US open: Stocks higher as Trump signals progress in Iran talks

(Sharecast News) - Major indices were in the green early on Wednesday after Donald Trump claimed "great progress" had been made toward securing an agreement with Iran, somewhat easing geopolitical pressures.

As of 1455 BST, the Dow Jones Industrial Average was up 0.99% at 49,786.19, while the S&P 500 advanced 0.77% to 7,315.02 and the Nasdaq Composite came out of the gate 0.94% to 25,565.44.

The Dow opened 487.94 points higher on Wednesday, adding to gains recorded in the previous session.

Stocks traded higher after Trump announced a pause to "Project Freedom", the US plan to guide commercial vessels through the Strait of Hormuz, citing progress in negotiations with Iranian representatives as the reason for the move.

Reuters later reported that the US and Iran were closing in on a one-page memo to end their conlfict, citing `a Pakistani source involved in the peace efforts. "We will close this very soon. `We are getting close," the source `said. An Iranian foreign ministry spokesperson also said Tehran was evaluating a fresh Washington proposal aimed at resolving the conflict.

Donald Trump later said there was no certainty that the two sides would reach a deal, but stated it was a "perhaps, a big assumption" that Iran would agree to the new US proposal. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," said Trump.

Oil prices headed south on the news, with West Texas Intermediate down 5.75% at $96.39 a barrel, while benchmark Brent crude traded 5.94% lower at $103.34 a barrel.

Earnings from chipmaker AMD were in focus early on Wednesday after it delivered a strongerthanexpected set of firstquarter results overnight, with demand for artificialintelligence hardware continuing to drive rapid growth. AMD said Q1 adjusted earnings came in at $1.37 per share, ahead of the $1.29 consensus, as revenue surged 38% yearonyear to $10.25bn from $7.44bn. The California-based firm highlighted that its datacentre division remained the standout performer in Q1, with sales jumping 57% to $5.8bn as customers ramped up investment in AIfocused computing.

In terms of Wednesday's earnings, Walt Disney beat quarterly earnings expectations as stronger streaming and themepark revenue helped lift results, with adjusted earnings per share coming in at $1.57 on revenue of $25.2bn for the January-March quarter, ahead of forecasts, while Uber also topped estimates, reporting firstquarter gross bookings of $53.7bn and guiding for $56.25bn-$57.75bn in the June quarter, above analysts' expectations.

CVS Health delivered a strongerthanexpected first quarter performance and raised its 2026 outlook as its insurance arm continued to improve, now expecting fullyear profit of $7.30 to $7.50 per share and revenues of at least $405bn, while Restaurant Brands International also posted betterthanforecast earnings and revenue, supported by robust international growth and a continued turnaround at Burger King US, with net income rising to $338m and revenue up 7% to $2.26bn.

Warner Bros Discovery will report its latest quarterly figures after the close.

On the macro front, US mortgage applications fell 4.4% in the week ended 1 May, according to the Mortgage Bankers Association, extending the previous week's 2.6% decline. The drop came as benchmark mortgage rates rose by eight basis points, reflecting higher longterm Treasury yields amid surging energy prices, increased underlying inflation and a resilient labour market that has fuelled expectations of a Federal Reserve rate hike later in the year. Applications to efinancing a mortgage, which are typically more sensitive to week-to-week rate moves, fell 5% week-on-week, while applications to purchase a home were down 3.7%.

Elsewhere, private sector employment rose more than expected in April, according to figures released by ADP. Employment rose by 109,0000 from March, versus expectations for a 99,000 increase. Meanwhile, the March figure was revised to show that 62,000 jobs were added, rather than 61,000. Small businesses with fewer than 50 employees added 65,000 jobs, while medium businesses with between 50 and 499 employees added 2,000 jobs. Large businesses with more than 500 employees created an additional 42,000 jobs. The service sector added 94,000 jobs, while the goods-producing sector saw a 15,000 increase. Pay growth for job-stayers slowed slightly to 4.4% while for job-changers, year-over-year pay gains were steady at 6.6%.

Reporting by Iain Gilbert at Sharecast.com

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Intel Corp. (INTC) $108.78 10.12%

Caterpillar Inc. (CAT) $918.41 3.41%

Cisco Systems Inc. (CSCO) $92.89 2.82%

Apple Inc. (AAPL) $282.41 2.37%

Goldman Sachs Group Inc. (GS) $940.46 1.73%

Boeing Co. (BA) $230.00 1.39%

Amgen Inc. (AMGN) $331.30 1.20%

Procter & Gamble Co. (PG) $146.75 1.03%

Home Depot Inc. (HD) $322.82 0.96%

3M Co. (MMM) $145.63 0.89%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $361.32 -1.86%

Visa Inc. (V) $323.71 -1.47%

American Express Co. (AXP) $322.86 -1.02%

Walt Disney Co. (DIS) $107.99 -0.82%

Microsoft Corp. (MSFT) $407.43 -0.61%

Verizon Communications Inc. (VZ) $47.03 -0.48%

International Business Machines Corporation (CDI) (IBM) $227.49 -0.20%

Nike Inc. (NKE) $43.94 -0.07%

Travelers Company Inc. (TRV) $303.68 -0.06%

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Waters Corp. (WAT) $343.20 13.54%

Micron Technology Inc. (MU) $641.53 13.43%

Akamai Technologies Inc. (AKAM) $116.07 13.06%

Intel Corp. (INTC) $108.78 10.12%

IQVIA Holdings Inc. (IQV) $181.19 9.62%

Rockwell Automation Inc. (ROK) $445.27 8.90%

Harley-Davidson Inc. (HOG) $25.60 8.19%

Lam Research Corp. (LRCX) $288.80 7.36%

Revvity, Inc. (RVTY) $93.88 6.69%

Western Digital Corp. (WDC) $462.72 6.49%

S&P 500 - Fallers

Ipg Photonics Corp. (IPGP) $95.01 -28.33%

Huntington Ingalls Inds Inc Wi (HII) $321.61 -10.25%

Paypal Holdings Inc (PYPL) $47.10 -8.84%

Charter Communications Inc. (CHTR) $161.02 -8.73%

Aptiv PLC (APTV) $56.92 -7.90%

Ball Corp (BALL) $58.70 -6.27%

Align Technology Inc. (ALGN) $170.22 -5.08%

eBay Inc. (EBAY) $106.88 -4.67%

Netflix Inc. (NFLX) $87.44 -4.50%

DENTSPLY Sirona Inc. (XRAY) $11.41 -3.64%

Nasdaq 100 - Risers

Micron Technology Inc. (MU) $641.53 13.43%

Intel Corp. (INTC) $108.78 10.12%

Lam Research Corp. (LRCX) $288.80 7.36%

Western Digital Corp. (WDC) $462.72 6.49%

Applied Materials Inc. (AMAT) $425.17 6.02%

QUALCOMM Inc. (QCOM) $195.18 5.87%

Seagate Technology Plc (STX) $754.68 4.95%

Skyworks Solutions Inc. (SWKS) $64.61 4.81%

American Airlines Group (AAL) $12.84 4.26%

Microchip Technology Inc. (MCHP) $98.97 3.70%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Paypal Holdings Inc (PYPL) $47.10 -8.84%

Charter Communications Inc. (CHTR) $161.02 -8.73%

Align Technology Inc. (ALGN) $170.22 -5.08%

eBay Inc. (EBAY) $106.88 -4.67%

Netflix Inc. (NFLX) $87.44 -4.50%

DENTSPLY Sirona Inc. (XRAY) $11.41 -3.64%

Sirius XM Holdings Inc (SIRI) $26.35 -3.47%

Expedia Group Inc. (EXPE) $253.35 -2.34%

Comcast Corp. (CMCSA) $26.71 -2.11%