4:15pm: Nasdaq leads markets higher
The tone on Wall Street was broadly upbeat as the major indices pushed further into record territory, shaking off recent geopolitical jitters tied to Iran-related tensions.
The S&P 500 climbed 0.8% to 7,023, marking its first-ever close above the 7,000 level. The Nasdaq outperformed with a 1.6% gain, closing at 24,016 and setting another record high. The Dow Jones Industrial Average lagged, slipping 0.2% to 48,464.
The rally effectively erased the market’s recent Iran war losses, with investors continuing to lean into risk assets. The S&P 500 is now up roughly 11% from its March 30th low, underscoring the strength of the rebound despite periodic volatility headlines.
Much of the focus remains on momentum in large-cap tech, which continues to carry the broader market to fresh highs, while cyclicals and industrials were more mixed, helping explain the Dow’s relative underperformance.
Outside the major indices, one of the day’s more eye-catching moves came from Allbirds, which surged around 700% after announcing a dramatic strategic pivot away from footwear and into artificial intelligence infrastructure.
Looking ahead, attention now shifts to earnings, with a busy slate on deck. Netflix reports tomorrow after the close, a release that could set the tone for tech sentiment heading deeper into the quarter.
3:45pm: Proactive news headlines
- EnWave Corp (TSX-V:ENW, OTC:NWVCF, FRA:E4U) signed an exclusive licensing agreement with The Dry Hub in Egypt to deploy its REV drying technology, including the purchase of a 10kW machine for commercial-scale processing of agricultural products.
- Sonoro Gold Corp (TSX-V:SGO, OTCQB:SMOFF, FRA:23SP) filed an updated technical report for its Cerro Caliche project outlining revised resources and a preliminary economic assessment for a 10-year open-pit heap-leach operation.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) reported improved performance in its graphene aluminium-ion batteries, including six-minute charging capability and enhanced energy density versus lithium titanate batteries.
- Medicus Pharma (NASDAQ:MDCX) will present Phase 1 clinical data on its Teverelix drug candidate at the AACE 2026 meeting, highlighting early results for a long-acting hormone therapy targeting conditions like endometriosis and uterine fibroids.
- Reconnaissance Energy Africa Ltd (TSX-V:RECO, OTCQX:RECAF, FRA:0XD) is advancing testing at its Kavango West 1X discovery in Namibia, with production testing expected to conclude by end-June as it evaluates multiple hydrocarbon-bearing zones.
- Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) reported strong winter drilling results at its Nisk project in Quebec, including high-grade copper equivalent intercepts supporting ongoing resource definition work.
2:40pm: Market movers
- Uber Technologies Inc (NYSE:UBER, XETRA:UT8) rose after investing an additional $200 million in Lucid Group and expanding its commitment to purchase over 35,000 vehicles to support future robotaxi deployment.
- Royal Gold, Inc. (TSX:RGL) rose after UBS initiated coverage with a “Buy” rating and $325 price target, citing stronger production growth visibility, a more diversified portfolio, and potential for valuation upside.
- Jefferies initiated coverage of Autodesk Inc (NASDAQ:ADSK) with a “Buy” rating and $300 price target, highlighting its durable double-digit growth profile driven by strong margins and a subscription-based model.
- American Eagle Outfitters Inc. (NYSE:AEO) shares rose after launching a Sydney Sweeney–fronted summer campaign featuring an expanded denim lineup, including hundreds of new shorts and seasonal styles.
- Snap Inc (NYSE:SNAP) announced plans to cut about 16% of its global workforce as part of a restructuring aimed at improving efficiency and accelerating its path to profitability.
- Morgan Stanley (NYSE:MS) shares gained after the bank beat Q1 earnings expectations, driven by stronger-than-expected trading revenue and EPS of $3.43.
- Allbirds Inc (NASDAQ:BIRD) surged after announcing a major strategic pivot away from footwear toward AI infrastructure, backed by a $50 million financing facility targeting GPU-as-a-Service and cloud computing.
- Graphene Manufacturing Group Ltd (TSX-V:GMG, OTCQX:GMGMF) reported improved performance in its graphene aluminium-ion battery technology, including significantly faster charging times and enhanced energy density versus lithium titanate batteries.
1:40pm: Optimism persists
Stocks are still holding onto their gains and oil prices are staying relatively subdued, with the outlook being supported by hopes that fresh U.S.-Iran talks could be on the horizon, said Chris Beauchamp, chief market analyst at IG Group.
"After weeks of seeing strikes across the Middle East, the absence of further significant conflict remains a cause for celebration, especially since both sides appear willing to continue negotiating," Beauchamp commented.
"But the risk is that the US blockade pushes Iran into a corner and forces them to lash out. Buying the April dip was the move of the year in 2025 – investors seem to think they can repeat that trick in 2026, but will they be right?”
12:05pm: MS, BofA beat expectations
Morgan Stanley (NYSE:MS) shares climbed nearly 5% in early trading Wednesday after the bank reported first quarter results that exceeded analyst expectations, supported by stronger-than-anticipated trading revenue.
The New York-based lender posted earnings of $3.43 per share for the quarter, ahead of the $3 estimate.
Revenue came in at $20.58 billion, handily topping expectations of $19.72 billion.
Net income rose 29% from a year earlier to $5.57 billion, while total revenue increased 16%, reflecting broad-based growth across the firm’s trading, investment banking and wealth management divisions.
Elsewhere,
Bank of America Corp (NYSE:BAC) reported a stronger-than-expected rise in first-quarter profit, as gains in equities trading, wealth management and lending offset weaker fixed-income results and continued pressure on interest income growth.
The US lender said net income rose 17% year-on-year to $8.6 billion in the first quarter of 2026, while earnings per share increased 25% to $1.11, topping analyst expectations of $1.01.
Revenue, net of interest expense, came in at $30.27 billion, above estimates of $29.9 billion and up 7% from a year earlier.
11:00am: Allbirds flies higher on AI pivot
Allbirds Inc (NASDAQ:BIRD) shares flapped over 200% higher after announcing a hard pivot from woollen sneakers to artificial intelligence infrastructure, enabled by a new $50 million convertible financing facility.
The company said the deal will fund plans to “pivot its business to AI compute infrastructure” and become a “fully integrated GPU-as-a-Service and AI-native cloud solutions provider”.
Yes, that is the same Allbirds, which IPOd in New York in 2021 as a $2.15 billion maker of eco-friendly sports shoes, sprinted to a $4.1 billion peak, but has since unravelled, with costly expansion into clothing and physical stores weighing on performance.
10:00am: Mixed start
Wall Street stocks were mixed in early trade, with the Nasdaq Composite opening up 0.4%, while the S&P 500 is up 0.1% and the Dow Jones has slipped 0.2%.
Gains were led by tech, with names such as Datadog, Oracle and Broadcom higher.
The Dow lagged as industrials and defensives retreated, including Caterpillar and Walmart.
7.30am: Nasdaq futures flat
US stock futures were flat on Wednesday after a strong rally in the previous session, as investors paused for breath while watching developments around potential US-Iran talks.
All three major indices closed higher on Tuesday, with the Nasdaq climbing 2% to 23,639 points, the S&P 500 gaining 1.2% to 6,967 points, and the Dow Jones adding 0.7% to 48,535, held back by falls for energy supermajors and other oil producers.
Oil prices continue not to stand still. The prices of WTI crude briefly slipped below $90 a barrel overnight before recovering to around $92.5, as uncertainty persists over supply through the Strait of Hormuz.
Sentiment remains tied to geopolitics. President Donald Trump told Fox News they should be ready to watch "an amazing two days ahead", adding to market hopes of progress in negotiations.
Earlier, he told the New York Post: "Something could be happening over the next two days", with representatives from the administration likely to travel to Pakistan for a second round of negotiations.
Market analyst Kenny Polcari at Slatestone Wealth said “the market is betting on a deal and acting like it already happened”, pointing to a sharp rebound in risk assets.
He noted oil had "cracked 7%” on the idea that talks could resume, while the VIX broke below its trendline, signalling easing volatility.
Shipping data continues to highlight disruption, however, with traffic through the Strait of Hormuz still well below normal levels.
Attention now turns to earnings from Bank of America and Morgan Stanley later today, alongside the Federal Reserve’s Beige Book.