(Sharecast News) - Major indices were in the green early on Wednesday following news that the US has reportedly sent a 15-point plan to Iran as it looks to resolve the conflict in the Middle East.
As of 1430 GMT, the Dow Jones Industrial Average was up 0.62% at 46,409.69, while the S&P 500 advanced 0.59% to 6,594.78 and the Nasdaq Composite came out of the gate 0.92% firmer at 21,962.13.
The Dow opened 285.63 points higher on Wednesday, more than reversing losses recored in the previous session, after the New York Times, citing two officials briefed on the diplomacy, said the US had delivered its 15-point plan to Iran via Pakistan.
The sources said it was unclear how widely the plan had been shared among Iranian officials and whether Tehran was likely to accept it as a basis for negotiations. Nor was it clear whether Israel was on board with the proposal.
The delivery of the plan showed that the Trump administration was ramping up efforts to conclude a war, now in its fourth week, that has drawn in several other countries. The New York Times did not see a copy of the plan, but the officials shared some of its broad outlines, saying that it addresses Iran's ballistic missile and nuclear programs, and also discusses maritime routes.
America's peace plan comes after Trump said on Tuesday that he was "in negotiations right now" with Iran, adding that Tehran was "talking sense" and suggested it was eager to make a peace deal. However, Iran state media said the nation would not accept US ceasefire efforts.
On the macro front, US mortgage applications slumped 10.5% week-on-week in the seven days ended 20 March, according to the Mortgage Bankers Association of America, extending the previous week's 10.9% decline. Applications to purchase a new home were down 5%, while applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, nosedived 15%.
Last week's decrease came as the average contract interest rate for 30-year fixed-rate mortgages hit a five-month high of 6.43%, while the US and Israel's war in the Persian Gulf also triggered a surge in energy prices and long-dated Treasury yields as the Federal Reserve cut their outlook for interest rate cuts this year.
Elsewhere, US import and export prices both rose sharply in February, according to the Bureau of Labor Statistics, marking the strongest monthly increases in nearly two years. The BLS said import prices had climbed 1.3% on the month after a 0.6% gain in January, driven by higher fuel and nonfuel costs. On an annualised basis, import prices also advanced 1.3%. February's advance was the largest annual increase since the index rose 1.7% at the same time a year earlier.
Export prices advanced 1.5% in February, following a 0.6% rise in January and marking the biggest monthly increase since May 2022, with gains across both agricultural and nonagricultural categories. Export prices were up 3.5% over the 12 months to February.
No major corporate earnings were slated for release on Wednesday.
Reporting by Iain Gilbert at Sharecast.com
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Travelers Company Inc. (TRV) $293.01 -0.85%
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CF Industries Holdings Inc. (CF) $126.92 5.61%
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Ipg Photonics Corp. (IPGP) $125.70 4.92%
Marathon Petroleum Corporation (MPC) $243.91 4.89%
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Micron Technology Inc. (MU) $395.53 -7.74%
Gartner Inc. (IT) $151.38 -6.89%
Gen Digital Inc. (GEN) $19.77 -6.52%
Salesforce.Com Inc. (CRM) $183.02 -6.28%
Kohls Corp. (KSS) $12.35 -6.08%
Dollar General Corp (DG) $117.88 -5.78%
Intuit Inc. (INTU) $432.45 -5.75%
Equifax Inc. (EFX) $169.50 -5.65%
Oracle Corp. (ORCL) $147.09 -4.70%
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Lam Research Corp. (LRCX) $238.84 4.50%
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Micron Technology Inc. (MU) $395.53 -7.74%
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Intuit Inc. (INTU) $432.45 -5.75%
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