02:16 PM EDT, 04/01/2026 (MT Newswires) -- US benchmark equity indexes were higher intraday and oil prices dropped amid optimism that the Middle East conflict may soon approach its end.

The Nasdaq Composite was up 1.7% at 21,957.1 after midday Wednesday, while the S&P 500 rose 1.2% to 6,605.4. The Dow Jones Industrial Average added 0.9% to 46,773.3. Barring energy and consumer staples, all sectors were in the green, led by communication services.

The US equity market will be closed April 3 for the Good Friday holiday.

West Texas Intermediate crude oil was down 2% at $99.30 a barrel intraday Wednesday.

President Donald Trump said on Wednesday that Iran's "new regime president" has asked for a ceasefire.

"We will consider when Hormuz Strait is open, free, and clear," Trump said in a social media post. "Until then, we are blasting Iran into oblivion."

Iran denied Trump's claim, while Tehran's Islamic Revolutionary Guard Corps said the Strait of Hormuz -- a key trade chokepoint -- was "fully" under its control, CNN reported.

White House Press Secretary Karoline Leavitt said in a post on X that Trump will address the nation "to provide an important update on Iran" at 9 pm ET Wednesday. President Donald Trump told reporters Tuesday that US military forces could leave Iran in two to three weeks, CNBC reported.

US Treasury yields were mixed intraday, with the 10-year rate up one basis point at 4.32% and the two-year rate little changed at 3.8%.

In economic news, private jobs in the US rose by 62,000 in March, ADP (ADP) data showed, exceeding the consensus forecast for a 40,000 increase in a Bloomberg-compiled survey.

"Overall hiring is steady, but job growth continues to favor certain industries, including health care," ADP Chief Economist Nela Richardson said.

Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 65,000 nonfarm jobs last month, following a reduction of 92,000 in February, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.4%.

The US manufacturing sector's growth accelerated in March even as new orders slowed, an Institute for Supply Management survey showed.

"Input price pressures had increased due to tariff implementation, but now the increase in gasoline prices and other commodity inputs has pushed prices to a higher trajectory," Jefferies said in a note. "Given the uncertainty surrounding the war in Iran, it is difficult to take much signal from this increase or to form expectations for how it may evolve in the future."

Retail sales in the US rebounded more than expected in February, delayed official data showed Wednesday.

"Overall retail sales staged an impressive rebound in February," Oxford Economics said in a note. "We expect the war with Iran to start impacting retail sales in March, with higher personal outlays for gasoline crowding out spending on discretionary goods and services."

Moving on to company news, Intel ( INTC ) agreed to buy back the 49% stake in the joint venture related to its Fab 34 plant in Ireland that it previously sold to Apollo Global Management ( APO ) . Intel ( INTC ) shares jumped 9.6% intraday, among the top gainers on the S&P 500, while Apollo fell 0.5%.

Cal-Maine Foods' ( CALM ) fiscal third-quarter results fell year over year amid lower egg prices, though the company expects earnings to stabilize in the long term. The egg producer's shares were up 4.9%.

Nike ( NKE ) shares plunged 14%, the worst performer on the Dow and the S&P 500. The sportswear giant late Tuesday forecast revenue to decline in its fiscal fourth quarter year over year amid persistent weakness in the key China region.

Gold was up 3% at $4,788.10 per troy ounce, while silver rose 1.6% to $76.11 per ounce.