Leaks cited by Al Arabiya said Iran is seeking a long, multi-stage truce and a gradual, secure reopening of the Strait of Hormuz as part of a revised proposal. The report said Tehran is prepared to accept a long-term nuclear freeze instead of full dismantlement and wants enriched uranium transferred unconditionally to Russia rather than the US.

Stock futures turned up on the news. Dow Jones Industrial Average futures added 17 points, or 0.03%. S&P 500 futures gained 0.2%, while Nasdaq-100 futures increased 0.53%.

Chip stocks continued to rise. CBRS up 5%; UMC, Marvell, Wolfspeed up about 4%; Intel, Micron up over 3%.