Stock market today: Live updates

Stock futures rose early Wednesday amid reports that the U.S. and Iran were nearing an agreement to end the war, and after President Donald Trump said that “Great Progress” has been made toward reaching a deal with Tehran.

S&P 500 futures advanced 0.7%, while Nasdaq 100 futures climbed 1.2%. Futures tied to the Dow Jones Industrial Average rose 304 points, or 0.62%.

The gains came after Trump said that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz. In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.

In extended trading, chipmaker Advanced Micro Devices popped 16% after the company issued a rosy outlook for the second quarter, calling for about $11.2 billion in revenue. AMD also beat expectations on the top and bottom lines in the first quarter.

In the regular session, the broad market S&P 500 added 0.81% on Tuesday, while the tech-heavy Nasdaq popped 1.03%. Both indexes reached new intraday and closing records. The Dow gained 356.35 points, or 0.73%.

The moves came after traders digested a number of solid earnings results. Around 85% of the S&P 500 companies that have already reported earnings so far have delivered a beat, while 77% have delivered a revenue surprise to the upside.

Also buoying investors’ hopes on Tuesday were comments from Defense Secretary Pete Hegseth that the ceasefire between the U.S. and Iran “certainly holds” and that “two U.S. commercial ships, along with American destroyers, have already safely transited the strait, showing the lane is clear.”

Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon that stocks appear to be “climbing a wall of worry.”

“I think maybe perhaps people in the geopolitical world don’t understand what’s happening with the AI trade and earnings and how much of a buffer that is for S&P 500 EPS. So we’re continuing to see rates of upward revisions that are positive on that AI-related trade,” Calvasina said. “I’m not saying there’s a ton of room before we have a little bit of a breather, and we don’t think markets move up in a linear fashion. But I don’t think we’re overheated right now.”

Walt Disney, CVS Health, Kraft Heinz, Marriott and Uber Technologies will report earnings before Wednesday’s opening bell. Traders will also watch for ADP’s private payrolls report for April.