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US stocks climbed on Wednesday after Trump extended the US ceasefire with Iran and as investors fielded a rush of earnings in the wait for Tesla’s (TSLA) results.
The S&P 500 (^GSPC) rose 0.7%, as tech-heavy Nasdaq Composite (^IXIC) jumped 0.8%. The Dow Jones Industrial Average (^DJI) also gained around 0.7%, following a losing day for Wall Street stocks.
Markets have come under pressure amid growing skepticism that Washington and Tehran would reach a lasting peace agreement.
Trump’s extension of the truce introduces temporary relief, but the path forward remains uncertain. Efforts to hold a fresh round of talks have fallen apart, with Trump citing difficulty dealing with a “seriously fractured” Iranian government. Iranian officials, meanwhile, say the talks are a “waste of time” because of the US’s lack of commitment to previous deals.
Iranian gunboats fired on two ships in the Strait of Hormuz on Wednesday, while two of the country’s own oil supertankers put the US blockade to the test. Oil futures edged higher as markets assessed a report that Iran has received “some sign” that the US may be willing to give ground in the maritime standoff. Brent (BZ=F) crude, the global benchmark, broke above $100 a barrel at one point.
On the earnings front, Boeing (BA) released first quarter results that topped expectations, as the company’s turnaround got a boost from higher deliveries. Shares in the airline rose nearly 4% before the bell. Investors are now waiting for Tesla (TSLA) to lead “Magnificent Seven” megacap results after the market close.
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