Prospect Of U.S.-Iran Truce Spurs Futures Higher

(MENAFN- Baystreet)

Futures for Canada’s main stock index edged higher on Thursday, supported by rising expectations of a near term peace deal between the United States and Iran.
The TSX Composite Index added 414.91 points, or 1.2%, to greet the closing bell Wednesday at 33,981.82.
June futures peeped 0.1% higher Thursday.
The Canadian dollar eked higher 0.06 cents to 73.39 cents U.S.
The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with the emerging plan centering on a short-term memorandum rather than a comprehensive peace deal.
Oil prices fell around 2% to below $100 U.S. a barrel as the peace deal could bring a gradual reopening of the Strait of Hormuz.
On the earnings front, Canadian Natural Resources surpassed expectations for first-quarter profit on the back of higher output.
Enerflex’s first-quarter revenue rose 6% on engineered systems strength, while packaging and tissue maker Cascades’ quarterly sales slightly missed analysts’ expectations.
ON BAYSTREET
The TSX Venture Exchange faded 17.13 points, or 1.8%, Wednesday to 995.90.
ON WALLSTREET
Futures linked to the S&P 500 edged higher early Thursday after the index touched new highs, buoyed by hopes that the U.S. and Iran were closing in on an agreement to end the war.
Futures for the Dow Jones Industrials increased 91 points, or 0.2%, to 50,128.
Futures for the S&P 500 gained 5.25 points, or 0.1%, to 7,394.75
Futures for the NASDAQ gained 3.25 points, or 1.7%. to 28,720.
Shares of DoorDash popped 10% after the food delivery giant issued rosy guidance for orders in its second quarter. Meanwhile, Fortinet climbed 15% after lifting its full-year billings guidance.
Stocks moved higher and 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 media outlets on Wednesday that Iran was evaluating a U.S. proposal for a resolution.
In Japan, the Nikkei 225 screamed higher 5.6% after a prolonged higher, while the Hang Seng index in Hong Kong progressed 1.6%
Oil prices collapsed $3.51 to $91.57 U.S. a barrel.

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