Traders work on the floor of the New York Stock Exchange on April 30, 2026.
NYSE
Stocks rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
The Dow Jones Industrial Average added 675 points, or 1.4%. The S&P 500 advanced 1.4%, while the Nasdaq Composite gained 1.8%.
Axios reported, citing sources, that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also told CNBC that Iran was evaluating a U.S. proposal toward a resolution.
President Donald Trump signaled later Wednesday that a deal was not certain, however, saying it was a “perhaps, a big assumption” Iran would agree to the U.S. proposal. Equity prices came off their highs following the post.
“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” the president wrote in a post on Truth Social.
Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz. In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.
Oil prices plunged as traders pared exposure on hopes the war would end soon. West Texas Intermediate futures dropped 6%, trading above $95 per barrel. International Brent lost 7% to trade above $101.
“If we truly achieve a point in time here where the hostilities begin to slow down or, in fact, stop in their entirety, and we see the reopening of the Strait of Hormuz, this will allow some of those most economically sensitive and hardest hit regions like Southeast Asia, like Europe, potentially avoid their own economic difficulties,” said Bill Northey, investment director at U.S. Bank Asset Management Group. That’s “setting up for a snapback in equity markets,” he continued.
Chipmaker Advanced Micro Devices added to the gains, soaring 17% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector. The VanEck Semiconductor ETF (SMH) jumped 4%. Intel climbed 2%.
Stocks posted strong gains Tuesday, lifted by strong earnings and the ceasefire between Iran and the U.S. remaining in place.