02:11 PM EDT, 03/25/2026 (MT Newswires) -- US benchmark equity indexes were higher intraday, while oil prices fell amid reports of renewed efforts for a ceasefire in the Middle East.

The Nasdaq Composite was up 1.1% at 21,991.4 after midday Wednesday, while the Dow Jones Industrial Average and the S&P 500 rose 0.8% each to 46,515 and 6,609.5, respectively. Barring energy, all sectors were in the green, led by materials.

West Texas Intermediate crude oil was down 2.3% at $90.21 per barrel, while Brent fell 3.6% to $96.60.

In response to a 15-point peace plan from the US, an Iranian official presented five conditions for ending the conflict, CNN reported Wednesday, citing state media outlet Press TV. The move comes ahead of a possible meeting of top officials in Pakistan this weekend to discuss an off-ramp, CNN reported, citing two Trump administration officials.

"Despite the initial (oil) market relief, uncertainty remains high," ING Bank said in a report. "Tehran fired a fresh wave of missiles at Israel and signaled little willingness to compromise, while Iran also reiterated that foreign ships can transit the Strait of Hormuz only if they comply with Tehran's regulations and are not supporting acts of aggression."

US Treasury yields were lower intraday, with the 10-year rate down 7.6 basis points at 4.32% and the two-year rate losing 6.1 basis points to 3.88%.

In economic news, mortgage applications in the US tumbled last week as rates continued to rise amid fears that the Middle East conflict will keep oil prices elevated, the Mortgage Bankers Association said Wednesday.

In company news, Merck ( MRK ) agreed to acquire oncology company Terns Pharmaceuticals ( TERN ) in a deal with an equity value of about $6.7 billion as the pharmaceutical giant aims to expand its hematology portfolio. Merck ( MRK ) shares were up 2.8%, the top gainer on the Dow, while Terns jumped 5.6%.

Chewy (CHWY) issued an upbeat full-year sales outlook, even as the online pet store company reported fiscal fourth-quarter results just below market estimates. Its shares surged 14%.

KB Home ( KBH ) shares were down 2.6% intraday. The homebuilder late Tuesday lowered its full-year housing revenue outlook amid affordability concerns and recent geopolitical tensions, while it reported weaker-than-expected fiscal first-quarter results.

Gold was up 3.4% at $4,553.70 per troy ounce, while silver advanced 4.4% to $72.60 per ounce.