Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) surged on Wednesday, with the former securing a new all-time high of $700.28.
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- The U.S. and Iran have reached an “in principle agreement” to extend the ceasefire past April 21, regional officials told the Associated Press. Pakistani mediators are targeting a two-week extension and a repeat of in-person talks in Islamabad.
- President Trump said the war is “very close to being over” and that Iran wants to reach a deal “very badly.”
- Brent crude oil futures (BZ) slipped lower following a report that Iran is considering letting ships safely pass through the Omani side of the Strait of Hormuz as part of a negotiation package with the U.S.
- Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) have completely recovered their losses since the start of the war on February 28.
- Robinhood (HOOD) surged after the SEC scrapped the $25,000 minimum balance requirement for day traders.
- Tesla (TSLA) closed higher after CEO Elon Musk touted progress on the company’s next-generation AI5 chip and released an EV software update.
- Morgan Stanley (MS) closed in the green after the firm reported a double beat on its first-quarter revenue and adjusted EPS.
- Software stocks continued to recover, with Microsoft (MSFT) rising by 5%.
- Alphabet (GOOGL) launched a standalone Gemini app for Apple (AAPL) Mac users.
Today’s Best-Performing Sector
Information technology was the best-performing sector on Wednesday as optimism for a second round of talks between the U.S. and Iran surged, driving risk-on sentiment among investors. Within the sector, software stocks continued to recover as fears of AI disruption from Anthropic’s Claude Mythos preview eased.
Several information technology stocks led the sector’s gains, including:
Today’s Worst-Performing Sector
Meanwhile, the materials sector faced the largest drawdown as rising input costs, higher yields, and weakening demand weighed on the space. Homebuilder suppliers took a hit after U.S. homebuilder sentiment sank to a seven-month low in March amid surging mortgage rates. In addition, investors have rotated out of the materials sector into riskier sectors, such as information technology and communication services.
Notable materials stocks trading lower include: