Stock futures rose early Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.
Futures for the Dow Jones Industrials popped 606 points, or 1.2%, to 50.015.
Futures for the S&P 500 vaulted 74.25 points, or 1%, to 7,362.75
Futures for the NASDAQ climbed 489.75 points, or 1.7%. to 28,620.75.
Axios reported 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 the media Iran was evaluating a U.S. proposal toward a resolution.
President Donald 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.
Chipmaker Advanced Micro Devices added to the gains, soaring 16% 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.
In Japan, markets remained closed for holiday, while the Hang Seng index in Hong Kong progressed 1.5%
Oil prices cratered $12.08 to $90.19 U.S. a barrel.
Gold prices leaped $153.50 to $4,722.80 U.S an ounce.
