-- US equity indexes rose after midday Wednesday, with the Nasdaq Composite touching an all-time high, and crude oil futures also advanced after President Donald Trump extended a ceasefire with Iran.
The Nasdaq Composite jumped 1.3% to 24,583.3, the S&P 500 was up 0.8% at 7,123.5, and the Dow Jones Industrial Average was 0.6% higher at 49,453.7. All sectors except real estate, industrials, and financials rose. Technology, energy, and communication services led the gainers.
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 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 seized two ships in the Strait of Hormuz, CNN reported, citing the IRGC. A third vessel was also reportedly targeted by the IRGC and is "now disabled off Iran's coast," CNN cited Iranian media.
West Texas Intermediate crude oil futures jumped 4.4% to $93.65, and Brent crude futures advanced 3.8% to $102.22.
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 5.3%, the Dow's top gainer.
Booking Holdings (BKNG) is under investigation for allegedly using deceptive marketing tactics to promote its premium accommodation programs, the Italian Competition Authority said Wednesday. Shares slumped 4.9%, the steepest decline on the Nasdaq.
Tesla's (TSLA) Q1 results are due after the bell. The electric vehicle manufacturer could see penetration of its Full Self-Driving supervised system rise to more than 50%, which would change its financial model, Wedbush Securities said in a Tuesday note.
US Treasury yields were mixed, with the 10-year steady at 4.29% and the two-year up 1.9 basis points to 3.8%.
In precious metals, gold futures rose 0.6% to $4,749.1, and silver futures advanced 1.9% to $77.91.