The S&P 500 finished Thursday nearly unchanged after an intraday reversal, with the cash index declining 0.02% as elevated oil prices and Treasury yields pressured equities early in the session. The December S&P 500 futures contract opened at 7,754.25, compared with Wednesday’s 7,772.50 settlement.

The overnight session traded under steady pressure as investors monitored the conflict in the Middle East, surging crude prices and President Donald Trump’s meeting with Chinese President Xi Jinping. December S&P 500 futures traded as high as 7,783.50 and as low as 7,707.25.

Stocks reversed from their lows following reports that U.S. and Iranian negotiators in New York were exploring a phased path out of the nearly seven-month conflict. The proposal would involve Iran reopening the Strait of Hormuz while the U.S. lifts its economic blockade of Iran, helping drive a rebound in both the S&P 500 and Nasdaq from their session lows.

The session concluded above the midpoint of the day’s range at 7,759.50, losing 13.00 handles from the prior settlement.

Among the top components of the index, Meta Platforms Inc (NASDAQ: META) emerged as the biggest gainer. The tech conglomerate advanced by $33.49, or 4.50%, to close at $777.59 for the day, near its 52-week high.

That performance was over 4 percentage points better than the cash index’s decline of 0.02%.

Conversely, the biggest loser ended up being Walmart Inc (NYSE: WMT). For the day, the retail giant declined by $2.94, or 2.66%, to close at $107.59.