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JetBlue shares popped 18%, shortly after Semafor reported that the airline has engaged with advisors to explore a potential merger with a competitor.

The unprofitable airline is speaking with consultants to understand the anti-trust scrutiny it could face if it attempts to strike a deal with United Airlines, Alaska Air Group or Southwest Airlines, Semafor reported, citing people familiar with the matter.

Binance, the world’s largest crypto exchange, is tightening rules for token issuers and providers of liquidity on the platform following criticism of digital-asset market practices during October’s market meltdown.

In a blog post on Wednesday, the exchange said that crypto projects cannot have any revenue-sharing models with market makers, and that market makers also cannot engage with projects to manipulate prices or distort liquidity of the tokens. Binance said it will take “swift, decisive action against any misconduct,” including blacklisting market makers.

Copper and most other metals rose as optimism around Washington’s diplomatic push to end the war in the Middle East boosted risk appetite.

The industrial metal climbed 1.8% Wednesday on the London Metal Exchange. The US drafted a 15-point plan intended to help bring the war with Iran to a close, while China has urged Tehran to engage in talks. Iran said earlier it rejected a US ceasefire proposal.

The United States Postal Service plans to raise prices on package shipments to offset the soaring cost of fuel, the Wall Street Journal reported.

The planned surcharge is the postal service’s first fee imposed in response to fuel prices and will not apply to mail, the WSJ said, citing people familiar with the matter that it didn’t identify.

The US and Israel’s war in Iran has hit the global oil supply, driving up the cost of diesel and gasoline worldwide.

Retail investors are not participating in the latest market rally, with data showing continued selling activity even as stocks move higher. According to VandaTrack, individual investors were net sellers of $5.5 million worth of US-listed stocks in early Wednesday trading, indicating a lack of conviction in the rebound. “The retail bid is notably absent,” analyst Ruta Prieskienyte said, saying that everyday investors are not chasing the recent bounce driven by ceasefire hopes. Notably, Nvidia has emerged as the most sold stock among retail traders, despite its gains and strong positioning in the AI theme. The trend suggests investors are trimming exposure in crowded winners rather than adding risk.

Investors are looking for clearer direction on the Iran conflict, with uncertainty likely to keep markets volatile despite recent gains, according to Globalt Investments. Keith Buchanan, a senior portfolio manager at the firm, said that the market is begging for some clarity on how the war will unfold, warning that prolonged tensions could weigh on sentiment. He added that the Federal Reserve’s rate outlook is particularly vulnerable if oil prices remain elevated, as sustained energy costs could push up inflation expectations. “If oil is higher for longer, it all comes back to inflation and the Fed,” Buchanan said.

A handful of S&P 500 stocks pushed to fresh highs on Wednesday, signalling pockets of strength despite broader market volatility. Eight companies reached new 52-week highs, including Halliburton, GE Vernova, Akamai Technologies, Ciena, Dell Technologies, Jabil, Corteva and Dow. Several of these, such as Dell, Jabil and Corteva, are trading at or near all-time highs. At the same time, weakness persisted elsewhere in the index. A total of 21 stocks touched new 52-week lows, including DoorDash, Domino’s Pizza, General Mills, Fiserv, ADP, Cintas, Adobe, Gen Digital and CoStar Group. The divergence highlights a market increasingly driven by sector-specific momentum, with energy, infrastructure and select tech names outperforming while consumer and services stocks lag.

Iran rejected the US ceasefire offer and has laid out its own list of conditions for ending the war, Iranian state media reported on Wednesday. State broadcaster Press TV, citing a senior political-security official with knowledge of the details of the proposal, reported that Iran’s five-point counteroffer would give Tehran control over the Strait of Hormuz. Iran also seeks war-related reparations, the official told the state news outlet.

Bank of America said that Thermo Fisher Scientific’s $8.875 billion acquisition of Clario Holdings is accretive, strengthening its positioning in the AI-driven healthcare ecosystem. The firm has reiterated a buy rating with a $700 price target, implying roughly 42% upside, citing the strategic value of integrating Clario’s AI-powered clinical trial data capabilities. Analyst Michael Ryskin has noted that the deal strengthens Thermo Fisher’s ability to accelerate drug development timelines through digital endpoints and curated datasets, areas where AI is increasingly driving efficiency and value creation. The acquisition effectively moves Thermo Fisher closer to being a platform player in AI-enabled drug development, rather than just a tools provider, placing it on what the analyst described as the advantaged side of the AI healthcare narrative.

Raymond James has upgraded Arm Holdings to outperform, citing its move into designing its own central processing units as a key inflection point. The firm set a $166 price target, implying roughly 23% upside, and highlighted the company’s shift toward a fabless semiconductor model as a major strategic evolution. Analyst Simon Leopold noted that this transition could significantly boost operating margins, accelerate growth, and add a new dimension to Arm’s long-term positioning, especially as demand for AI data centre chips continues to surge.

US equities opened Wednesday’s session firmly in positive territory, showing a strong start to the trading day. The Dow Jones Industrial Average rose 548 points, or 1.2%, while the S&P 500 gained 1%. The Nasdaq Composite also advanced, climbing 1.1% in early trading.

Binance Holdings Ltd. once controlled crypto trading to a degree that would be unthinkable in traditional markets.

The exchange’s dominance deepened after rival FTX collapsed in 2022, with Binance at its peak commanding 77% of global Bitcoin spot volume and 76% in crypto derivatives, according to data from Kaiko and CoinDesk. That grip on the market is now eroding.

Oil remained sharply lower amid a diplomatic push by the US to end the war with Iran, though pared an earlier slide after Iranian media reported that a ceasefire is not viable at the moment.

Brent was trading near $100 a barrel after earlier shedding as much as 7%, while West Texas Intermediate was near $88. The US drafted a 15-point plan to help bring the conflict to a close, according to people familiar with the matter. The proposal was delivered to Iran via Pakistan.

Paychex shares rose about 4% in premarket trading on Wednesday after the company’s fiscal third-quarter results came in better than expected.

The company posted adjusted earnings of $1.71 per share on revenue of $1.81 billion for the period, while analysts polled by FactSet had pencilled in $1.67 in earnings per share and $1.78 billion in revenue.

Paychex also reaffirmed its earnings and revenue growth for the full year.

Merck & Co. agreed to buy Terns Pharmaceuticals Inc. for $6.7 billion, giving the multinational company access to a promising new leukemia treatment as it faces the patent expiration of its bestselling cancer drug.

Merck will pay $53 per share in cash for Terns, according to a statement, a 6% premium to its closing price on Tuesday. The boards of both companies have approved the transaction, which is expected to close in the second quarter. Merck will take a charge of about $5.8 billion, or approximately $2.35 per share, as a result.

Terns’ shares were trading 5.5% higher in premarket trading on Wednesday, while Merck’s shares rose less than 1%.

When Starbucks Corp. landed Brian Niccol, the star CEO who fixed Chipotle and Taco Bell, to turn around its fortunes, it triggered a frenzy on Wall Street. The stock popped 20% in a matter of minutes and racked up its biggest one-day gain ever as investors and analysts, one after another, gushed about the move: “dream hire”; “exceptional”; “hall of fame restaurant CEO.”

A year and a half later, the buzz is all but gone.

Niccol, who scored a pay package worth more than $100 million, has only managed to deliver tepid signs that his makeover of Starbucks is working; the stock rally, unlike at Chipotle, quickly stalled out; and even some of those uber bulls are starting to get anxious.

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