S&P 500, Nasdaq futures trade near record highs as oil slides on U.S.-Iran deal hopes

U.S. S&P 500 and Nasdaq futures traded near all-time highs on Thursday, May 7, 2026, as oil prices extended declines on hopes a U.S.-Iran peace deal could help normalize crude supplies through the Strait of Hormuz.

Global stocks also climbed to record peaks, while oil prices fell further below $100 a barrel. Sources and officials said the United States and Iran were edging toward a limited, temporary agreement to de-escalate their war, and Tehran was expected to respond to the peace proposals.

A sustained rally in technology and artificial intelligence-linked shares has also helped push U.S. equities to fresh highs, as investors cheered a strong earnings season and upbeat economic data.

U.S. private payrolls rose by 109,000 jobs in April, their biggest rise in 15 months, data showed. Weekly jobless claims were due later Thursday, with investors also awaiting Friday’s nonfarm payrolls report.

Among early movers, U.S.-listed shares of Arm Holdings fell 8.8% in premarket trading on worries about the company’s ability to secure sufficient supplies for its new AI chip, despite an upbeat forecast. Snap dropped 9% asourceser the Snapchat parent said first-quarter advertising revenue was impacted by the conflict in the Middle East and slowing growth in North America. Whirlpool slumped 17.8% asourceser missing estimates for first-quarter sales and suspending its dividend.