01:18 PM EDT, 03/25/2026 (MT Newswires) -- US equity indexes rose in midday trading on Wednesday, albeit off session highs, and crude oil futures pared declines as investors weighed the Trump administration's attempts to end the Iran war.

The Nasdaq Composite rose 1% to 21,976.1, with the S&P 500 up 0.7% to 6,601.2, and the Dow Jones Industrial Average 0.7% higher to 46,457.5. All sectors except energy rose. Materials, utilities, and consumer discretionary led the gainers.

Most US Treasury yields fell, with the 10-year down 7.6 basis points to 4.32% and the two-year lower by 6.7 basis points to 3.87%.

"Markets are erring on the side of mild optimism that the US and Iran will be able to strike some sort of agreement that de-escalates the war," Scotiabank Economics said in a note. "That's highly unclear amid signals to the contrary."

On Wednesday, two Pakistani officials said that Iran had received a 15-point proposal from the US to pause the ongoing military conflict in the Middle East, according to a report by AP News.

Israel's Channel 2 reported that the US is seeking a month-long ceasefire to discuss the plan, which includes the dismantling of Iran's nuclear program, ceasing support for proxy groups, and the reopening of the Strait of Hormuz, the choke point for global crude oil flows, according to The Star.

Both Pakistan and Turkey are being considered as possible venues for mediation to de-escalate the conflict, according to a Reuters report, citing a senior Iranian official.

Iran will not accept a ceasefire offer from the US, CNBC reported, citing Iranian state media on Wednesday. "Iran does not accept a ceasefire," a source told FARS, according to a translation of the news site's Telegram page that reported the interview.

Iranian military spokesperson Ebrahim Zolfaqari mocked Washington by asking, "Has the level of your inner struggle reached the stage of you negotiating with yourself?"

Analysts at Macquarie expressed skepticism regarding a quick resolution in the conflict, citing the build-up of amphibious US forces in the region, along with the "unbridgeable" differences between Washington and Tehran.

"If the conflict persists, normalization slips to late 2026, with crude upside extending to $130/bbl in Q2 and significant demand destruction," a Kpler analyst said. "Either way, this is no longer a short-term disruption; it is a structural reset in global oil flows."

West Texas Intermediate crude oil futures were down 2.3% to $90.22 in midday trading, after dropping more than 5% earlier in the session.

In company news, Arm Holdings ( ARM ) expects "material revenue" from its first in-house chip starting in 2028, with "an exponential ramp" to roughly $15 billion in 2031, Chief Financial Officer Jason Child said late Tuesday, according to a FactSet transcript. Shares of the chipmaker soared 19%, the biggest gainer on the Nasdaq.

Micron Technology ( MU ) said Wednesday it has commenced offers to purchase six series of outstanding senior notes, with maturities ranging from 2031 to 2035, for cash. Principal amount outstanding under the notes is $5.4 billion. Shares of Micron dropped 4.1%, among the worst performers on the S&P 500 and the Nasdaq.