Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up by over 1% on Wednesday after President Trump said Iranian President Masoud Pezeshkian had requested a ceasefire. However, Trump added the U.S. would only consider an end to military operations once the Strait of Hormuz reopens, and until then, “we are blasting Iran into oblivion.”
Claim 30% Off TipRanks
Trade QQQ with leverageOn top of that, Iran’s Foreign Ministry spokesperson Esmaeil Baghaei told Al Jazeera that Trump’s claim of Iran seeking a ceasefire is “false and baseless.”
Trump to Provide Iran War Update in Evening Address
Amid contradictory messages, three U.S. officials told Axios that the U.S. and Iran are currently negotiating a deal that includes reopening the strait in exchange for a ceasefire. The officials added that the deal could still fall apart and that they are unsure if the talks were direct or through a third party. Trump is set to give a speech at 9 p.m. Eastern Time today to provide an update on the war.
Elsewhere, U.S. retail sales rose 0.6% in February, above the estimate of 0.5% and marking the highest rate of growth in 10 months. The data excludes the effect of war, which began on February 28. Since then, oil and gas prices have soared, threatening consumer spending.