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WALL STREET MIXED EARLY AS US-IRAN DEAL HOPES WEIGH ON OIL, ENERGY STOCKS

U.S. stocks are mixed and little changed early on Thursday with oil prices dropping further on hopes of a U.S.-Iran peace agreement that could normalize crude supplies through the Strait of Hormuz.

The United States and Iran are edging toward a limited, temporary deal to halt the U.S.-Israeli war on Iran, sources and officials said, with growing optimism that it could pave the way for the narrow waterway - a vital artery for global energy and trade - to open.

With this, the S&P 500 .SPX and Nasdaq Composite .IXIC are on pace for fresh record closing highs. The Dow .DJI is currently down around 0.4% from its February 10 record close.

S&P 500 sectors are mixed with energy .SPNY, off more than 2%, taking the biggest hit. Consumer discretionary .SPLRCD, up about 0.7%, is the leading gainer.

Under the surface, gold/silver miners .XAU and software & services .SPLRCIS are among the outperformers. Biotech .NBI and chip stocks .SOX are on the weak side.

Here is a snapshot of where markets stood just over 10 minutes into the trading session.

(Terence Gabriel)

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