New Delhi, May 6 -- US stock futures traded with solid gains in Wednesday's session, 6 May , as oil prices plunged sharply after reports indicated that the US and Iran were nearing a one-page memorandum to end the war in the Middle East.

Futures tied to the S&P 500 rose 1%, while those linked to the Nasdaq 100 gained 1.6%. Dow Jones Industrial Average futures, meanwhile, advanced 1.1%.

Axios reported, citing two US officials and two other sources briefed on the issue, that the White House believes it is nearing a one-page, 14-point memorandum of understanding to end the war and establish a framework for more detailed nuclear talks. Mint could not independently verify the report.

Nothing has been agreed upon yet, the news agency added, ...