S&P 500 climbs 0.7% as brent crude slips back toward US$100 a barrel
Oil slipped back toward US$100 and global equities extended their rebound Wednesday as investors bet the US-Iran war could be nearing a turning point, despite conflicting signals from Washington and Tehran.
According to BNN Bloomberg, stocks “rushed higher worldwide” as markets reacted to comments from US President Donald Trump and reports that Iran might accept an end to the conflict under certain conditions, even as fierce fighting continued and previous bursts of optimism had faded quickly.
The S&P 500 rose 0.72 percent to 6,575.32, the Nasdaq Composite gained 1.16 percent to 21,840.95 and the Dow Jones Industrial Average added 0.48 percent to 46,565.74.
BNN Bloomberg said the S&P 500 has moved back to within 5.8 percent of its all-time high after briefly nearing a 10 percent drop earlier in the week, the level professional investors call a “correction.”
Reuters noted that, even after two strong sessions, the index remains down about 4 percent so far in 2026 and trades at under 20 times expected earnings, its lowest multiple in 10 months.
Big Tech powered much of the advance.
BNN Bloomberg reported that Alphabet climbed 3.4 percent and Nvidia rose 0.8 percent, making them two of the strongest forces lifting the S&P 500.
Reuters said Meta Platforms and Amazon also gained more than 1 percent.
Semiconductor names joined the move.
The PHLX chip index jumped 2.82 percent, posting a second straight gain.
BNN Bloomberg said three out of every five S&P 500 stocks advanced.
Abroad, indexes leapt more than 2 percent in France and Germany, and South Korea’s market surged 8.4 percent as it caught up with Wall Street’s earlier rally.
Tokyo’s Nikkei 225 jumped 5.2 percent after a survey showed improved business sentiment among major Japanese manufacturers despite worries about the Iran war.
Oil prices pulled back but stayed elevated.
CNBC reported that West Texas Intermediate futures settled down 1.24 percent at US$100.12 per barrel, while Brent crude fell 2.7 percent to US$101.16.
BNN Bloomberg said Brent remained around US$101, still up from roughly US$70 before the war began.
Energy stocks lagged.
Exxon Mobil slipped 5.2 percent and Chevron dropped 4.6 percent, while Reuters said the S&P 500 energy index fell 3.9 percent to its lowest level in over a week.
US gasoline prices rose again to a national average of US$4.06 per gallon, according to AAA.
BNN Bloomberg reported that markets fear a long war could keep oil and natural gas from the Persian Gulf out of global markets and “create a brutal blast of inflation.”
Reuters said energy prices have already spiked over the past month as the conflict choked the flow of oil through the Strait of Hormuz, which handles about one-fifth of the world’s traded oil in peacetime.
Trump told reporters late Tuesday that US forces could end their offensive in Iran in “two or three weeks,” according to BNN Bloomberg, a remark that helped push oil lower.
On Wednesday, he claimed on his social media network that Iran “has just asked the United States of America for a CEASEFIRE!”
He said the US would only consider that request once the Strait of Hormuz is “open, free, and clear,” and threatened to blast Iran “into oblivion” and “back to the Stone Ages!!!” CNBC reported similar wording on Truth Social.
Iran denied that message.
BNN Bloomberg reported that Foreign Ministry spokesman Esmail Baghaei called Trump’s ceasefire claim “false and baseless” on Iranian state television.
The outlet also said Iran hit an oil tanker off Qatar and struck Kuwait’s airport while airstrikes battered Tehran, and noted that Iran continues to hold a grip on the Strait of Hormuz.
CNBC reported that an unconfirmed report suggested Iranian President Masoud Pezeshkian was open to ending the war if he received guarantees, echoing his earlier X post that the “only way to end this war” was through recognition of Iran’s rights, reparations and firm international guarantees against future aggression.
Reuters said Trump told the news agency the US would be “out of Iran pretty quickly” and could return for “spot hits” if needed, hours before a scheduled prime-time address on the war.
Thomas Mathews of Capital Economics wrote that “de-escalation hopes have given markets a lift,” but he expects “the effects of the war” to persist even if it ends soon and believes markets “almost certainly” have further to recover if sentiment keeps improving, according to BNN Bloomberg.
CNBC quoted Patrick Ryan of Madison Investments as saying that “the market is kind of just sniffing out that there’s probably some type of resolution in the next couple of weeks,” but warned that trading should “remain volatile” without an “all-clear announcement.”
BNN Bloomberg reported that US Treasury yields held relatively steady, with the 10-year yield edging up to 4.32 percent from 4.30 percent.
US retailers generated more revenue in February than economists expected, while manufacturing growth came in slightly stronger than forecasts.
Reuters added that ADP’s report showed private payrolls increased steadily in March, retail sales rose by the most in seven months and US manufacturing activity picked up.
The same article reported that, amid increased inflation fears, traders now see it as more likely the US Federal Reserve will raise interest rates by year-end than cut them.
BNN Bloomberg reported that Eli Lilly rallied 3.8 percent after US regulators approved its GLP-1 pill for weight loss. Reuters said the pill will be sold under the brand name Foundayo.
Intel surged 8.8 percent after it said it would buy back Apollo’s stake in its Ireland factory for US$14.2bn.
Space stocks climbed after Reuters reported that SpaceX confidentially filed for an initial public offering.
Intuitive Machines gained 9 percent, Planet Labs rose 10 percent, Rocket Lab added 2 percent and the Destiny Tech100 fund, which owns SpaceX shares, jumped 9.1 percent.
Airlines also benefited from lower oil, with the S&P Composite Passenger Airlines sub-index up 2.3 percent.
On the downside, BNN Bloomberg reported that Nike sank 15.5 percent after stronger-than-expected quarterly profit was overshadowed by what analysts described as lacklustre forecasts.
Reuters said the stock slumped to its lowest level in a decade after the company projected an unexpected drop in fourth-quarter sales.
Advancing issues outnumbered decliners within the S&P 500 by about 1.5 to 1.
The index posted six new highs and 12 new lows, while the Nasdaq recorded 63 new highs and 102 new lows.
The CBOE Volatility Index slipped to its lowest level in more than a week, suggesting some easing in short-term fear even as markets remain tightly tethered to shifting headlines on the war, oil and inflation.
