Wall Street inched higher and oil prices stabilized early Friday as markets awaited the latest government jobs report while parsing corporate earnings reports amid the backdrop of an increasingly fragile ceasefire between the U.S. and Iran.
U.S. futures rose despite the latest flare up in the conflict. Futures for the S&P 500 gained 0.5%, while futures for the Dow Jones Industrial Average rose 0.3%. Nasdaq futures jumped 0.7%.
Investors are closely watching the war situation as negotiations between the U.S. and Iran to end the war make limited progress. Tehran says it is still examining the latest proposals from the U.S. for ending the war.
The U.S. Central Command said Thursday that it intercepted “unprovoked” Iranian attacks on Navy ships in the Strait of Hormuz, although no vessels were struck. U.S. President Donald Trump told reporters the ceasefire with Iran was still intact.
The United Arab Emirates, a U.S. ally, said early Friday that its air defenses were “actively engaging” with a missile and drone attack.
Oil traded modestly higher early Friday Friday after falling earlier. Brent crude, the international standard, gained 69 cents to $100.62 per barrel. Brent crude was roughly $70 a barrel before the Iran war began in late February.
Benchmark U.S. crude inched up 20 cents to $95.01 a barrel.
Oil and fuel prices are expected to remain elevated for as long as the Strait of Hormuz, a key waterway for oil and gas transit, remains largely closed and a U.S. sea blockade on Iranian ports continues.
Meanwhile, investors and analysts continue to pore over companies' latest financial reports, which have been largely strong.
Monster Beverage rose close to 8% after the energy drink maker reported that its sales and profit both soared more than 25% over the same period last year. The company posted quarterly sales of more than $2 billion for the first time, highlighting continued growth in global energy drink demand.
Source: WPLG
