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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 tech-heavy Nasdaq Composite (^IXIC) led the indexes higher, jumping 1.2%. The S&P 500 (^GSPC) rose 0.9%, and the Dow Jones Industrial Average (^DJI) also gained around 0.9% 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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Palantir stock rises on $300 million purchase agreement with USDA
Palantir (PLTR) stock gained over 3% on Wednesday after the AI software company struck a $300 million deal with the US Department of Agriculture (USDA).
Under the purchase agreement, Palantir will provide software to the USDA to improve service delivery for American farmers and government field staff. The aim is to make it easier for farmers to self-report their acreage and receive recovery payments after natural disasters as part of the USDA’s ‘One Farmer, One File’ initiative.
The USDA will also gain critical visibility into risks in US agricultural production, such as supply chain resilience and the influence of foreign adversaries, according to a press release.
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Tech, industrials stay hot as chip stocks notch fresh highs
Large-cap tech’s XLK (XLK) ETF is heading for an historic 16-straight wins. The SOXX chip index ETF (SOXX) is also riding a streak of ten-straight intraday record highs.
Here are some of this morning’s other intraday record highs:
Indices: Dow Jones Transportation Average (^DJT)
Dow Jones Sectors/Industries: Telecom Equipment, Electrical Cmpts & Equipment, Electronic & Electrical, Heavy Construction, Publishing, Semiconductors, Steel, Tech Hardware & Equip
Large-cap sector ETFs: Technology (XLK)
Industry/Style/Country ETFs: Semiconductors (SOXX), Momentum (MTUM), Value (VLUE), Taiwan (EWT)
Consumer discretionary stocks: Avis Budget (CAR), Casey’s (CASY)
Financial stocks: AEHR (AEHR)
Industrial stocks: Cummins (CMI), Eaton (ETN), Emcor (EME), GE Vernova (GEV), Hubbell (HUBB), Nucor (NUE), Photronics (PLAB), Quanta Services (PWR), Ryder (R), Steel Dynamics (STLD), Tenaris (TS), Trane (TT), Veeco Instruments (VECO)
Tech stocks: Advanced Micro Devices (AMD), Amkor (AMKR), Arista Networks (ANET), AXT (AXTI), ChipMOS (IMOS), Cisco (CSCO), Cirrus Logic (CRUS), Dell (DELL), Keysight (KEYS), Kulicke & Soffa (KLIC), Lattice Semiconductor (LSCC), MACOM (MTSI), Monolithic Power Systems (MPWR), SiTime (SITM), Seagate (STX), Teradyne (TER), Texas Instruments (TXN), Western Digital (WDC)
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Stocks rise at the open on extended ceasefire
Stocks started Wednesday in the green, rising after President Trump extended a fragile ceasefire.
The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) rose 0.7%, while the Dow Jones Industrial Average (^DJI) added 0.8%.
Earnings season is in full swing. Reports from Boeing (BA) and GE Vernova (GEV) drove gains in those individual stocks. The marquee earnings event today, however, comes from Tesla (TSLA), which reports after the bell.
Gold (GC=F) and bitcoin (BTC-USD) also enjoyed gains on Wednesday morning, with bitcoin’s price hitting its highest level in 10 weeks.
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Boeing stock pops after Q1 results top estimates
Boeing released first quarter results that topped expectations on Wednesday, as the plane maker’s turnaround got a boost from higher deliveries.
Shares of Boeing popped 4% before the bell as investors assessed its performance.
Yahoo Finance’s Pras Subramanian reports:
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Best Buy taps insider Jason Bonfig as new CEO, Corie Barry steps down
Best Buy (BBY) CEO Corie Barry is stepping down from the electronics retailer at the end of the third quarter.
Yahoo Finance’s Brooke DiPalma reports:
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SpaceX says it has option to acquire startup Cursor for $60 billion
SpaceX (SPAX.PVT) said it has secured an option to either buy code-generation start-up Cursor for $60 billion later this year, or to pay $10 billion for their new partnership.
The move comes as the Elon Musk-led SpaceX pushes deeper into the lucrative market for AI developer tools, ahead of its highly anticipated IPO in coming months.
Reuters reports:
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OpenAI earmarks $1.5 billion for investment with private equity
Reuters reports:
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Oil maintains gain as ceasefire extended
Bloomberg reports:
