US sharemarkets rose on Wednesday, with the S&P 500 and Nasdaq Composite closing at fresh record highs after Donald Trump extended a ceasefire with Iran. The S&P 500 gained 1.05% to 7,137.90, while the Nasdaq advanced 1.64% to 24,657.57 after reaching a new intraday high. The Dow Jones Industrial Average added 340.65 points, or 0.69%, to 49,490.03.
The move higher follows a strong recovery in recent sessions, with the S&P 500 having already erased losses linked to the war. Technology stocks led gains, with Apple, Amazon and Microsoft all closing more than 2% higher, while Atlassian also advanced.
Earnings season provided additional support, with a majority of companies exceeding expectations. Boeing rose 5.5% after reporting a smaller-than-expected loss, while GE Vernova surged nearly 14% on stronger-than-expected revenue. Tesla also gained in after-hours trade following its results, while Bitcoin briefly traded above US$79,000.
Oil prices climbed, with Brent crude rising above US$100 a barrel, reflecting ongoing uncertainty around supply conditions and access through the Strait of Hormuz. Energy markets remain sensitive to developments in the region, with the ceasefire extension failing to fully ease concerns about shipping disruptions and broader geopolitical risks.
Australian Market Outlook
Australian shares are set to open lower, with S&P/ASX 200 futures down 23 points, or 0.3%, to 8,855.
Locally, companies including Fortescue, Insignia Financial, Perseus Mining, Santos and Sandfire Resources are set to report, while Woodside Energy will hold its annual general meeting.
On the data front, S&P Global will release its preliminary April PMI data across major economies, including Australia.
