US equities advanced on Wednesday, rebounding from earlier-week losses on the back of an extended ceasefire with Iran and robust corporate earnings. The S&P 500, Nasdaq 100, and Dow Jones Industrial Average each gained around 0.7%, leaving them close to record highs.
President Trump extended the existing ceasefire with Iran indefinitely, retreating from earlier threats of an imminent escalation that could have worsened the global energy crunch. Nonetheless, uncertainty persisted after Iran struck and seized commercial vessels.
Large-cap companies with significant exposure to artificial intelligence outperformed as a renewed risk-on tone supported more speculative sectors. Amazon, Oracle, and Microsoft each rose more than 1%. Strength in datacenter demand also underpinned GE Vernova’s guidance, sending its shares up 7%.
Elsewhere, AT&T traded higher after beating both revenue and earnings expectations, while Boeing gained 3% following a report of slower cash burn. Tesla edged up ahead of its earnings release after the closing bell.
