Hegseth says on Iran: ‘This is not Iraq. This is not endless.
Army Secretary Pete Hegseth said the operation against Iran is not “open-ended” like it is in Iraq.
March 4 (Reuters) – U.S. stock index futures reversed losses and edged higher on Wednesday as investors appreciated reports suggesting Iranian operatives are negotiating terms to end the five-day conflict between Israel and the United States.
The New York Times reported that Iranian intelligence ministry operatives indirectly contacted the CIA the day after the attack began, according to officials briefed on the contact.
But U.S. officials are skeptical whether either the Trump administration or Iran is truly ready to withdraw, at least in the short term, the report said.
Travel stocks, which are sensitive to oil prices and bore the brunt of losses earlier this week, rose after Wednesday’s report. Delta Air Lines Inc. UAL.O rose 1% in premarket trading, while Carnival Corp. CCL.N rose 0.4%.
Oil and gas producers such as ConocoPhillips COP.N fell 0.2 percent, while Cheniere Energy LNG.N was flat.
US President Donald Trump’s announcement about escorting oil tankers through the Strait of Hormuz and political risk insurance also reassured global markets.
Air operations between the U.S.-Israeli coalition and Iran are entering their fifth day, raising concerns that Iran’s threat to attack ships navigating the strategic Strait of Hormuz could drive up shipping costs and push oil prices to an alarming $100 a barrel. Several countries in the Middle East also temporarily halted oil and gas production.
After two rounds of choppy trading on Wall Street, investors bought up technology stocks that sold off heavily in February, including Nvidia, which ended the day up 1.4%.
As of 5:28 a.m. ET, the Dow E-mini YMcv1 was up 19 points, or 0.04%, and the S&P 500 E-mini EScv1 was up 11 points, or 0.16%. The NASDAQ 100E Mini NQcv1 rose 56 points (0.23%).
(Reporting by Johan M. Cherian and Pranav Kashyap in Bengaluru; Editing by Shelly Jacob Phillips and Devika Shamnath)
