Dow Futures Surge 173 Points on News Iran May Open Strait of Hormuz
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Dow futures jumped more than 100 points after Wall Street stocks swung wildly throughout the week, pressured by a rebound in government bond yields. As of 7:39 p.m. Thailand time, Dow futures were up 173 points, or 0.33%, at 51,890. Trading today was supported by a decline in oil prices after reports that U.S. and Iranian negotiators are holding talks in New York on an agreement to open the Strait of Hormuz. Reuters reported that a senior Iranian official said Iran would allow ships to pass through the Strait of Hormuz in exchange for the United States ending its naval blockade of Iran. The United States and Iran had previously agreed to carry out such a move under a memorandum of understanding, or MOU, on June 17, but that agreement failed and the two sides returned to fighting. Iranian Foreign Minister Abbas Araghchi said Iran is ready to open the Strait of Hormuz within seven days and resume nuclear negotiations with the United States if the government of President Donald Trump accepts Iran's conditions. Investors are also watching the summit between U.S. leader President Donald Trump and Chinese leader President Xi Jinping, which is due to conclude today.