Wall Street rallies on reports of potential Iran deal

After opening slightly lower, US indices have returned to positive territory following an Axios report of a breakthrough in negotiations between Iran and the United States, though the agreement still requires Donald Trump's approval. Against this backdrop, the S&P 500 is up 0.3%, the Dow Jones is down a marginal 0.1%, while the Nasdaq 100 has gained 0.4%.

As the conflict continues to escalate with an increase in airstrikes from both sides, Axios reported that US and Iranian representatives have reached a potential agreement. The media outlet noted, however, that this new deal must receive final validation from Donald Trump.

In addition to the situation in the Middle East, investors reacted to the release of inflation figures. Data showed that US inflation rose in April at its fastest pace in three years, driven by surging energy prices amid the war in the Middle East.

Regarding individual stocks, cloud-based data analytics platform Snowflake is soaring 34% after raising its annual revenue forecast on Wednesday, signaling growing demand for AI-based workloads and cloud migrations. Furthermore, the group formalized a major agreement with Amazon Web Services involving $6bn in cloud spending over five years.

Best Buy is advancing nearly 15% following a solid earnings release showing an increase in both profit and revenue. In its wake, the group reiterated robust quarterly sales guidance.

Dollar Tree is also up over 16% following an upward revision of its annual targets and a quarterly release that beat expectations.