MARKET SNAPSHOT
U.S. stocks resumed their upward move after President Trump extended a cease-fire in the Middle East, while control of the Strait of Hormuz and status of peace talks remained uncertain. Oil prices rose as a result. Treasury yields settled roughly unchanged after declining earlier in the session. The dollar strengthened; gold and silver settled higher.
MARKET WRAPS
EQUITIES
Tesla shares rose in off-hours trading after the electric car maker surprised Wall Street by reporting positive free cash flow of $1.4 billion. The stock was recently up around 4%.
The move came after President Trump's cease-fire extension helped the S&P 500 and Nasdaq rebound to records after two straight days of declines.
Oil traders, however, aren't feeling so optimistic, with Brent crude closing above $100 a barrel for the first time in two weeks after three ships were targeted in the Strait of Hormuz.
The attacks underscore that while the aerial war between the U.S. and Iran is on pause, the fight for control of the crucial waterway continues, leaving traffic at a near-standstill. Energy-industry experts say oil prices, though high, don't fully reflect the severity of the situation.
Even so, investors are still running full-speed into stocks, seemingly more worried about missing out on a rally that has carried the S&P up more than 10% from its March lows. The tech-heavy Nasdaq composite led gains, rising 1.6%. The S&P 500 climbed 1%, while the Dow industrials added 0.7%.
Earlier Wednesday, Asian markets traded mixed and oil prices were choppy after U.S. President Trump's extension of the ceasefire and talks with Iran were delayed.
"The conflict appears to have moved into a prolonged standoff rather than towards a swift or durable resolution," said Lloyd Chan, analyst at MUFG Bank in a report. The U.S. is leveraging the blockade of Iranian ports to pressure Tehran into a peace deal, or risk further military escalation, Chan said.
"For markets, this environment implies continued disruption to energy flows through the Strait of Hormuz," Chan said.
Japan's Nikkei Stock Average and South Korea's Kospi both ended at record highs, adding 0.4% and 0.5%, respectively.
Meanwhile, Hong Kong's Hang Seng Index was 1.2% lower and China's Shanghai Composite Index settled 0.5% higher. The Shenzhen Composite Index rose 1%, and the ChiNext Prince Index ended 1.7% higher.
In Australia, the S&P/ASX 200 Benchmark Index declined 1.2%, while New Zealand's S&P/NZX 50 Index added 0.1%.
COMMODITIES
Oil futures rose for a third straight session as the Strait of Hormuz remained closed, with Iran firing on three vessels and the U.S. blockade of Iran-linked ships still in place.
President Trump's extension of the cease-fire to give Iran time to present a proposal for talks was seen extending the time it takes for the strait to reopen. "The lack of a peace deal or any plan moving forward has left the Strait of Hormuz and all energy assets in the Persian Gulf in a kind of limbo," Mizuho's Robert Yawger said.
WTI settled up 3.7% at $92.96 a barrel as the June contract debuts at the front of the curve. Brent gained 3.5% to $101.91 a barrel.
Gold settled 0.7% higher and silver rose 1.9%, with both metals snapping a two-session losing streak.
TODAY'S TOP HEADLINES
Secretive Shipments of Iranian Oil to China Are Under Threat by U.S.
Iran, China and an array of middlemen have evaded U.S. sanctions for years by shipping oil on aging tankers with opaque records and transferring cargoes between ships at sea, all to avoid scrutiny and legal liability.
U.S. forces boarded one such sanctioned tanker that has frequented China and Iran as it sailed on Tuesday through the Indian Ocean, roughly midway between Sri Lanka and Indonesia.
The interception of the stateless M/T Tifani, along with the U.S. blockade of Iranian ports, is part of a forceful effort to thwart a secretive oil trade that has flourished for years and largely thrived after nearly two months of war.
Tesla Beats Wall Street Expectations, Reports 17% Profit Growth
Tesla beat Wall Street's expectations in its first quarter earnings.
Tesla reported $22.4 billion in revenue for the period, up 16% from the first quarter of last year. Revenue from its automotive business grew 16% from the year prior.
Energy business revenue, which comes from selling industrial and residential battery storage, was previously a bright spot on recent quarterly reports but fell 12%.
Trump Administration Nearing Rescue Deal for Spirit Airlines
The Trump administration is nearing a rescue deal for Spirit Airlines, people familiar with the matter said.
Under the agreement being discussed, the U.S. government would loan the embattled discount carrier as much as $500 million, receiving in return warrants to take a potential significant stake in Spirit, the people said.
The Transportation Department and Commerce Department are involved in the discussions, which aren't yet final, and the terms of any agreement could still change.
Lululemon Is Picking a Former Nike Executive to Be Its Next CEO
Lululemon Athletica is picking longtime Nike executive Heidi O'Neill to be its next leader as the athletic-apparel retailer works to shore up its U.S. business.
The company announced the selection Wednesday, capping an extensive search process that kicked off at the end of last year after Lululemon announced that Calvin McDonald was departing.
O'Neill climbed the ranks at Nike for much of her career, playing a key role in helping grow its women's business and boosting apparel sales. She departed Nike last September after spending more than two decades there, most recently serving as president of consumer, product and brand before that position was split into three.
IBM Posts Higher First-Quarter Sales, Buoyed by AI
IBM reported rising revenue and a higher profit in the first quarter, buoyed by the growing adoption of artificial-intelligence tools in businesses.
"AI continues to be a tailwind for our business," IBM Chief Financial Officer Jim Kavanaugh said in an interview. "You see it play out in the results, as we captured demand for both technology and innovation around AI, but also services that help organizations orchestrate, deploy, govern, scale AI across their journeys."
The technology company on Wednesday reported a first-quarter profit of $1.22 billion, or $1.28 a share, compared with a profit of $1.06 billion, or $1.14 a share, a year earlier.
Boeing's Commercial Jet Business Improves, Reducing Quarterly Loss
Boeing's commercial jet production lines continued to gain steam in the first quarter, helping reduce the company's quarterly loss.
The plane maker's sales jumped 14% from a year earlier to $22.2 billion, helped by its recovering passenger jet business and growth in its defense and space segment. Boeing turned over 143 planes to commercial clients in the quarter, a 10% increase, despite a wiring issue that held up some 737 MAX jet deliveries.
Overall, Boeing posted a $7 million loss for the three months ended March 31, compared with a $31 million loss in the year-earlier quarter. The loss was 11 cents on a per-share basis, compared with 16 cents a year earlier.
Dell Signs $1.4 Billion AI Deal. Its Stock Notched a Record.
Shares of Dell Technologies rose on Wednesday after the company signed a $1.44 billion purchase agreement with Boost Run, an enterprise AI cloud provider.
Analysts called it a sign that AI infrastructure demand is no longer solely the domain of hyperscalers and frontier model companies.
The deal will see Dell provide Boost Run with hardware and software "needed to fulfill long-term client commitments and scale capacity," according to a press release. No details were disclosed around timing of deployment.
Expected Major Events for Thursday
00:30/JPN: Apr Japan Flash Manufacturing PMI
03:00/NZ: Mar Credit card statistics
05:00/SIN: Mar CPI
05:00/JPN: Mar Supermarket sales
06:30/PHI: Philippine Monetary Policy meeting and decision
08:00/TAI: Mar Employment / Unemployment
08:00/TAI: Mar Industrial output
08:20/TAI: Mar Money Supply
08:30/HK: Mar Unemployment
08:30/HK: Mar Underemployment
08:30/HK: Mar CPI
08:59/JPN: Apr Monthly Economic Report
09:59/CHN: Mar FDI Foreign Direct Investment
23:30/JPN: Mar CPI (Nation), CPI ex-food (Nation)
23:50/JPN: Mar Services Producer Price Index
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(END) Dow Jones Newswires
April 22, 2026 16:45 ET (20:45 GMT)
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