FINWIRES · TerminalLIVE
FINWIRES

Equities Mostly Rise Intraday as Trump Reportedly Says War Likely 'Very Close to Over'

By

US benchmark equity indexes were mostly higher intraday as President Donald Trump reportedly said the Iran was likely "very close to over."

The Nasdaq Composite was up 1% at 23,873.7 after midday Wednesday, while the S&P 500 rose 0.4% to 6,998.1. The Dow Jones Industrial Average fell 0.3% to 48,376.9. Among sectors, consumer discretionary and technology paced the gainers, while industrials saw the steepest drop.

Microsoft (MSFT) shares were up 4.4%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.

Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday. "We'll see what happens," Trump reportedly said. "I think they want to make a deal very badly."

The army chief of mediator Pakistan arrived in Iran to try to prevent a renewal of the conflict, media outlets reported Wednesday.

"Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.

Iran's military has threatened to shut down shipping operations in the Red Sea, as well as the Persian Gulf and Sea of Oman if a US blockade of its ports continues, CNN reported.

West Texas Intermediate crude oil was up 0.7% at $91.87 a barrel intraday, while Brent gained 0.6% to $95.40.

In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said.

"Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."

US Treasury yields were higher intraday, with the 10-year rate up 3.2 basis points at 4.29% and the two-year rate rising 2.1 basis points to 3.78%.

In company news, Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares were up 4.6%, while Bank of America rose 2.2%.

Snap (SNAP) shares jumped 7.6%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.

Gold was down 0.7% at $4,815.30 per troy ounce, while silver fell 0.4% to $79.18 per ounce.

Related Articles

US Markets

Nasdaq Extends Winning Streak to 10 Days Amid US-Iran Deal Hopes

The Nasdaq Composite extended its winning streak to a tenth consecutive session on Tuesday as oil prices tumbled amid optimism that the US and Iran could revive peace talks.The Nasdaq climbed 2% to 23,639.1. The S&P 500 rose 1.2% to 6,967.4, while the Dow Jones Industrial Average added 0.7% to 48,536.Most sectors were in the green, led by communication services' 3.2% jump, while energy saw the steepest decline.West Texas Intermediate crude oil was last down 7% at $92.12 per barrel, while Brent lost 4.2% to $95.24.The US and Iran could resume talks later this week, possibly in Pakistan, news outlets reported, citing US President Donald Trump.Trump continues to be open to resuming in-person negotiations soon if he believes Iran is ready to submit to his demands, CNN reported, citing people familiar with the matter.Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.The International Monetary Fund lowered its global economic growth expectations for 2026 due to the Middle East conflict, cautioning that a prolonged war could drive a further slowdown.US Treasury yields were lower, with the 10-year rate last down four basis points at 4.25% and the two-year rate dropping three basis points to 3.75%.In company news, Amazon.com (AMZN) agreed to buy mobile satellite services operator Globalstar (GSAT) as the e-commerce giant aims to add direct-to-device services to its Leo satellite network. Amazon shares jumped 3.8%, the top gainer on the Dow, while Globalstar jumped 9.6%.Johnson & Johnson (JNJ) lifted its full-year outlook as the healthcare products conglomerate's first-quarter results surpassed Wall Street's expectations. The company's shares rose 0.9%.JPMorgan Chase (JPM) and Citigroup's (C) first-quarter results topped the Street's expectations, while Wells Fargo's (WFC) revenue missed market views.Wells Fargo shares tumbled 5.7%, among the steepest declines on the S&P 500. JPMorgan shares fell 0.8%, while Citigroup rose 2.7%."The earnings season arrives against a backdrop where market attention has drifted away from fundamentals like earnings growth and towards geopolitical risks," Wells Fargo Investment Institute said in a report e-mailed to. "Recent volatility reflects a repricing driven by risk sentiment and geopolitics, not a deterioration in fundamentals."In economic news, US producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war."A sizable increase in the PPI underscores the material effects of higher energy prices and the broader inflationary impact of a global price shock on the domestic economy," Stifel said in a note. "Such pressures are furthermore likely to intensify in the coming months as upstream costs work their way down the production pipeline."Gold was last up 2.1% at $4,869.10 per troy ounce, while silver advanced 5.3% to $79.68 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$C$GSAT$JNJ$JPM$WFC
US Markets

Nearly Half of Prospective Home Sellers Optimistic About Getting Asking Price, Realtor.com Says

Nearly half of prospective home sellers are confident they can get their asking price this spring, News Corp.'s (NWS, NWSA) Realtor.com said Tuesday.A survey by the online real estate portal showed that 46% of potential sellers expect to meet buyers at their asking price. Some 37% expect to receive higher prices.More than two-thirds, or 74%, believe now is a good time to sell amid strong home values, limited inventory and stabilizing interest rates, Realtor.com said."Sellers this spring are entering the market clear-eyed," Laura Eddy, vice president of research and insights at Realtor.com, said. "They understand their home has value, and they're motivated to act, but they're also more attuned to the reality that buyers have regained some footing."The survey showed that 75% of potential sellers expect their homes to sell within four months, including 27% who are optimistic about selling within one to two months, according to the Realtor.com report. The typical home spends 57 days on market."Yet beneath that confidence lies a more nuanced picture: concession expectations are rising, and sellers' reads on market conditions vary sharply by region," Realtor.com Senior Economic Research Analyst Hannah Jones said. "The spring window is open, but the seller experience depends heavily on where a home is listed and how it's priced."Price: $28.90, Change: $+0.07, Percent Change: +0.23%

$NWS$NWSA
US Markets

IMF Lowers 2026 Global Economic Growth Outlook Amid Middle East Conflict

The International Monetary Fund lowered its global economic growth expectations for 2026 due to the Middle East conflict, cautioning that a prolonged war could drive a further slowdown.The IMF said Tuesday that it now projects real gross domestic product for the world to grow by 3.1% in 2026, down 0.2 percentage points from its previous forecast in January.Growth will slow down to 2.5% this year under an adverse scenario with more persistent increases in energy prices. That figure will drop to 2% under a worst-case scenario featuring additional damage to energy infrastructure in the Middle East.The conflict presents "a significant counterforce" to tailwinds such as technology-related investment and accommodative financial conditions, the IMF said in its latest world economic outlook report.Global GDP expectations for 2027 were kept unchanged at 3.2%.The agency raised its base-case global inflation forecasts to 4.4% and 3.7% in 2026 and 2027, respectively, from 3.8% and 3.4% previously projected.The IMF expects inflation to reach 5.4% this year in an adverse scenario and cross 6% assuming energy supply dislocations extend into next year."Downside risks dominate the outlook," the IMF said. "A longer or broader conflict, worsening geopolitical fragmentation, a reassessment of expectations surrounding artificial intelligence-driven productivity, or renewed trade tensions could significantly weaken growth and destabilize financial markets."Energy prices have shot up since the start of the US-Israel war with Iran, which resulted in the US blockade of maritime traffic entering and leaving Iranian ports. Washington and Tehran agreed to a temporary ceasefire last week, but failed to reach a deal during negotiations in Pakistan over the weekend.The US and Iran could resume talks later this week, possibly in Pakistan, media outlets reported Tuesday, citing US President Donald Trump."Fostering adaptability, maintaining credible policy frameworks, and reinforcing international cooperation are essential to navigating the current shock while preparing for future disruptions in an increasingly uncertain global environment," the IMF said.