04:47 PM EDT, 04/01/2026 (MT Newswires) -- US equity benchmarks advanced Wednesday and oil prices fell as optimism around a potential de-escalation in the Iran war remained intact.

The Nasdaq Composite closed 1.2% higher at 21,841, while the S&P 500 rose 0.7% to 6,575.3. The Dow Jones Industrial Average climbed 0.5% to 46,565.7. Most sectors were in the green, led by industrials and communication services.

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

West Texas Intermediate crude oil was last down 2.2% at $99.17 a barrel, while Brent futures fell 2.9% to $100.99.

"Risk-taking found an important reason to make a comeback yesterday and today, after US President Donald Trump suggested that the US forces would withdraw from Iran in 'maybe two weeks, maybe three', and possibly even without an agreement from Iran," Thierry Wizman, global foreign exchange and rates strategist at Macquarie Group, said in a report e-mailed to MT Newswires.

Trump made those remarks as he spoke to reporters at the White House on Tuesday, according to a CNBC report.

Trump said on Wednesday that Iran asked for a ceasefire, though Tehran reportedly denied that claim.

White House Press Secretary Karoline Leavitt said in a post on X that Trump will address the nation at 9 pm ET Wednesday to provide an "important" update on Iran.

"As for the markets, they are cheering what traders are perceiving to be a coming wind-down of the war, but its only to the degree that the wind-down is accompanied by a decline in oil prices that the wind-down will also mark a return to economic normality," Macquarie's Wizman said.

US Treasury yields were higher, with the 10-year rate last up 1.8 basis point at 4.34% and the two-year rate rising 1.4 basis points to 3.82%.

Employment and inflation risks in the US have tilted in opposite directions, with ongoing geopolitical events seen keeping price growth above the Federal Reserve's target throughout this year, St. Louis Fed President Alberto Musalem said Wednesday.

"The economic outlook is highly uncertain," Musalem said in prepared remarks for delivery in Washington, DC. "The risks to the labor market and inflation both tilt in unfavorable directions, that is, toward a weaker labor market and greater persistence of above-target inflation."

On the macro data front, 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."

In 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 8.8%, among the top gainers on the S&P 500, while Apollo fell 1.1%.

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 climbed 5.5%.

Nike ( NKE ) shares plunged nearly 16%, 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.

Eli Lilly ( LLY ) shares rose 3.8%. The drugmaker received approval from the US Food and Drug Administration for its Foundayo, or orforglipron, weight-loss pill.

Gold was last up 2.4% at $4,789.40 per troy ounce, while silver rose 0.4% to $75.24 per ounce.