US stocks rise as oil prices pull back

NEW YORK: Wall Street stocks bounced early Tuesday behind gains in tech shares as oil prices retreated after US President Donald Trump again said an Iran peace deal could be close.

Crude prices were down more than two percent after Trump said a peace deal to end the Middle East war could arrive in “two or three days.”

“The market has heard that before,” said Briefing.com analyst Patrick O’Hare. “Even though it has yet to see an actual deal,” the market “continues to respect the possibility,” he said.

About 10 minutes into trading, the Dow Jones Industrial Average was up 0.6 percent at 51,074.86.

The broad-based S&P 500 gained 0.7 to 7,456.69, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 26,159.37.

The gains came as ChatGPT-maker OpenAI announced it had confidentially filed with US securities regulators to go public but had not determined the timing of the offering.

Data released Tuesday showed the US trade deficit narrowed 1.2 percent to $55.9 billion in April.