* Futures up: Dow 0.13% , S&P 0.1%, Nasdaq 0.08%
* Snap falls after Q1 advertising revenue hit
* Whirlpool plunges following Q1 sales miss
(Updates prices, adds analyst comment)
By Sruthi Shankar and Utkarsh Hathi
May 7 (Reuters) - S&P 500 and Nasdaq futures traded near
all-time highs on Thursday as oil prices slid further on hopes
of a U.S.-Iran peace deal that could potentially normalize crude
supplies through the Strait of Hormuz.
The United States and Iran are edging toward a limited,
temporary agreement to halt their war, sources and officials
said, with hope that a deal could lead to the reopening of the
crucial waterway. Global stocks climbed to record peaks while
oil prices fell deeper below $100 a barrel.
Tehran is now expected to respond to the peace proposals.
A relentless rally in technology and AI names has also
played a big role in pushing U.S. stocks to fresh highs as
investors cheered a strong earnings season and upbeat economic
data.
At 7:05 a.m. ET, Dow E-minis gained 63 points,
or 0.13%, S&P 500 E-minis rose 7.75 points, or 0.1%, and
Nasdaq 100 E-minis were up 23.75 points, or 0.08%.
"(The) oil shock should not be for long, as US political
time-line constrain a prolonged conflict in '26," Societe
Generale strategists said in a note.
"Profits remain the anchor, supported by fiscal policy,
AI-led capex, the power cycle and industrial policy - sustaining
a positive bias for US assets."
U.S. private payrolls rose by 109,000 jobs in April, their
biggest rise in 15 months, data on Wednesday showed, pointing to
continued labor market stability despite elevated global
tensions.
Weekly jobless claims numbers are due at 8:30 a.m. ET.
Investors are awaiting the more comprehensive nonfarm payrolls
report on Friday, with jobs seen increasing by 62,000 in April
after rebounding 178,000 in March, according to a Reuters poll
of economists.
Traders continued to bet the U.S. Federal Reserve will hold
interest rates steady through the end of the year due to signs
of a resilient labor market and elevated energy prices. That is
a stark shift from several rate cuts investors priced in before
the war.
Fed presidents Neel Kashkari of Minneapolis and Beth Hammack
of Cleveland as well as New York head John Williams - all voting
members of the interest rate-setting committee this year - are
scheduled to speak later in the day.
Among early movers, U.S.-listed shares of Arm Holdings
, which licenses technology to semiconductor designers,
dropped 8.8% in premarket trading on worries about the company's
ability to secure sufficient supplies for its new AI chip,
overshadowing a strong earnings forecast.
Snap tumbled 9% after the Snapchat parent said its
first-quarter advertising revenue was impacted by the conflict
in the Middle East and slowing growth in North America.
Whirlpool slumped 17.8% after the home-appliance
maker missed analysts' estimates for first-quarter sales and
suspended its dividend.