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US Equity Indexes Jump After Trump Extends Iran Ceasefire Deal, Earnings Lift Sentiment
US equity indexes traded near session highs ahead of Wednesday's close following the extension of the Iran ceasefire agreement and as quarterly earnings helped lift sentiment.The Nasdaq Composite jumped 1.5% to 24,621.1, with the S&P 500 up 0.9% at 7,129.2 and the Dow Jones Industrial Average 0.5% higher at 49,406.3.The ceasefire extension will last for only three to five days, Fox News reported Wednesday, citing a White House official. The US blockade of the Middle East nation's ports remains in force. Iran has made lifting the blockade a key demand for resuming negotiations to end the war and for allowing marine traffic to transit through the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.Meanwhile, Iran's Revolutionary Guard Corps seized two ships in the Strait of Hormuz, CNN reported, citing the IRGC. The IRGC targeted a third vessel that is "now disabled off Iran's coast," CNN cited Iranian media.West Texas Intermediate crude oil futures Jumped 3.3% to $92.60, and Brent crude futures advanced 3.2% to $101.63.In company news, GE Vernova (GEV) posted higher Q1 earnings and revenue, and raised its annual revenue forecast range. Shares rose 13%, the biggest gainer on the S&P 500.Boeing's (BA) Q1 loss unexpectedly narrowed as commercial aircraft deliveries rose, while the plane maker reported a smaller cash burn year over year. Shares advanced 5.1%, leading the Dow.
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US Equity Indexes Rise After Trump Extends Iran Ceasefire
US equity indexes rose Wednesday, with the Nasdaq Composite touching an all-time high, after President Donald Trump extended a ceasefire with Iran.The Nasdaq Composite jumped 1.3% to 24,569.1, the S&P 500 was up 0.8% at 7,121.2 and the Dow Jones Industrial Average was 0.7% higher at 49,488.5.All sectors except real estate, industrials, and financials rose. Technology, energy, and communication services led the gainers. Tesla's (TSLA) results are due after the bell.Trump's extension of the ceasefire with Iran will last for only three to five days, Fox News reported Wednesday, citing a White House official. The US blockade of the Middle East nation's ports remains in force.Iran has made lifting the blockade on its ports a key demand for resuming Pakistan-brokered negotiations to end the war and for allowing marine traffic to transit through the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.Meanwhile, Iran's Revolutionary Guard Corps said it seized two ships in the Strait of Hormuz, CNN reported. A third vessel was also reportedly targeted by the IRGC and is "now disabled off Iran's coast," CNN cited Iranian media.
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US Equity Futures Rise Pre-Bell After Trump Extends US-Iran Ceasefire
US equity futures were higher pre-bell Wednesday after President Donald Trump extended the ceasefire with Iran while maintaining the US blockade of Iranian ports.Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.7% higher.Trump said that Iran's government is "seriously fractured" and that he is extending the ceasefire "until such time as their leaders and representatives can come up with a unified proposal," according to his post on Truth Social.Amir-Saeid Iravani, Iran's permanent representative to the UN, said that Iran is ready to restart peace talks once the US lifts its naval blockade, Iranian state news outlet Tasnim reported early Wednesday, citing media outlet Rudaw.Traders digested the latest round of earnings, with Philip Morris International (PM) and Vertiv (VRT) reporting higher Q1 adjusted earnings and revenue. Meanwhile, AT&T (T) posted lower Q1 earnings amid higher operating revenue. Tesla (TSLA) and IBM (IBM) are set to report their results after-market.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% at $99.46 per barrel and US West Texas Intermediate crude 0.9% higher at $90.47 per barrel.The Atlanta Fed Business Inflation Expectations survey for April is scheduled for release at 10 am ET.
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