Daily summary: Oil slumps 8% supporting Wall Street, precious metals and EURUSD

The Axios report suggesting that the United States and Iran were close to finalizing preliminary terms of an agreement triggered a sharp selloff in oil prices, sending crude from around $110 per barrel to nearly $96. However, almost half of that decline was later erased after comments from Iran once again cooled market optimism, signaling that the path toward a breakthrough remains far from certain.

According to Axios, Tehran and Washington have roughly 48 hours to sign a memorandum outlining the initial framework of the deal. If no preliminary agreement is reached within that timeframe, the US could resume strikes against Iran and continue Operation “Freedom” in the Strait of Hormuz.

Despite lingering uncertainty, hopes for de-escalation combined with strong US corporate earnings - particularly from AMD, whose shares are surging more than 16% are supporting momentum on Wall Street. The Nasdaq 100 and S&P 500 are currently gaining more than 1.6% and 1.1%, respectively. Nvidia shares are up more than 4% today amid euphoric gains of semiconductor sector, while Alphabet (Google) reaches new all-time high, at $400 per share.

Brent crude futures (OIL) are down more than 8% today to $101.5 per barrell. Meanwhile, yields on 10-year US Treasuries are falling by more than 6 basis points today, although they remain elevated near 4.35%. The weaker US dollar is also providing support for EUR/USD bulls.

US ADP employment change for April came in at 109k vs 120k exp. - much higher than 70k in March, but slightly below estimates. Eurozone PPI came in at 2.1% vs 1.8% exp. and -3% previously, supporting more "hawkish" ECB stance on interest rates.

Precious metals are performing strongly, with gold and silver gaining 3% and 6%, respectively. Meanwhile, Bitcoin climbed close to $83,000 — its highest level since February 1 — before pulling back to around $81,300.

Weekly EIA change in the crude oil and fuel inventories across the US came in at:

Crude oil: +2.3 million barrels (forecast: -2.7 million barrels; previous: -6.23 million barrels)
Gasoline: -2.5 million barrels (forecast: -1.7 million barrels; previous: -6.08 million barrels)
Distillates: -1.20 million barrels (forecast: -2.0 million barrels; previous: -4.49 million barrels)

EUR/USD chart (D1)

EUR/USD is climbing toward the 1.175 level today, supported by declining US Treasury yields and lower oil prices. Despite the sharp pullback in energy markets, a peace agreement between Tehran and Washington still appears relatively distant. However, if such a scenario materializes, bulls could regain enough momentum to push the pair back above the 1.18 level.

In recent sessions, the EMA200 has repeatedly acted as a strong support zone and is currently located near 1.1666.

Source: xStation5

Among the weakest performers within major US equities today are oil and gas companies, which are naturally coming under pressure from the sharp decline in crude prices. However, several other stocks are also clearly lagging behind the broader bullish momentum. One of the most notable cases is Arista Networks. Despite remaining one of the leading beneficiaries of the AI trend, the company’s shares are falling more than 17% following earnings results. The broader software sector is also underperforming, with Salesforce and ServiceNow trading noticeably lower.

At the same time, the basket of Big Tech stocks is posting strong gains, led by Nvidia with a rise of more than 4%, while Alphabet (Google) is advancing nearly 3%. The broader semiconductor sector continues to outperform as well. TSMC shares are surging more than 5%, while AMD, ASML, and Lam Research are among the strongest gainers across chip-related stocks.

Source: xStation5

6 May 2026, 4:04 PM

Gold surges 3% amid falling treasuries yields and US dollar

6 May 2026, 3:39 PM

US Open: Wall Street climbs higher driven by oil sell-off and technology stocks optimism 📈

6 May 2026, 3:32 PM

BREAKING: US EIA gasoline inventories lower than expected, oil stockpiles up

6 May 2026, 3:11 PM

BREAKING 🚨 Oil rebounds to $103 amid Iran remarks on Axios report

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