MARKET SNAPSHOT

U.S. stocks advanced, oil prices slipped and precious metals rebounded amid continued hopes for a quick end to the war in Iran. Treasury yields ticked higher as traders sorted through a clutch of upbeat economic data. The dollar weakened further.

MARKET WRAPS

EQUITIES

Hopes that the U.S. will wrap up its offensive against Iran soon buoyed stocks.

U.S. benchmarks rose, extending a "Hormuz Hope" rally that pushed the three major stock indexes to their biggest one-day gains in 10 months. The Nasdaq composite led the indexes higher on both days, adding about 1.2%. The Dow Jones Industrial Average climbed 0.5% and the S&P 500 gained 0.7%.

President Trump said last night that the U.S. would leave Iran in two to three weeks, and that it doesn't need a deal for this to happen. He is set to give "an important update" on Iran at 9 p.m. ET.

There is still plenty of risk of the conflict intensifying, which could unsettle markets, as well as mixed signals as to what will happen to the Strait of Hormuz, the narrow waterway that handled roughly a fifth of global energy flows before the conflict.

Earlier Wednesday, stocks in Asia rebounded.

Japan's Nikkei Stock Average surged 5.2%, marking its biggest daily percentage increase since April 2025. Chip and metals stocks lead gains thanks to growing hopes that the U.S. could end its operations in Iran soon.

China's Shanghai Composite Index gained 1.5% and the Shenzhen Composite Index added nearly 1.7%. ChiNext Price Index rose 2%. Hong Kong's Hang Seng climbed 2%.

South Korea's Kospi snapped a four-session losing streak, jumping 8.4% amid advances in chip and auto stocks.

Stocks in Australia ascended, as the S&P/ASX 200 Benchmark Index added 2.2%. Profit margins of Australian retailers, however, look increasingly exposed to Morgan Stanley.

New Zealand's S&P/NZX 50 Index fell 0.7%. Financial markets are betting that the Reserve Bank of New Zealand will deliver the first hike of a new tightening cycle in the third quarter, with aggressive increases to follow thereafter. But that looks too ambitious, said Abhijit Surya, economist at Capital Economics.

COMMODITIES

Crude futures ended the session lower as the market cautiously held out hope for a quick end to the Middle East conflict while awaiting President Trump's planned address on Iran at 9 p.m. ET.

Trump posted that Iran's president has asked the U.S. for a cease-fire, and Iranian state media said the foreign ministry called the statement false.

"From a geopolitical perspective, a premature U.S. withdrawal would be framed as a strategic victory for Tehran," Samer Hasn of XS.com said. It's unlikely Trump will accept a resolution that risks domestic political humiliation or leaves a resurgent Iranian regime emboldened, he added. "The structural threat to global energy stability remains acute."

WTI settled down 1.2% at $100.12 a barrel, and Brent fell 2.7% to $101.16.

Precious metals rose to start April, with the gold closing up 2.9% to $4,783.20 a troy ounce and silver rising 1.6% to $75.867 a troy ounce.

Gold and silver have gained for four consecutive sessions, making up ground after the outbreak of the war in Iran made speculation on precious metals futures less attractive for investors.

Analysts pointed to a weaker U.S. dollar and speculation over what President Trump will say in his prime-time speech tonight that drove precious metals.

TODAY'S TOP HEADLINES

Americans Kept Spending in February as Retail Sales Beat Expectations

American consumers had their strongest month of spending in eight months in February, new data showed Wednesday, a sign that the economy was healthier than many analysts had feared.

Retail sales rose 0.6% from January, beating economists' expectations. The gains were broad based, with Americans spending more on cars, clothing, and at restaurants. But the numbers tell only part of the story: They were collected before the outbreak of war with Iran sent gas prices surging, raising fresh questions about whether that momentum can last.

The report also puts the Federal Reserve in a delicate position. Officials have been weighing whether to cut interest rates as the economy shows signs of slowing. Strong consumer spending would normally give them reason to wait. But the Iran war has introduced a new threat, and economists warn that rising gas prices could quickly erode the household budgets that looked so solid two months ago.

Private-Sector Job Growth Steady in March

Private-sector job creation was steady in March, payroll processor ADP reported on Wednesday.

ADP's latest monthly data showed the economy added 62,000 private-sector jobs last month, down slightly from the 66,000 measured by ADP in February. Economists surveyed by The Wall Street Journal were expecting a decline to 39,000.

The data lands two days before the government's official March jobs report, which is due Friday. The numbers come from very different sources: ADP's data draws on the company's internal figures on how many roles its huge pool of business customers are adding or subtracting. The government's data comes from purpose-built surveys, and covers the public sector as well as private businesses.

U.A.E. Wants to Force Hormuz Open and Is Willing to Join the Fight

The United Arab Emirates is preparing to help the U.S. and other allies open the Strait of Hormuz by force, Arab officials said, a move that would make it the first Persian Gulf country to become a combatant, after being hit by Iranian attacks.

The U.A.E. is lobbying for a United Nations Security Council resolution that would authorize such action, the officials said. Emirati diplomats have urged the U.S. and military powers in Europe and Asia to form a coalition to open the strait by force, the officials said. A U.A.E. official said the Iranian regime thinks it is fighting for its existence and is willing to bring the global economy down with it in a chokehold on the strait.

The U.A.E. official said the country had reviewed its capabilities to assist in securing the strait, including efforts to help clear it of mines and other support services.

Musk's SpaceX Files to Go Public in One of the Biggest IPOs Ever

Elon Musk's SpaceX is one step closer to staging what could be the largest initial public offering of all time.

The satellite builder and rocket operator has confidentially filed IPO paperwork with the Securities and Exchange Commission, according to people familiar with the matter. SpaceX is aiming for an IPO that could raise between $40 billion and $80 billion, The Wall Street Journal has reported.

The filing puts the company on track to potentially list shares by July, as Musk has told people is his goal.

Lilly's Obesity Pill Approval Kicks Off New Front in Weight-Loss Drug Wars

The weight-loss pill wars start now.

Eli Lilly's once-daily pill for weight loss got approval from U.S. drug regulators Wednesday. The all-clear sets up a battle with rival Novo Nordisk, which has been selling a pill version of its Wegovy since the start of this year.

The Wegovy pill has had one of the best drug launches in history. Now that the Food and Drug Administration has approved its pill, Lilly will seek to overtake the rival, and further its dominance of the booming $70 billion-plus market for weight-loss and diabetes drugs known as GLP-1s.

GM Sales Fall Nearly 10% as Auto Industry Sputters

General Motors' sales plunged in the first quarter of the year, falling 9.7%, in its biggest drop in almost four years, as high interest rates and vehicle prices across the industry held buyers back even before the impact of rising gas prices is fully felt.

"Abnormal is now normal," GM North American chief Duncan Aldred said, speaking at an event ahead of the New York Auto Show.

Aldred said he expected sales to improve for the industry as the year progressed and noted that in the same period last year, consumers rushed to buy cars ahead of tariffs, making it a difficult comparison. A year ago, GM's sales surged 17%.