US sharemarkets moved higher on Wednesday as oil prices declined and investors responded to signs of potential progress toward a ceasefire in the conflict with Iran. The S&P 500 rose 0.54% to close at 6,591.90, while the Nasdaq Composite gained 0.77% to 21,929.83. The Dow Jones Industrial Average added 305 points, or 0.66%, to finish at 46,429.49.
The gains followed a volatile start to the week, with markets reacting sharply to shifting headlines around the conflict.
Oil falls on ceasefire hopes
Energy markets softened, with oil prices pulling back as reports emerged of potential diplomatic proposals. West Texas Intermediate crude fell 2.2% to settle at US$90.32 a barrel, while Brent crude declined 2.17% to US$102.22.
The move came after reports that the United States had presented a proposal to Iran aimed at ending hostilities, although Iranian officials indicated they would reject the plan and outlined their own conditions.
Technology stocks support gains
Technology shares helped lead the broader market higher, with semiconductor stocks including Nvidia, AMD and Intel posting solid gains. Despite the improvement in sentiment, uncertainty remains elevated as conflicting signals around negotiations and continued military activity weigh on investor confidence.
Australian market outlook
Australian shares are expected to open higher, following gains on Wall Street and easing oil prices. ASX 200 futures were up 25 points, or 0.3%, to 8,601.
Locally, attention will turn to remarks from Reserve Bank of Australia assistant governor Christopher Kent later this morning, as investors continue to assess the outlook for interest rates and financial conditions.
