US Futures and Oil Prices Rise on Iran Deal Hopes and Tech Rally

US equity futures and oil markets moved sharply on May 6 as two catalysts converged: AMD's blowout Q1 earnings report and growing optimism about a potential US-Iran peace framework . Nasdaq futures jumped roughly 1.7% in pre-market trading while S&P 500 futures gained approximately 1%, with AMD surging 16-18% after reporting Q1 revenue of $10.3 billion — up 38% year-over-year and ahead of the $9.85 billion estimate — with data center segment revenue of $5.8 billion leading the beat .

Brent crude fell roughly 6% toward $103 per barrel as investors priced in a possible easing of Middle East tensions. The White House indicated it was close to a one-page memorandum of understanding with Iran — a framework to pause nuclear enrichment in exchange for US sanctions relief and release of frozen Iranian funds. Reopening expectations for the Strait of Hormuz added to the oil price decline, though no final agreement had been signed as of market open.

The dual tailwinds — a seminal AI chip earnings beat and diplomatic de-escalation signals — produced a broad risk-on tone across sectors. Technology stocks led the advance, while energy names came under pressure from the crude selloff, creating distinct winners and losers across the index.

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