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Equity Markets Jump Intraday, Oil Sinks Following US-Iran Ceasefire

US benchmark equity indexes rallied intraday, while oil prices slumped after Washington and Iran agreed to a two-week ceasefire.The Nasdaq Composite jumped 2.9% to 22,651.5 after midday Wednesday, while the Dow Jones Industrial Average increased 2.6% to 47,803.5. The S&P 500 advanced 2.4% to 6,778.6. Barring energy's 4.6% decline, all sectors were in the green, led by a 3.9% rise in communication services.West Texas Intermediate crude oil sank 15% to $95.85 a barrel intraday, while Brent futures tumbled 13% to $95.40.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel said in a note.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported Wednesday, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Airline and cruise operator stocks jumped intraday, with Carnival (CCL) up 11%, the top gainer on the S&P 500. United Airlines (UAL) surged 9.9%, among the best performers on the index. Southwest Airlines (LUV) and American Airlines (AAL) were also up sharply, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).US Treasury yields were lower intraday, with the 10-year rate down 6.4 basis points at 4.28% and the two-year rate dropping six basis points to 3.77%.In company news, Meta Platforms (META) shares soared 7.9%, among the best performers on the S&P 500, after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares were up 5.8% intraday.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant were down 5.9%, while smaller rival Chevron (CVX) fell 5.5%, the steepest decline on the Dow.Gold was up 1.7% at $4,764.70 per troy ounce, while silver gained 4.7% to $75.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM

US Markets75d ago

US-Iran Truce Outlook Unclear, Analysts Caution Amid Reports of Ceasefire Violations

Markets hailed a two-week pause in hostilities between the US and Iran, though analysts raised questions about the durability of the truce, with ceasefire violations already making headlines.Global equity markets rallied Wednesday and oil prices plunged below $100 per barrel following an agreement between Washington and Tehran to pause their military conflict that had spread across the Middle East.Trump, who had set an 8 pm ET deadline on Tuesday for Iran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel Chief Economist Lindsey Piegza said in a report.Reports about ceasefire violations kept investors on the edge, signifying the possible fragile nature of the pact.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Pakistani Prime Minister Shehbaz Sharif, who along with Field Marshal Asim Munir helped broker the truce, said in a post on X that ceasefire violations "undermine the spirit of peace process.""The ceasefire effectively halts imminent large-scale strikes and creates space for negotiations, but it does not resolve the underlying conflict or infrastructure damage," said Suvro Sarkar, head of energy, renewables and infra research at DBS Bank, said. "Two weeks is a very narrow window, and the structural damage to supply chains runs deep."The focus shifts to Iran's 10-point proposal to the US, which includes the lifting of sanctions against Iran, recognition of Iran's enrichment program and continued control over the Strait of Hormuz, according to media reports."If this is truly the basis of negotiation, talks will likely be difficult as some (of) these terms, particularly control of the strait, are likely unpalatable for regional powers with it being reported that Iran still intends to charge a toll for passage," Tudor Pickering Holt analyst Matt Portillo said in a note e-mailed to.

US Markets76d ago

Weekly Mortgage Applications Decrease Amid Elevated Rates, Economic Uncertainty

Mortgage applications in the US fell last week amid elevated rates and continued macro uncertainty, the Mortgage Bankers Association said Wednesday.The market composite index, which measures loan application volume, dropped 0.8% for the week through Friday on a seasonally adjusted basis. Without adjustments, the index decreased 1% week over week."Higher mortgage rates and continued economic uncertainty weighed down on mortgage applications again last week," said Joel Kan, the MBA's deputy chief economist. "Many potential refinance borrowers have been frozen out by the sharp increase (in mortgage rates) over the past month."In late March, mortgage rates jumped to 6.38% from 5.98% at the end of the previous month, real estate marketplace Zillow Group (Z, ZG) said earlier this week, citing Freddie Mac data.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.The average interest rate for 30-year fixed mortgages with conforming loan balances of $832,750 or less fell to 6.51% from 6.57% a week ago, the MBA reported Wednesday. For loan balances higher than that amount, the rate dropped to 6.54% from 6.59%. For 15-year loans, the rate edged higher to 5.90% from 5.89% week to week.The refinance index moved down 3% on a weekly basis, with the pace of refinance applications at its lowest level since December, according to Kan.The seasonally adjusted purchase index rose 1% from a week earlier. Without adjustments, the index increased 1% sequentially, and was 7% lower than a year earlier, representing its first annual decline since January 2025, Kan said."Overall purchase activity has also been adversely impacted by current conditions," Kan said. "However, certain loan types and geographic segments are faring better than others because of lower rates on (adjustable-rate mortgage) and (Federal Housing Administration) loans, as well as growing housing inventory in some local markets."Fixed-rate mortgages with 30-year terms backed by the FHA fell to 6.22% from 6.25% the week before. The share of FHA loans, which are often used by first-time home buyers and can involve smaller down payments, inched lower to 19.3% of total applications from 19.5%, according to the MBA.Price: $41.84, Change: $+1.05, Percent Change: +2.57%

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US Markets76d ago

Exxon Mobil Flags First-Quarter Output Hit Due to Middle East Conflict

Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict.Production at certain upstream assets in Qatar and the United Arab Emirates was impacted beginning in March, according to an Exxon regulatory filing. The attacks included those on two liquefied natural gas trains in Qatar.These disruptions could lower Exxon's global oil-equivalent output by roughly 6% on a sequential basis in the first quarter, the company said Wednesday."Public reports indicate the (train) damage will take a prolonged period to repair," Exxon said. "Pending an on-site evaluation, we are unable to comment on the length of time before the two trains return to normal operations."The Middle East assets represent some 20% of the company's oil-equivalent production across the world, but a smaller percentage of upstream earnings, according to the filing.Including the impact of reduced crude availability at its Asia Pacific operations, Exxon said it expects a 2% sequential drop in its global energy products throughput in the first quarter.Shares of the US oil giant were down 5.8% in Wednesday trade. Smaller rival Chevron's (CVX) stock fell 5.6%. Crude oil prices tumbled following a two-week ceasefire between the US and Iran.Exxon expects a surge in energy prices following the 39-day long US-Israel war with Tehran to boost its first-quarter upstream earnings. The company is scheduled to release its first-quarter results on May 1."First-quarter earnings per share are expected to be higher than the fourth quarter of 2025, excluding unfavorable timing effects that will reverse over time," the company said.Exxon said that it normally sees negative timing effects during times of rising prices.The company said timing effects could result in a $3.3 billion to $4.1 billion hit to first-quarter energy products earnings related to transactions for crude and finished products.Price: $154.13, Change: $-9.78, Percent Change: -5.97%

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US Markets76d ago

RPM Beats Fiscal Third-Quarter Estimates, Affirms Sales Growth Expectations

RPM International's (RPM) fiscal third-quarter results topped market expectations, while the specialty coatings manufacturer reiterated its sales growth outlook for the ongoing three-month period.The company on Wednesday reported adjusted earnings of $0.57 per share for the quarter ended Feb. 28, up from last year's $0.35, which was the consensus on FactSet. Sales advanced 8.9% to $1.61 billion, topping the Street's view of $1.55 billion.The stock jumped 12% in Wednesday trade, taking its year-to-gain 4.8%. RPM is the parent of brands including Varathane, which offers wood-finishing products."In a period of volatile market conditions, we generated volume growth and record sales by utilizing our competitive strengths and nimbly focusing on growing end markets," Chief Executive Frank Sullivan said in a statement. "We demonstrated our ability to combine growth with efficiency, leveraging higher volumes to expand margins across all segments."RPM continues to project fourth-quarter sales to increase by a mid-single digit versus the prior-year period. The Street is looking for $2.17 billion."We expect to grow sales and adjusted (earnings before interest and taxes) again in the fourth quarter and deliver record results, even as we face more challenging comparisons and geopolitical uncertainty in the Middle East adds cost and complexity to the operating environment," according to Sullivan.The US and Iran on Tuesday agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.The company is seeking to mitigate higher raw material costs and ensure supply, while implementing pricing actions to offset the remaining cost headwinds, Sullivan said.In the third quarter, sales in the construction products segment climbed nearly 11% to $546.7 million, driven by the company's North American businesses. The performance coatings division saw revenue increase 8.4% to $496.8 million, while the consumer business improved 7.9% to $564.5 million.Price: $108.69, Change: $+11.98, Percent Change: +12.39%

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US Markets76d ago

Delta Air Lines First-Quarter Results Top Views; Sees Fuel Expense Increase of Over $2 Billion

Delta Air Lines (DAL) on Wednesday reported better-than-expected first-quarter results amid robust corporate and leisure demand, although the carrier flagged a fuel expense increase of more than $2 billion in the current three-month period due to the Middle East war.The company posted adjusted earnings of $0.64 a share for the March quarter, up from $0.45 the year before, topping the FactSet-polled consensus of $0.58. Operating revenue climbed 13% to $15.85 billion. Total passenger revenue gained by 7% while cargo inclined 9%."We delivered earnings that were more than 40% higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry," Chief Executive Ed Bastian said in a statement. The stock jumped 12% in the most recent premarket activity.Operating revenue improved 9.4% to $14.2 billion on an adjusted basis in the first quarter, ahead of the average analyst estimate for $14.05 billion. The metric grew amid "broad demand strength across corporate and leisure," Chief Commercial Officer Joe Esposito said. Adjusted total revenue per available seat mile grew 8.2% on a yearly basis, with gains across all regions.The airline is taking measures to protect its margins and cash flow, including "meaningfully reducing capacity growth with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs," Bastian said.The US and Iran on Tuesday agreed to a two-week ceasefire, having been in a military conflict since the end of February. The war spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.For the ongoing quarter, Delta anticipates fuel at the forward curve as of April 2, resulting in a projected all-in price of about $4.30 per gallon, pushing fuel costs up by more than $2 billion. In the previous quarter, adjusted fuel price increased 7% year over year to $2.62 per gallon.Adjusted EPS is pegged at $1 to $1.50 for the second quarter on low-teens revenue growth, according to Delta. The Street is looking for non-GAAP EPS of $1.56 and revenue of $17.21 billion. Capacity is expected to be flat year over year amid the airline's capacity reduction and fuel recapture efforts, Esposito said."In the June quarter, we expect to lead the industry with $1 billion of profit," according to Bastian. "And while the recent fuel spike is currently impacting earnings, I'm confident this environment ultimately reinforces Delta's leadership and accelerates long-term earnings power."

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US Markets76d ago

South Korea's Current Account Reaches Record Surplus in February on Semiconductor Exports

South Korea's balance of payments topped the $20-billion mark for the first time in February due to a surge in semiconductor shipments.The country logged a positive current account balance of $23.19 billion in January, surging from $7.23 billion a year earlier, the Bank of Korea reported Wednesday.The figure is the 34th consecutive month of current account surpluses, Bloomberg said, citing the central bank.Goods exports surged to a new all-time high of $23.36 billion in the month from $8.98 billion in the prior-year period.The figure surpassed the previous peak of $18.85 billion in December 2025, Asia Business Daily reported the same day.Exports surged nearly 30% to $70.37 billion from $54.19 billion. The increase could be attributable to a 158% surge in semiconductor exports, according to the Asia Business Daily report, citing Customs.Imports grew year over year to $47 billion from $45.2 billion.South Korea's service account deficit narrowed to $1.86 billion during the month from $3.38 billion.The central bank attributed the continuing deficit to losses in the travel and manufacturing services accounts.The primary income account logged a surplus of $2.48 billion, up from $2.41 billion, due to higher equity income, the central bank said.Secondary income deficit stayed at $790 million, unchanged from a year earlier.

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US Markets76d ago

Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire

US equity futures were pointing higher on Wednesday while oil prices fell as the US and Iran agreed to a two-week ceasefire, potentially paving the way for the reopening of the crucial Strait of Hormuz.The S&P 500 rose 2.6%, the Dow Jones Industrial Average increased 2.4% and the Nasdaq advanced 3.3% before the opening bell. The S&P 500 and the Nasdaq finished the previous trading session in the green, while the Dow closed lower.In a social media post on Tuesday, President Donald Trump announced that he agreed to suspend "the bombing and attack of Iran for a period of two weeks" based on conversations and requests from Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension of hostilities is subject to Iran agreeing to the "complete, immediate, and safe opening" of the Strait of Hormuz, according to Trump."We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," Trump said in his post. "Almost all of the various points of past contention have been agreed to between the (US) and Iran, but a two week period will allow the agreement to be finalized and consummated."Trump had previously set an 8 pm ET deadline on Tuesday for Iran to fully reopen the strait or face destructive military attacks.In a separate statement shared on X, Iran's Foreign Minister Seyed Abbas Araghchi said Tehran will halt its defensive operations if attacks against it are stopped. Iran will also allow "safe passage" through the Strait of Hormuz, a key route for crude flows, during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations," according to Araghchi.Pakistan has invited US and Iranian delegations to Islamabad on Friday to further negotiate a "conclusive agreement to settle all disputes," Sharif said on X. Reuters reported earlier in the week that Pakistan put forward a proposal to both countries for an immediate ceasefire followed by a broader agreement to permanently end their war.The US-Israel war with Iran began at the end of February, disrupting shipments through the Strait of Hormuz and driving up energy prices. The conflict spread across the Middle East, with Gulf countries forced to intercept missiles and drones fired by Tehran.West Texas Intermediate crude oil dropped 16% to $94.39 a barrel in premarket action, while Brent fell 14% to $94.18.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East conflict poses uncertainty to the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields plunged before the open, with the two-year rate declining 9.7 basis points to 3.74% and the 10-year rate falling 9.5 basis points to 4.25%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Delta Air Lines (DAL) and RPM International (RPM) report their latest financial results before the bell, among others. Constellation Brands (STZ) releases its earnings after the markets close.Shares of Levi Strauss (LEVI) jumped 11% pre-bell as the denim maker lifted its full-year outlook. Palo Alto Networks (PANW) inclined 2.1% while Trade Desk (TTD) was up nearly 4%.Gold gained 2.5% to $4,800 per troy ounce, while bitcoin climbed 4.3% to $71,663.

Dow JonesNasdaq CompositeS&P 500$DAL$LEVI$PANW$RPM$STZ$TTD

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US Markets76d ago

Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire

Dow JonesNasdaq CompositeS&P 500$DAL$LEVI$PANW$RPM$STZ$TTD