Nasdaq Opens Slightly Higher as AI Enthusiasm Eases Worries over Higher Oil Prices, Yields

Wall Street's main stock indexes opened higher on Friday as AI optimism offset worries ‌regarding high oil prices and rising Treasury yields, while investors monitored chances of an agreement to end the Middle East conflict.

The S&P 500 was up 0.06%, the Nasdaq Composite up 0.12. The Dow Jones Industrial Average gained 52 points, or 0.1%.

Shares of Akamai Technologies led technology higher, jumping more than 14% after announcing a multi-year deal with Anthropic. Other tech stocks such as Fastly and Cloudflare also saw gains.

Also helping sentiment, oil prices slid amid optimism that the Strait of Hormuz could be reopened, as Iran’s Foreign Minister Abbas Araghchi has proposed to do so as well as restart nuclear talks with the U.S. within seven days if Washington accepts its conditions.

On Thursday, Reuters reported that the U.S. and Iranian negotiators in New York are considering a phased agreement to end the Middle East conflict.

U.S. West Texas Intermediate crude futures dropped 2% to around $92 per barrel, while international benchmark Brent crude futures declined 1% to around $104 a barrel.