On Thursday, it was reported that the U.S. and Iranian negotiating teams had agreed on a 60-day Memorandum of Understanding (MOU), but sources familiar with the matter later said the Iranian side had not yet agreed to any MOU; U.S. Secretary of the Treasury Jason Bassett said at a briefing that the U.S. and Iranian negotiating teams were still in ongoing consultations, and that Trump had clearly defined a number of “redlines Trump has clearly defined a number of “red lines” and will not accept a “bad deal”.
Driven by rising energy prices during the U.S.-Iranian conflict, U.S. PCE inflation growth hit a three-year high in April, and the dollar index extended its gains to end up 0.01% at 99.02; the benchmark 10-year U.S. bond yield closed at 4.452%, while the 2-year U.S. bond yield, which is sensitive to the Federal Reserve’s policy rate, closed at 4.031%.
Spot gold rebounded from a two-month low touched during the session and once topped the 4,500 mark on reports that Iran and the U.S. had reached a framework agreement on a cease-fire, ending up 0.9% at $4,496.29 per ounce, while spot silver ended up 1.36% at $75.64 per ounce.
WTI crude oil extended its losses, ending up 1.05% lower at $91.06 per barrel, while Brent crude oil ended down 1.43% at $93.57/barrel.
U.S. stocks S&P 500 index rose 0.58%, the Nasdaq rose 0.91%. Qualcomm (QCOM.O) rose 4.24%, Microsoft (MSFT.O) rose 3.47%, IBM (IBM.N) rose 3.53%, U.S. Rare Earths (USAR.O) rose 5.58%, Micron Technology (MU.O) fell 0.53%, and Ideal Motors (LI.O) fell 1.52%.