US equities extended their remarkable April run on Wednesday as Trump’s decision to indefinitely extend the Iran ceasefire removed the immediate threat of a return to hostilities, lifting the S&P 500 1.1% to a record 7,137.90 and the Nasdaq 1.6% to 24,657.57. The Dow Jones Industrial Average added 0.7% to 49,490.03. Semiconductor stocks were again the standout, with the SOX index recording a 16th consecutive session of gains — the longest winning streak in the index’s history — driven by expectations of 57% sector revenue growth in 2026. Brent crude settled near $102 a barrel as tensions in the Strait of Hormuz persisted, with Iran seizing two commercial vessels and firing on ships despite the ceasefire. Nearly 80% of S&P 500 companies reporting Q1 results have beaten earnings estimates so far, with GE Vernova surging 13.75% after raising guidance and Tesla gaining 4.6% after-hours on a surprise positive free cash flow. ASX 200 futures fell 23 points to 8,855, with the Australian dollar steady at US$0.7159 and S&P Global’s preliminary April PMIs due at 9am AEST.

Key Takeaways

01 The S&P 500 gained 1.1% to a record 7,137.90, the Nasdaq rose 1.6% to 24,657.57, and the Dow added 0.7% to 49,490.03, with the SOX semiconductor index recording its longest-ever 16-day winning streak.

02 Trump extended the Iran ceasefire indefinitely after Pakistan’s mediation request, though Iran says it will not negotiate until the US naval blockade is lifted and has set no timeline for a proposal.

03 Brent crude settled near $102 a barrel and WTI at $92.46 as Iran seized two commercial ships in the Strait of Hormuz and fired on a third, keeping the waterway at a near-standstill.

04 Q1 earnings are tracking 14% growth with nearly 80% of S&P 500 reporters beating estimates; GE Vernova surged 13.75%, Boeing rose 5.53%, and Tesla gained 4.6% after-hours on a surprise positive free cash flow.

05 China’s support for Iran has clear limits — Beijing buys 90% of Iran’s oil exports but has avoided military backing, with Xi Jinping calling for Hormuz to reopen while balancing ties with Gulf rivals ahead of a Trump summit.

06 ASX 200 futures fell 23 points to 8,855, the Australian dollar held at US$0.7159, and S&P Global preliminary April PMIs are due at 9am AEST with Fortescue, Santos and Woodside AGM on Thursday’s agenda.