness carried into specific sectors, with technology names sliding in the prior session. Arm Holdings fell more than 5%, Marvel Technology dropped more than 4%, and optical networking stocks declined sharply, including Coherent down more than 14% and Lumentum Holdings down more than 8%, while energy stocks rose as crude advanced earlier, including APA Corp up more than 9% and Marathon Petroleum up more than 7%.
Latest closeWTI crude $82.68 ▼0.6%|S&P 500 7,748.50 ▲0.3%|Nasdaq Comp. 26,588.49 ▲0.5%