US equity indexes traded near session highs ahead of Wednesday's close following the extension of the Iran ceasefire agreement and as quarterly earnings helped lift sentiment.
The Nasdaq Composite jumped 1.5% to 24,621.1, with the S&P 500 up 0.9% at 7,129.2 and the Dow Jones Industrial Average 0.5% higher at 49,406.3.
The ceasefire extension will last for only three to five days, Fox News reported Wednesday, citing a White House official. The US blockade of the Middle East nation's ports remains in force. Iran has made lifting the blockade a key demand for resuming negotiations to end the war and for allowing marine traffic to transit through the Strait of Hormuz, the chokepoint for 20% of global crude oil flows.
Meanwhile, Iran's Revolutionary Guard Corps seized two ships in the Strait of Hormuz, CNN reported, citing the IRGC. The IRGC targeted a third vessel that is "now disabled off Iran's coast," CNN cited Iranian media.
West Texas Intermediate crude oil futures Jumped 3.3% to $92.60, and Brent crude futures advanced 3.2% to $101.63.
In company news, GE Vernova (GEV) posted higher Q1 earnings and revenue, and raised its annual revenue forecast range. Shares rose 13%, the biggest gainer on the S&P 500.
Boeing's (BA) Q1 loss unexpectedly narrowed as commercial aircraft deliveries rose, while the plane maker reported a smaller cash burn year over year. Shares advanced 5.1%, leading the Dow.
