By 03:25 ET (07:25 GMT) on Wednesday, Dow futures were up 270 points, or 0.6%, S&P 500 futures rose 43 points, or 0.7%, and Nasdaq 100 futures gained 227 points, or 1.0%. The moves followed a Tuesday rally in the main Wall Street averages, supported by growing expectations that the U.S. will soon withdraw from its joint assault with Israel against Tehran.<\/p>\n
These expectations were underpinned by a Wall Street Journal report that U.S. President Donald Trump had told aides he was open to leaving the war even if the Strait of Hormuz remained largely blocked to tanker traffic. Trump later effectively confirmed this in remarks to reporters and on social media, stating that the U.S. would be \u201cleaving very soon\u201d and that the White House\u2019s goal of eradicating Iran\u2019s nuclear threat had been \u201cattained,\u201d adding that Washington does not need a formal deal to conclude the conflict.<\/p>\n
Trump also reiterated that negotiations with Iran are \u201cgoing well,\u201d a characterization frequently disputed by officials in Tehran. Iran acknowledged that messages are being exchanged, and its president indicated the country has the \u201cnecessary will\u201d to end the war if it receives guarantees that it will not be attacked again.<\/p>\n
Brent crude futures for June delivery fell 4.2% to $99.60 a barrel on Wednesday. After the war\u2019s outbreak in late February, Brent had spiked to almost $120 a barrel, from around $70 a barrel before the conflict, and remains well above pre-war levels despite the latest pullback.<\/p>\n
Gold prices rose for a fourth consecutive session in European trading, with spot gold moving back above $4,700 an ounce.<\/p>\n
Nike reported fiscal third-quarter earnings that exceeded expectations on both revenue and profit, but the figures highlighted ongoing weakness in Greater China and a drop in gross margin. The company posted earnings of $0.35 per share on revenue of $11.28 billion. Sales from Greater China fell 7% year-on-year to $1.62 billion, marking a seventh straight quarterly decline, and Nike shares fell in after-hours trading.<\/p>\n
Separately, Microsoft is in exclusive talks with Chevron Corp and Engine No. 1 regarding a proposed large-scale energy complex in West Texas to power a data center campus. The planned natural gas-fired plant is expected to cost about $7 billion and initially generate 2,500 megawatts of electricity.<\/p>\n
Why are U.S. stock futures higher today?<\/strong> What is happening with oil prices?<\/strong> How did Nike perform in its latest quarter?<\/strong> What deal is Microsoft currently negotiating?<\/strong>
U.S. stock futures are higher as investors respond to indications that the U.S. may soon end its more than month-long campaign in Iran, easing some geopolitical concerns.<\/p>\n
Brent crude futures for June delivery fell 4.2% to $99.60 a barrel, pulling back from recent highs near $120 a barrel but remaining significantly above pre-conflict levels of around $70 a barrel.<\/p>\n
Nike delivered a top- and bottom-line beat with fiscal third-quarter earnings of $0.35 per share on $11.28 billion in revenue, but Greater China sales declined 7% year-on-year to $1.62 billion, its seventh consecutive quarterly drop, contributing to pressure on the stock after hours.<\/p>\n
Microsoft is in exclusive talks with Chevron Corp and Engine No. 1 for a roughly $7 billion natural gas-fired power plant project in West Texas, designed to initially generate 2,500 megawatts to support a data center campus.<\/p>\n