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US equity benchmarks extended gains on Wednesday, following previous day’s rally after President Donald Trump's comment that suggested a potential end to the Middle East conflict.

As of 10 a.m. Eastern Time, the S&P 500 rose 0.6% and the Dow Jones Industrial Average was up 0.6%. The Nasdaq Composite was 1% higher.

At the opening bell, the Dow Jones Industrial Average rose 54.6 points, or 0.12% to 46,396.12. The S&P 500 rose 28.0 points, or 0.43% to 6,556.56, while the Nasdaq Composite rose 152.2 points, or 0.70%, to 21,742.795.

Crude oil prices slipped after President Trump said shortly before the opening of the Wall Street that Iran “has just asked the United States of America for a CEASEFIRE!”

“We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”

Trump is scheduled to make a primetime address to the nation later in the day.

“De-escalation hopes have given markets a lift, but we think the effects of the war would, in many cases, persist even if the war did end soon,” Thomas Mathews, head of markets, Asia Pacific at Capital Economics, said in a research note on Wednesday.

“It’s worth thinking through how markets might fare if the war were to end ‘very soon,’” he wrote. “Do markets have further to recover if sentiment continues to improve? The answer is almost certainly yes.”

Brent crude, the international standard, was dowm at $101.16, which is still up from roughly $70 before the Iran war began.

Gas prices in the US surged again overnight to a national average of $4.06.

On the economic data front, a Commerce Department report showed retail sales rose 0.6% in February.

An ISM report said US manufacturing growth was slightly faster in March than expected.

ADP's national employment report showed private jobs increased steadily in March.

Following the economic data, the 10-year Treasury yield rose to 4.32% from 4.30% late on Tuesday.

Big Tech stocks jumped with Alphabet gaining 2.8% and Nvidia up 0.8%.

Intel soared 7.8% after the company said it would buy back Apollo's stake in its Ireland factory for $14.2 billion.

Other Chipmakers gained after Bernstein said the Google TurboQuant sell-off fears were overdone, sending Micron Technology, Sandisk and Western Digital up between 6% and 9%.

Nike shares dropped 13.1% despite the firm’s stronger quarterly profit.

Hasbro stock fell 3.6% after the toy maker found someone had gained unauthorized access to its computer network.

Gold prices rose for a fourth straight session on Wednesday, as the US dollar slipped.

By 1510 GMT, spot gold was up 2.2% at $4,774.25 per ounce. US gold futures gained 2.6% to $4,800.40.

Among other metals, spot silver rose 0.6% to $75.56 per ounce, platinum gained 1.5% to $1,977.96 and palladium added 1.3% to $1,495.50. With a distinguished career spanning nearly two decades at the highest levels of financial journalism, Rajendra Kumar Saxena stands as a cornerstone of the editorial leadership team at Livemint.com. In his current capacity as Content Editor, he is responsible for managing the comprehensive editorial lifecycle of the publication. His role is multifaceted, encompassing the strategic selection of high-impact stories, original reporting, and meticulous editing.

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