Oil Prices Pare Gains on Mideast Deal Hopes

Oil Prices Pare Gains on Mideast Deal Hopes

Investors are focusing on hopes that a U.S.-Iran deal is within reach, causing oil prices to give back earlier gains. Brent crude futures traded below $93 a barrel, while the S&P 500 and Nasdaq edged toward new records.

Deal Hopes Move Markets

Oil prices had risen this morning after another round of U.S. military strikes against Iran. However, they pared gains after Axios reported that an agreement between the two countries had been reached pending approval from President Trump, citing U.S. officials.

Economic Data Sends Mixed Signals

The Fed's preferred inflation gauge grew at a slower pace in April, a welcome sign for traders worried about war-induced pricing pressures. But that relief was offset by updated GDP data showing the U.S. economy grew more slowly than previously thought.

Snowflake Shares Surge

Shares of Snowflake surged more than 35% after the cloud-software company's results dispelled fears that AI would cannibalize its business. The stock is on track to erase losses suffered earlier this year.