[New York Stock Market] International Oil Prices Fall... All Major Indices Open Higher as Investors Eye Negotiations

Oil and Defense Stocks Decline
Technology Stocks on the Rise

As attention is focused on whether the United States and Iran will reach an agreement, the three major U.S. stock indices all opened higher on May 7 (local time), buoyed by a decline in international oil prices.

According to the home trading system (HTS), as of 9:32 a.m. at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was up 158.25 points (0.32%) from the previous session, standing at 50,068.40. The S&P 500 Index, which is centered on large-cap stocks, rose 5.18 points (0.07%) to 7,370.30, while the tech-heavy Nasdaq Index climbed 38.38 points (0.14%) to 25,877.34.

New York Stock Exchange. New York, USA – Special Correspondent Yoonjoo Hwang

Expectations of easing tensions in the Middle East and the ongoing earnings season are driving stock prices. The United States and Iran are currently discussing the signing of a memorandum of understanding (MOU) aimed at ending hostilities. The MOU is reportedly expected to include 14 provisions, such as establishing a framework for nuclear negotiations. The Iranian Ministry of Foreign Affairs has also stated that it is reviewing the U.S. proposal, further fueling speculation that the possibility of an end to hostilities is higher than ever.

International oil prices are falling across the board. At this moment on the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for June delivery is trading at $91.32 per barrel, down 3.92% from the previous session. On the ICE Futures Exchange, Brent crude for July delivery is at $97.36 per barrel, a 3.85% decrease from the previous session.

Shares of both oil and defense companies are declining, with ExxonMobil down 1.92%, Chevron down 2.05%, Lockheed Martin down 1.15%, AeroVironment down 0.70%, and RTX down 0.63%. In contrast, shares of technology giants are rising, with Nvidia up 0.15%, Apple up 0.55%, Microsoft up 1.46%, Amazon up 0.01%, Alphabet up 0.48%, Tesla up 2.23%, and Meta up 0.30%.

Samantha McLemore, founder of Patient Capital Management, predicted that the upward trend in the U.S. stock market will continue. McLemore analyzed, "This is a long-term bull market," and added, "Stock movements have tended to follow corporate earnings."

This content was produced with the assistance of AI translation services.