The three major New York stock indexes opened higher as the possibility of an end to the war between the United States and Iran was mentioned.
As of 10:12 a.m. on the 6th (local time), on the New York Stock Exchange (NYSE), the Dow Jones Industrial Average was up 45.77 points (0.10%) from the previous session at 46,550.44. The Standard & Poor's (S&P) 500 rose 15.83 points (0.24%) to 6,598.52, and the Nasdaq composite gained 83.57 points (0.38%) to 21,962.75.
Market participants are focusing on the possibility of an end to the war between the United States and Iran. Earlier, Axios reported that the United States, Iran, and mediating countries are discussing terms for a 45-day cease-fire that could lead to a permanent end to the war. Multiple foreign media also said both sides received a two-stage mediation plan under which they would proceed to end-of-war talks following a cease-fire agreement.
However, uncertainty in the Middle East limited the stock market's gains. U.S. President Donald Trump the previous day reaffirmed a hard-line response if the Strait of Hormuz is blocked and postponed by one day the deadline for attacking Iranian critical infrastructure to 8 p.m. on the 7th (9 a.m. on the 8th Korea time). Israel and Iran have continued attacks on infrastructure facilities since.
Israel Katz, Israel's defense minister, said in a statement that a series of recent attacks halted operations at facilities responsible for about 85% of Iran's petrochemical exports.
In the market, some said expectations for easing geopolitical tensions are being reflected. Sam Stovall, chief investment strategist at CFRA, said, "The stock market is an indicator that shows future activity," adding, "Investors are expecting at least a recovery after the recent selling." He added, "Wall Street is maintaining a wait-and-see stance while betting on the possibility of a positive outcome."
By sector, technology, communications, and real estate were strong, while energy and industrials were weak.
By stock, Coinbase rose more than 3% on the back of higher bitcoin prices. Netflix gained 1.45% after Goldman Sachs raised its investment rating to "buy" from "neutral."
Also, Soleno Therapeutics jumped more than 32% on news that Neurocrine Biosciences agreed to acquire it for about $2.9 billion.
International oil prices rose. At the same time, West Texas Intermediate (WTI) for May delivery, the front-month contract, was up 0.46% from the previous session at $112.05 per Barrel.
European stock markets were closed for the Easter holiday.