U.S. stock futures was subdued on Thursday, following solid gains in the prior session fueled by hopes for an imminent end to the Iran war.

By 06:38 ET (10:38 GMT), the S&P 500 futures contract had advanced 7 points, or 0.1%, and Nasdaq 100 futures had increased by 18 points, or 0.1%. The Dow futures contract was mostly unchanged.

The benchmark S&P 500 and tech-heavy Nasdaq Composite logged fresh record highs on Wednesday, buoyed by reports that the U.S. and Iran were nearing a deal to conclude their more than two-month old conflict.

Chipmaking stocks were also buoyed by strong returns from Advanced Micro Devices, which indicated that an ongoing boom in enthusiasm around artificial intelligence remains in place. AI server maker Super Micro Computer was another notable outperformer, with its shares soaring by more than 24% on an upbeat quarterly revenue outlook.

“[S]tocks exploded higher thanks to Iran optimism, another round of strong earnings, and additional fodder for AI bulls,” analysts at Vital Knowledge said.

Iran war peace hopes

Washington and Tehran have reportedly been working with mediators on a one-page framework to once again restart talks over a lasting peace deal. The discussions are seen kicking off next week in Pakistan, according to the Wall Street Journal.

The paper added that a monthlong process would then look to resolve disputes over Iran’s nuclear ambitions and relief from sanctions, however key disagreements remain over areas like nuclear enrichment and inspections.

President Donald Trump suggested in remarks at the White House on Wednesday afternoon that the U.S. had “won” the war and that talks with Tehran had been “very good” over the last 24 hours.

Earlier in the day, Trump said in a social media post that the U.S. operation against Iran, which it launched jointly with Israel in late February, would be over if Tehran “agrees to give what has been agreed to,” although he did not elaborate further. He also threatened to carry out renewed attacks should an accord not be reached.

Iran, meanwhile, has provided more mixed messaging. The country’s foreign minister has claimed that Iranian officials are reviewing a U.S. proposal and would convey its opinion to Pakistan, a frequent mediator between Washington and Tehran. But other media reports cited an Iranian official who described the U.S. peace plan as an American wish list.

According to CNN, Iran is anticipated to give mediators their response by Thursday.

Oil prices hover around $100

Oil prices have been oscillating around the $100 a barrel level against this backdrop, with traders attempting to determine the outlook for a weeks-long shuttering of the Strait of Hormuz.

Brent crude futures, the global benchmark, were last trading down by 2% at $99.21 a barrel. U.S. West Texas Intermediate crude futures, meanwhile, had dropped by 2.1% to $93.05 a barrel.

Energy prices have skyrocketed since the start of the conflict, due largely to the effective closure of the strait, a major thoroughfare for around a fifth of the world’s oil. Despite the latest move downwards, oil prices are still well above pre-war levels.

The energy shock forces gasoline pump prices in the U.S. above $4.50 a gallon, levels not seen since the height of the COVID-19 pandemic in 2022. But Trump has expressed some surprise that oil prices have not moved even higher, telling reporters that he thought they would “go to $200, $250.”

Even if crude had reached such heights, he added, the war in Iran would have been “worth it.”

In individual shares, Coach-owner Tapestry lifted its annual forecast for a third time in 2026, underpinning by solid demand among younger customers. The stock rallied in premarket U.S. trading.

DoorDash spiked by more than 10% on a second-quarter marketplace gross order value outlook which topped analysts’ estimates.

Kenvue said it would not provide any forward guidance due to a pending tie-up with Kimberly-Clark. Shares of the consumer health group were slightly lower before the start of U.S. trading.

Elsewhere, household appliance manufacturer Whirlpool slumped sharply after the firm slashed its full-year revenue forecast.