S&P 500 futures edge higher after index posts another record; traders eye developments in Iran: Live updates – CNBC
Traders work during the Hawkeye 360 Inc. initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Thursday, May 7, 2026.
Michael Nagle | Bloomberg | Getty Images
The S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.
The broad market index fell 0.38% to close at 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron Technology. The Nasdaq Composite slid 0.13% and ended at 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session. The Dow Jones Industrial Average shed 313.62 points, or 0.63%, settling at 49,596.97.
Oil prices came off their session lows after trading meaningfully below $100 earlier in the session. U.S. West Texas Intermediate crude futures settled down 0.28% at $94.81 per barrel, while international Brent crude futures fell 1.19%, closing at $100.06 a barrel.
Stocks moved higher on Wednesday, while oil prices cooled after Axios reported, citing sources, that the U.S. and Iran are nearing a deal to end the war. Specifically, two U.S. officials and two other sources briefed on the issue told the outlet that the White House believes it is nearing a one-page, 14-point memorandum of understanding to not only end the war but also establish a framework for more detailed nuclear talks.
An Iranian foreign ministry spokesperson said to CNBC Wednesday that Iran was evaluating a U.S. proposal for a resolution. Iran has yet to reach a final conclusion on the matter, and the country has not given a response to the U.S., Iranian state media reported Thursday.
A senior Iranian official said that the Middle Eastern country would not allow the U.S. to reopen the key Strait of Hormuz passageway with an “unrealistic plan,” The Wall Street Journal reported, citing Iran’s state-owned Press TV. Iran would also not let the U.S. leave the conflict without paying reparations for the damage inflicted on the country, the official added.
Outside of investors’ hopes for easing Middle East tensions, a “blowout” earnings season has also boosted stocks, along with “just an insatiable demand and momentum behind the AI trade,” according to Ross Mayfield, Baird investment strategist.
“We pretty quickly shifted from, ‘Everyone is bearish,’ to, ‘Boy oh boy, everyone is bullish again,'” he said. “The market is probably overbought here heading into a weaker seasonal period, but those are minor nitpicks rather than true bumps in the road. You kind of are set up for a melt-up scenario here, barring something out of left field.”
Fortinet was among Thursday’s key winners, popping 20% after the company lifted its full-year billings guidance. Meanwhile, Peloton shares jumped almost 9% after its third-quarter revenue surpassed expectations.
