The main US stock market indices rebounded on Wednesday after closing in the red in the previous session as America's ceasefire plan for Iran war eased crude oil prices.
S&P 500 opened 0.95% or over 62 points higher at 6,618.70, tech-heavy Nasdaq Composite jumped 1.17% or 254.08 points at open to 22,015.97, and Dow Jones Industrial Average gained 526 points at open, to trade 1.14% higher at 46,650.40.
Washington reportedly sent a 15-point peace plan to Iran for a potential ceasefire through Pakistan on Wednesday, cushioning crude oil shock. Global benchmark, brent crude slumped 5% to trade at $95.25 a barrel, while West Texas Intermediate declined 4.87% to $87.88 per barrel.
The proposal reportedly covers sanctions relief, civilian nuclear cooperation, rollback of Iran's nuclear programme, monitoring by the International Atomic Energy Agency, limits on missiles and access for shipping through the Strait of Hormuz. The narrow waterway is a key global energy route, and any disruption there could affect international trade and oil supplies.
From the looks of it, the Trump administration appears to be seeking a way out of the conflict while also strengthening its military posture in the region, the report underlined.
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After the market opened some of the major US defense stocks strengthened, with Lockheed Martin up 1.62% to $620.42, Palantir Technologies rose 2.5% to $158.55, General Dynamics Corp. traded 1% higher at $349.83, and Northrop Grumman Corp. was up 0.3% to $684.18.
The magnificent seven stocks also showed gains with Tesla Inc. up 2.6% at $393.04, and Amazon.com Inc. up over 2% at $211.66. Stocks of Nvidia Corp. Oracle Corp. and Meta Platforms Inc. also rose to $180.20, $149.37 and $600, respectively, after founders Larry Ellison and March Zuckerberg and Jensen Huang became members of the President's Council of Advisors on Science and Technology.
Earlier in the day, Donald Trump named tech billionaires Mark Zuckerberg, Larry Ellison and Jensen Huang as the first members to his President's Council of Advisors on Science and Technology (PCAST) which he established via Executive Order.
The Dollar Spot Index was little changed. Euro fell 0.2% to $1.1585, British pound fell 0.2% to $1.3390, and the Japanese yen fell 0.2% to 159.01 per dollar.
Bitcoin, the largest traded cryptocurrency, rose 2.7% to $71,922.73.
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