S&P 500 Nasdaq Dow Jones Russell 2000: U.S. Stock Market on Thursday: S&P 500, Nasdaq, Dow Jones, Russell 2000 investors eye five factors that will influence Wall Street
Oil Prices
Oil prices rose nearly $1 in early trading Thursday, rebounding from steep losses the day before, as investors weighed the odds of a Middle East peace deal succeeding. Brent crude futures rose 88 cents, or 0.9%, to $102.15 a barrel by GMT. U.S. West Texas Intermediate crude rose $1.12, or 1.2%, to $96.20 a barrel.
Both indicators fell more than 7 percent on Wednesday, hitting two-week lows on optimism about a “possible end” to the Middle East war. But they recouped their losses after US President Donald Trump said it was “too early” for face-to-face talks with Tehran and a senior Iranian lawmaker said the US offer was more of a wish list than reality.Gold Price
Gold prices were broadly flat on Thursday near a one-week high as investors awaited more details on a potential U.S.-Iran peace deal. Spot gold remained unchanged at $4,688.16 an ounce after rising nearly 3 percent on Wednesday to its highest level since April 27. Gold futures for June delivery rose 0.1 percent to $4,696.60.
IPO Buzz
Space analytics firm HawkEye 360 has raised $416 million in its U.S. initial public offering, the company said Wednesday. The Herndon, Virginia-based firm sold 16 million shares at a price of $26 each in the IPO, giving it a valuation of approximately $2.42 billion. A price range of $24 to $26 per share was targeted.
After a strong April, IPO activity is expected to pick up in the coming months, with HawkEye 360 and Suja Life testing investor demand for defense technology and consumer brands respectively.
Iran-US War
Iran said on Wednesday it was reviewing a US peace proposal that sources said would formally end the war but leave unresolved its core demands that Iran suspend its nuclear program and reopen the Strait of Hormuz.
The ongoing U.S.-backed war with Iran raises the risk of a sustained inflation shock as concerns grow about ongoing high oil prices and problems with global supply chains, Federal Reserve officials said on Wednesday.
Important US Data
On the data front, ADP’s national employment report released Wednesday showed private employment in the U.S. rose more than expected in April.
Investors are now awaiting the monthly US employment report on Friday, which will test whether the US economy is resilient enough for the Federal Reserve to keep monetary policy steady or whether a softening labor market can revive the case for interest rate cuts.
