04:25 PM EDT, 04/01/2026 (MT Newswires) -- US equity indexes jumped while crude oil futures fell on Wednesday, reflecting expectations that President Donald Trump will end the war against Iran.

The Nasdaq Composite jumped 1.2% to 21,840.95, with the S&P 500 up 0.7% to 6,575.32 and the Dow Jones Industrial Average higher by 0.5% to 46,565.74.

In a letter to the American people, Iranian President Masoud Pezeshkian warned of "consequences that extend far beyond Iran's borders," Sky News reported Wednesday. The announcement from Tehran comes ahead of President Donald Trump's address to the US late on Wednesday.

"Exactly which of the American people's interests are truly being served by this war? Was there any objective threat from Iran to justify such behavior?" the Iranian president posed a question in the letter, according to a report from CNN.

Trump plans to deliver an "important update on Iran" as he expects to wrap up the Iran war in "two weeks, maybe three," multiple media sources reported on Wednesday. The US has achieved its goals in Iran, Trump said, primarily that of curtailing its ability to obtain a nuclear weapon, BBC reported.

With respect to ending the Iran war, Trump said Iran asked the US for a ceasefire and that he will only consider the request after the Strait of Hormuz is reopened, CNN reported. Iran has since denied the claim, and its Islamic Revolutionary Guard Corps said the strait was "fully" under its control.

Meanwhile, UK Foreign Secretary Yvette Cooper will host a virtual meeting of around 35 countries on Thursday to discuss viable diplomatic measures and reopen the Strait of Hormuz, a chokepoint for about a fifth of the world's crude oil flows, BBC reported.

West Texas Intermediate crude oil futures dropped 1.6% to $99.80, and Brent crude futures slid 2.6% to $101.22.

All sectors except energy, consumer staples, and financials rose. Communication services, industrials, and technology led the gainers.

In economic news, US retail sales rose by 0.6% in February, above the 0.5% gain expected in a Bloomberg-compiled survey and January's revised 0.1% decline. Excluding a jump in motor vehicle sales, retail sales were still up 0.5% compared with the 0.3% increase forecast. Removing both motor vehicle and higher gasoline station sales, retail sales rose 0.4% from 0.2% in January.

Meanwhile, the Institute for Supply Management's US manufacturing index climbed to 52.7 in March from 52.4 in February, above the 52.3 print anticipated in a Bloomberg-compiled poll.

The S&P Global US manufacturing index for March was revised downward to 52.3 from the flash reading of 52.4, compared with expectations for no revision in a Bloomberg-compiled survey.

US Treasury yields were mixed, with the 10-year up by 1.7 basis points to 4.33%. The two-year yield was little changed at 3.81%. Earlier in the session, most government bond yields traded lower.

In precious metals, gold futures jumped 2.4% to $4,758.4 and silver futures advanced 0.5% to $75.31.

In company news, shares of Nike ( NKE ) sank almost 16%, the worst performer on the S&P 500 and the Dow, after the world's biggest sports footwear and clothing retailer posted a decline in fiscal Q3 earnings.