U.S. stocks climb, but so do oil prices with uncertainty rising about the war with Iran

Specialist James Denaro works at his post on the floor of the New York Stock Exchange, Monday, April 20, 2026. (AP Photo/Richard Drew)

NEW YORK (AP) — GE Vernova, Boston Scientific and Boeing are leading the U.S. stock market toward another record after joining the list of companies reporting fatter profits for the start of the year than analysts expected. But caution is still hanging over Wall Street Wednesday, and oil prices are also rising on uncertainty about what will happen in the war with Iran. The S&P 500 climbed 0.7 per cent and was on track to top its all-time high set on Friday. The Dow Jones Industrial Average added 360 points, and the Nasdaq composite gained 0.9 per cent. The price for a barrel of Brent crude oil briefly topped US$100.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

Wall Street moved cautiously higher in premarket trading Wednesday after President Donald Trump extended a fragile ceasefire with Iran.

Futures for the S&P 500 and Dow Jones Industrial Average each rose 0.5 per cent before the opening bell. Nasdaq futures were up 0.7 per cent.

Oil prices continued to bounce around. Benchmark U.S. crude is up 82 cents to US$90.49 a barrel. Brent crude, the international standard, gained 99 cents to US$99.47.

The moves were milder than the vicious swings that rocked Wall Street earlier in the war, when the price for a barrel of Brent crude briefly topped US$119  and the S&P 500 dropped nearly 10 per cent  below its prior all-time high.

Much of the tension in financial markets has focused on what will happen to the Strait of Hormuz, a narrow waterway off Iran’s coast that oil tankers use to exit the Persian Gulf, where Iran fired on three ships Wednesday despite the truce.

A trip by Vice President JD Vance to Pakistan where it was hoped negotiators would continue was called off this week.

Iran had not yet responded to Trump’s Tuesday announcement of the ceasefire extension, and both countries have warned they were prepared to resume fighting if a deal isn’t reached.

In equities trading, Boeing shares rose 3.8 per cent after the aerospace giant posted improved first-quarter revenue and a much smaller loss than Wall Street had expected. The troubled jet maker said commercial aircraft deliveries rose 10 per cent over last year’s quarter and that it expects some of its 737s to be certified this year, with deliveries of the planes targeted for 2027.

Boeing has been mired in legal and regulatory problems since two of its jetliners crashed in 2018 and 2019, killing 346 people.

Best Buy fell 4 per cent early Wednesday after the electronics retailer announced the departure of CEO Corie Barry. She will be replaced by longtime insider Jason Bonfig, the company’s chief customer, product and fulfillment officer.

Electric automaker Tesla and railroad operator CSX report after the bell Wednesday.

In Europe at midday, France’s CAC 40 slipped 0.3 per cent, while the German DAX and Britain’s FTSE 100 were virtually unchanged.

Inflation in the U.K. climbed in March after a sharp jump in prices at the pump in the wake of the disruption to energy supplies caused by the Iran war, official figures showed Wednesday.

In Asian trading, Japan’s benchmark Nikkei 225 rose 0.4 per cent to finish at 59,585.86.

The government reported a trade deficit of 1.7 trillion yen (US$10.7 billion) in the fiscal year that ended in March, the fifth straight fiscal year of deficits. However, exports jumped nearly 11.7 per cent in March and imports rose almost 10.9 per cent in a sign that manufacturers may be bouncing back from the shocks of higher tariffs Trump imposed after returning to office last year.

Australia’s S&P/ASX 200 declined 1.2 per cent to 8,843.60. South Korea’s Kospi added 0.5 per cent to 6,417.93.

Hong Kong’s Hang Seng lost 1.2 per cent to 26,163.24, while the Shanghai Composite gained 0.5 per cent to 4,106.26.

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Yuri Kageyama And Matt Ott, The Associated Press