US close: Stocks rebound as Trump agrees two-week truce with Iran

(Sharecast News) - Major indices closed higher on Wednesday after Donald Trump announced a two-week ceasefire with Iran.

At the close, the Dow Jones Industrial Average was up 2.85% at 47,909.92, while the S&P 500 advanced 2.51% to 6,782.81 and the Nasdaq Composite saw out the session 2.80% firmer at 22,635.00.

The Dow closed 1,325.46 points higher on Wednesday, easily reversing modest losses recorded in the previous session.

Stocks jumped on Wednesday after Trump said he would suspend planned attacks on Iran for two weeks ahead of his 2000 ET deadline, pausing a fiveweek conflict that had shut a key global energy corridor and rattled markets. Trump said the US had received a 10point proposal from Iran that he viewed as a workable basis for negotiations, adding that the ceasefire would depend on Tehran reopening the Strait of Hormuz.

According to Iran's foreign ministry, the country's Supreme National Security Council agreed to reopen the waterway for two weeks provided all attacks were halted, with transit to be coordinated with Iran's armed forces. Israel also agreed to the pause, but said the two-week truce would not extend to ongoing military operations in Lebanon.

Stocks also got a leg up after Trump said the US would work with Iran to remove nuclear material from the country and that both nations were discussing tariff and sanctions relief.

Oil prices slumped on the news, with West Texas Intermediate down 16.41% at $94.41 a barrel and benchmark Brent crude falling 11.46% to $96.75 a barrel.

However, uncertainty surrounding passage through the Strait of Hormuz continued throughout the session after Iranian state news agency Fars said oil tanker traffic had ceased following an Israeli attack on Lebanon. Iranian parliamentary speaker Mohammad Bagher Ghalibaf also said the US had already violated the ceasefire agreement.

Outside of Middle East developments, Wednesday's primary focus was minutes from the Federal Reserve Open Markets Committee's latest two-day policy meeting, which revealed that some FOMC members were concerned that the conflict in the Middle East and rising oil prices may force it to hike interest rates. The minutes indicated that the FOMC believed inflation risks were "more skewed to the upside". However, 11 out of 12 voting members backed the March decision to maintain interest rates at their current level, with Federal Reserve governor Stephen Miran favouring a cut og 0.25 basis points to the Federal funds rate.

Elsewhere on the macro front, US mortgage applications slipped 0.8% in the week ended 3 April, according to the Mortgage Bankers Association, extending the 28.5% cumulative decline seen over the previous three weeks. Last week's pullback came even as benchmark mortgage rates retreated from last prior week's sevenmonth high, as longerdated Treasury yields eased on reduced expectations of further Federal Reserve tightening. Applications to refinance a mortgate, which tend to be more sensitive to shortterm rate moves, fell 3%, while applications to purchase a home edged up 1% week-on-week - but were down 7% year-on-year, marking the first annual decline since January 2025.

In the corporate space, Delta Air Lines reported March-quarter earnings in line with guidance, as strong travel demand helped offset a sharp rise in fuel costs driven by the Iran conflict. On an adjusted basis, Delta reported record March-quarter revenue of $14.2bn, up 9.4%, with pre-tax income of $532m and earnings per share of $0.64, ahead of market expectations.

After the close, Corona and Modelo parent company Constellation Brands posted a decline in quarterly revenues, as falling wine and spirit sales offset an uptick in beer sales throughout the period. However, Constellation swung from a loss of $375.3m in the same quarter a year earlier to a profit of $201.8m.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $58.95 11.71%

Caterpillar Inc. (CAT) $771.58 6.51%

Home Depot Inc. (HD) $336.16 5.46%

Goldman Sachs Group Inc. (GS) $905.75 4.81%

Cisco Systems Inc. (CSCO) $83.70 4.63%

Boeing Co. (BA) $217.80 3.71%

JP Morgan Chase & Co. (JPM) $307.97 3.55%

Walt Disney Co. (DIS) $99.18 3.55%

Amgen Inc. (AMGN) $349.81 3.49%

3M Co. (MMM) $149.17 3.34%

Dow Jones - Fallers

Dow Chemical Co. (DOW) $39.28 -5.14%

Chevron Corp. (CVX) $192.89 -4.29%

Salesforce.Com Inc. (CRM) $176.37 -3.60%

International Business Machines Corporation (CDI) (IBM) $241.74 -1.36%

Verizon Communications Inc. (VZ) $48.04 -1.19%

Unitedhealth Group Inc. (UNH) $305.98 -0.57%

McDonald's Corp. (MCD) $307.01 0.71%

S&P 500 - Risers

Intel Corp. (INTC) $58.95 11.71%

Lam Research Corp. (LRCX) $246.49 11.56%

Carnival Corp. (CCL) $28.03 11.23%

Corning Inc. (GLW) $165.10 11.16%

Western Digital Corp. (WDC) $338.78 11.06%

Applied Materials Inc. (AMAT) $385.72 9.46%

Ipg Photonics Corp. (IPGP) $120.29 9.25%

United Airlines Holdings Inc (UAL) $96.30 9.05%

KLA-Tencor Corp. (KLAC) $1,672.34 9.05%

Seagate Technology Plc (STX) $496.30 9.03%

S&P 500 - Fallers

Apache Corp. (APA) $38.75 -12.05%

LyondellBasell Industries (LYB) $74.22 -7.53%

Diamondback Energy Inc. (FANG) $186.47 -6.14%

Intuit Inc. (INTU) $389.51 -5.88%

CF Industries Holdings Inc. (CF) $126.16 -5.70%

Marathon Petroleum Corporation (MPC) $231.98 -5.48%

Verisk Analytics Inc. (VRSK) $175.43 -5.30%

Occidental Petroleum Corp. (OXY) $59.77 -5.04%

ConocoPhillips (COP) $125.22 -4.97%

Valero Energy Corp. (VLO) $239.64 -4.71%

Nasdaq 100 - Risers

Intel Corp. (INTC) $58.95 11.71%

Lam Research Corp. (LRCX) $246.49 11.56%

Western Digital Corp. (WDC) $338.78 11.06%

Asml Holdings N.V. (ASML) $1,421.05 9.90%

Applied Materials Inc. (AMAT) $385.72 9.46%

KLA-Tencor Corp. (KLAC) $1,672.34 9.05%

Seagate Technology Plc (STX) $496.30 9.03%

Broadcom Inc. (AVGO) $350.63 8.30%

Micron Technology Inc. (MU) $406.73 7.86%

Meta Platforms Inc. (META) $612.42 7.57%

Nasdaq 100 - Fallers

Workday, Inc. (WDAY) $119.17 -7.43%

Intuit Inc. (INTU) $389.51 -5.88%

Verisk Analytics Inc. (VRSK) $175.43 -5.30%

Dollar Tree Inc (DLTR) $105.62 -3.17%

Kraft Heinz Co. (KHC) $22.95 -1.99%

Adobe Systems Inc. (ADBE) $239.31 -1.83%

Gen Digital Inc. (GEN) $18.89 -1.74%

Check Point Software Technologies Ltd. (CHKP) $145.87 -1.60%

Automatic Data Processing Inc. (ADP) $200.78 -1.59%

Paychex Inc. (PAYX) $89.89 -1.57%