Early trading on Wall Street mixed as oil prices tick higher with Iran cease fire under strain

Trader Robert Arciero works on the floor of the New York Stock Exchange, Friday, May 22, 2026. (AP Photo/Richard Drew)

Early trading on Wall Street is mixed and oil prices moved higher after the U.S. and Iran traded attacks, testing a ceasefire even further, though Japan’s Nikkei 225 index topped 68,000 for the first time.

Futures for the S&P 500 fell 0.1 per cent before the opening bell, while futures for the Dow Jones Industrial Average edged 0.3 per cent lower. Nasdaq futures rose 0.2 per cent.

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Macy’s jumped 3 per cent after the iconic New York department store easily surpassed first-quarter profit forecasts and raised its outlook. It was the fourth consecutive quarter of comparable sales gains for Macy’s, which said an overhaul of its merchandise and better customer service is resonating with customers.

GameStop, the video game retailer and “meme” stock darling, jumped 13.6 per cent after it nearly doubled Wall Street’s profit expectations and announced a $2 billion stock buyback.

The broader market’s rally in recent months has been largely due to strong profit reports from U.S. companies and to hopes that the U.S. and Iran will reach a deal to reopen the Strait of Hormuz. That would allow oil to flow freely again from the Persian Gulf and hopefully lower its price, which has added costs for consumers and businesses.

Following a two-week retreat, oil prices have resumed their climb, jumping 10 per cent already this week. On Wednesday, U.S. benchmark crude oil advanced $2.16 to $95.22 per barrel.

Brent crude oil, the international standard, climbed $2.22 to $98.22 per barrel Wednesday.

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At midday in Europe, Germany’s DAX lost 1 per cent, the CAC 40 in Paris fell 0.4 per cent and Britain’s FTSE 100 shed 0.3 per cent.

In Asia, Japan’s Nikkei 225 gained 2.5 per cent to 68,402.13. Shares in computer chip equipment maker Tokyo Electron gained 13.4 per cent, while those for chip testing equipment maker Advantest gained 5.1 per cent.

Hong Kong’s Hang Seng lost 1.6 per cent to 25,633.21, while the Shanghai Composite index added 0.2 per cent to 4,083.97.

Australia’s S&P/ASX 200 advanced 0.7 per cent to 8,785.70.

Taiwan’s Taiex gained 2 per cent, while in India, the Sensex lost 0.9 per cent.

Markets in South Korea were closed for a holiday.

By Elaine Kurtenbach And Matt Ott