(Il Sole 24 Ore Radiocor) - Milano, 6 mag - US futures were sharply higher as oil prices sank on reports the US and Iran are close to a deal.

Wall Street ended higher yesterday buoyed by solid earnings reports with the S&P 500 and tech-heavy Nasdaq rising 0.8% and 1%, respectively, to close at record highs. The Dow added 0.7%.

Reports today citing US and Pakistan officials said Washington and Tehran are in advanced talks on a one-page memorandum to end the war in the Gulf, with one report saying a decision could come in the next 48 hours. In comments to the press, the Pakistan prime minister said momentum was building.

Oil prices dropped sharply on the reports with the Brent contract down 11% at just over 97 dollars per barrel.

The developments come after US president Donald Trump said he was pausing 'Project Freedom,' the US's plan to convoy ships out of the Strait of Hormuz.

On the stocks front, shares in Advanced Micro Devices were up nearly 20% after the chipmaker posted solid earnings, helping boost 14% its peer Super Micro Computer.

Shares in Walt Disney rose nearly 4% after the entertainment giant posted good results and its new CEO outlined the plans he has in store.

Futures on the Dow Jones were up 577.00 points, or 1.17%, S&P 500 futures were up 70.75 points, or 0.97%, while futures on.

the Nasdaq were up 463.50 points, or 1.65%.

(RADIOCOR) 06-05-26 13:57:26 (0450) 5 NNNN