GLOBAL MARKETS-Oil falls, stocks climb as investors hope for progress in Iran war talks

Oil prices fell and stocks rose ​on Thursday as investors were optimistic about possible progress in peace talks ‌over ​the Middle East war, although the U.S. and Iran stuck to opposing stances over Tehran's uranium stockpile and controls on the Strait of Hormuz.

Oil prices fell and stocks rose ​on Thursday as investors were optimistic about possible progress in peace talks ‌over ​the Middle East war, although the U.S. and Iran stuck to opposing stances over Tehran's uranium stockpile and controls on the Strait of Hormuz. A senior Iranian source told Reuters no deal has been reached with the U.S. but the gaps have been narrowed, while U.S. Secretary of State Marco Rubio said ‌there had been "some good signs" in talks but any toll system in the strait would be unacceptable. U.S. President Donald Trump said the U.S. will eventually recover Iran's stockpile of highly enriched uranium. Oil prices had been higher earlier in the day, while major U.S. stock indexes were all lower after Reuters reported Iran's supreme leader has issued a directive that the country's near-weapons-grade uranium should not be sent abroad. U.S. Treasury yields were lower in the afternoon ‌amid hopes of peace deal progress. The yield on the benchmark 10-year Treasury note was last down 0.8 basis points on the day at 4.575%. It reached its highest level since January 2025 on Tuesday. The ‌war, which began on February 28, has sent energy prices soaring and sparked concerns about higher inflation and consumer spending. U.S. crude fell $1.91 to settle at $96.35. Brent declined $2.44 to settle at $102.58.

"Oil is down and below $100, and that's a good thing," said Adam Sarhan, chief executive of 50 Park Investments in New York. But also, Sarhan said, investors have remained upbeat about the outlook for stocks, especially in technology. Shares of Nvidia, the world's biggest company by market capitalization, ended down 1.8% as investors took profits after recent sharp gains. Nvidia ⁠late on Wednesday ​reported earnings that beat Wall Street expectations and announced ⁠an $80 billion share repurchase program. The Dow Jones Industrial Average rose 276.31 points, or 0.55%, to 50,285.66, the S&P 500 rose 12.75 points, or 0.17%, to 7,445.72 and the Nasdaq Composite rose 22.74 points, or 0.09%, to 26,293.10. MSCI's gauge of stocks across the globe rose 5.24 ⁠points, or 0.48%, to 1,106.89. The pan-European STOXX 600 index finished up 0.04%. Shares of IBM rose 12.4% after news that the Trump administration will fund a handful of quantum computing companies, including a new IBM venture, in exchange for stakes in ​some of the firms. Shares of D-Wave Quantum and other quantum computing stocks also jumped. "When you look at the normal economic environment surrounding this market, you would expect (stocks) to be lower, but if ⁠you believe the war will come to an end soon - that we're at a temporary high on energy prices, it does push you to look more not just at the underlying earnings that have been good but also the earnings potential that comes from AI," ⁠said ​Rick Meckler, partner at Cherry Lane Investments. SpaceX unveiled its IPO filing late on Wednesday, giving the market its first glimpse into how much billionaire Elon Musk is spending on AI as he bets on transforming the rocket maker into a broader AI-led business. Investors were also watching developments in Turkey. Trading on Turkey's stock market was temporarily halted after sharp falls and the government's bonds slid after one of the country's ⁠top courts dealt the latest blow to the main political opposition party. The court annulled the Republican People's Party congress in 2023 at which its chairman, Ozgur Ozel, was elected. The U.S.-traded iShares MSCI Turkey exchange-traded ⁠fund was down 9.2%. The dollar index was flat late ⁠on Thursday as traders weighed the likelihood of a near-term deal to end the war, having earlier touched a six-week high. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, was unchanged on the day at 99.13, with the euro down 0.03% at $1.1624. Spot gold fell 0.04% ‌to $4,541.79 an ounce.