07:49 AM EDT, 05/06/2026 (MT Newswires) -- US equity futures were higher pre-bell Wednesday as oil prices slipped and a peace agreement between the US and Iran was reportedly close to being finalized.

Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.9%, and Nasdaq futures were 1.6% higher.

The White House believes it is nearing an agreement with Iran on a one-page memorandum of understanding to end the conflict and establish a framework for more detailed nuclear negotiations, according to an Axios report, citing two US officials and two other sources briefed on the issue.

In a post on Truth Social, President Donald Trump said he had paused "Project Freedom," a military operation to escort ships through the Strait of Hormuz, to see if an agreement with Iran can be signed.

Traders kept an eye on the latest round of earnings, with AMD (AMD) reporting stronger-than-expected fiscal Q1 results and issuing an upbeat Q2 revenue outlook. Walt Disney ( DIS ) posted higher fiscal Q2 adjusted earnings and revenue that also surpassed analysts' estimates.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 11.1% at $98.74 per barrel and US West Texas Intermediate crude 10.9% lower at $91.41 per barrel.

The national employment report for April from ADP, expected at 8:15 am ET, is seen showing an increase of 120,000 from 62,000 in the prior month, according to estimates compiled by Bloomberg. The Treasury Refunding quarterly announcement is expected at 8:30 am.

Federal Reserve St. Louis President Alberto Musalem is slated to speak at 9:30 am, and Chicago President Austan Goolsbee speaks at 1 pm ET.