U.S. stocks rallied on Wednesday as President Trump’s decision to indefinitely extend the ceasefire with Iran removed a key overhang that had weighed on markets the day before. The move eased fears of a return to hostilities just hours before the truce was set to expire, sending crude oil lower and giving risk appetite a meaningful boost. A solid batch of corporate earnings added fuel to the advance, with the tech-heavy Nasdaq Composite closing at an all-time high.
The S&P 500 (SPI:SP500) rose 73.87 points, or 1.05%, to close at 7,137.88, notching a fresh record. The Nasdaq Composite surged 397.60 points, or 1.64%, to finish at 24,657.57 — also a new all-time high. The Dow Jones Industrial Average eked out a modest gain of 42.60 points, or 0.09%, to close at 49,490.03, held back by weakness in a handful of blue-chip names even as the broader market charged higher. The divergence between the Dow and the other two indexes underscored the narrow leadership within the price-weighted average, where a few large decliners offset strong gains elsewhere.
Notable Movers
GE Vernova (GEV) was a top performer, jumping roughly 12% after the energy equipment maker posted first-quarter earnings of $1.98 per share on revenue of $9.34 billion, both topping consensus estimates. Management raised its full-year guidance, citing surging demand from data centers for power generation equipment — a theme that continues to resonate with investors betting on the long-term buildout of AI infrastructure.
Boeing (BA) climbed more than 5% after reporting a first-quarter adjusted loss of just 20 cents per share, far better than the 83-cent loss analysts had expected. Revenue of $22.2 billion also came in above the $21.8 billion consensus, signaling that the aerospace giant’s production recovery is gaining traction.
On the downside, Best Buy (BBY) slid roughly 5% after announcing a CEO transition, with Jason Bonfig set to succeed Corie Barry at the end of the third quarter. Merck (MRK) fell nearly 4%, and Apple (AAPL) declined about 2% as the technology giant continued to drift lower following its leadership transition announcement earlier in the week.
Looking Ahead
Investor attention now shifts to after-hours earnings from Tesla (TSLA) and ServiceNow (NOW), two bellwether names that could set the tone for Thursday’s session. Tesla reported first-quarter earnings of 41 cents per share, beating the 37-cent estimate, though revenue of $22.4 billion came in slightly below expectations and vehicle deliveries missed consensus — a mixed picture that will test the stock’s recent resilience. With the Iran ceasefire now on firmer footing and crude oil pulling back from the near-triple-digit levels that spooked markets earlier this week, the path of least resistance may tilt higher in the near term. However, traders will remain attentive to any developments in the broader peace talks and to the steady stream of first-quarter earnings reports that will continue to shape sector rotation in the sessions ahead.