Stock exchange, Wall Street little moved. Wti crude oil at $111 a barrel
Wall Street's day continued with little movement after a positive week, thanks to the slight drop in oil prices and the prospects of an imminent end to the US-Iran war. According to Axios, the US, Iran and a group of regional mediators are discussing the terms of a potential 45-day ceasefire that could lead to a definitive end to the war, although the chances of reaching a partial agreement before Tuesday's deadline seem slim.
Reuters also reported that Iran and the US had received a plan to end hostilities that, if agreed, would lead to an immediate ceasefire and the reopening of the Strait of Hormuz. The framework, which could come into effect on Monday, was drawn up by Pakistan, an anonymous source told Reuters.
Wall Street performed exceptionally well last week, with the S&P 500 Index up nearly 6 per cent. This gain broke a five-week losing streak and marked the benchmark index's best weekly performance since late November.
The Dow Jones and the Nasdaq also closed their respective five-week declines. The former gained 3%, while the latter jumped 4.4%.
On Friday, with the markets closed, the employment report was released: the US economy created 178,000 jobs in March, well above the Dow Jones forecast of 59,000. The unemployment rate dropped to 4.3 per cent, from 4.4 per cent, but this was mainly due to a sharp drop in labour force participation. Right now, futures on the Dow Jones gave up 67 points (-0.14%), those on the S&P 500 gained 3.75 points (+0.06%), and those on the Nasdaq were up 85.75 points (+0.35%).
