On May 7, 2023, US stock futures experienced modest gains, with futures for the S&P 500 and Nasdaq Composite both rising by 0.1%. This uptick follows record highs in major indices, driven by hopes that the US and Iran are nearing an agreement to end their two-month conflict. Reports indicate that Iran is reviewing American proposals aimed at resolving the situation, which has disrupted oil shipments through the Strait of Hormuz. In the previous session, all three major indices closed over 1% higher, supported by strong performances from technology companies. However, crude oil prices continued to decline, with benchmark US crude falling to around $90 per barrel and Brent crude dropping to $96.77 per barrel. This decline in oil prices is relieving inflation concerns and reviving hopes that the Federal Reserve may consider rate cuts later this year. Investors are also looking forward to the US non-farm payrolls report, expected to show an addition of 62,000 jobs in April, following a rebound of 178,000 jobs in March. Despite the overall positive sentiment, not all tech companies benefited, as Arm Holdings faced a decline due to warnings about the smartphone market.