Stocks edge higher, oil falls on U.S.-Iran talks

Summary

U.S. stocks rose early Wednesday while oil fell after Iranian state media reported progress on a draft U.S.-Iran memorandum.

Why this matters

The story shows how developments in U.S.-Iran talks can quickly affect global oil prices and U.S. markets. It also highlights investor focus on large technology stocks and late-stage earnings reports.

U.S. stocks rose early Wednesday as gains in technology shares continued and oil prices fell after Iranian state media reported on a draft memorandum between the U.S. and Iran.

The Dow Jones Industrial Average and Nasdaq Composite each rose about 0.2%, while the S&P 500 added 0.1%.

On Tuesday, the S&P 500 and Nasdaq both closed at record highs. Oil prices moved lower after Iranian state media said a memorandum reviewed by the news agency stated that Iran would allow shipping through the Strait of Hormuz to resume and the U.S. would remove its naval blockade.

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