Overview
- U.S. benchmarks set fresh highs Wednesday, with the S&P 500 closing at 7,022.95 and the Nasdaq at 24,016.02 in a rally that erased war-related losses.
- President Trump said negotiations with Iran could restart in Pakistan within two days following a weekend breakdown and a U.S. move to blockade Iranian ports.
- Brent crude fell to about $95 a barrel after signs talks could resume, easing concerns about the Strait of Hormuz, a corridor that carries roughly one-fifth of global oil shipments.
- Bank and corporate results supported the rebound, as Bank of America and Morgan Stanley reported profit growth and executives pointed to healthy consumers and active deal pipelines.
- The IMF cut its global growth outlook and warned a longer conflict risks recession, while Rystad estimated up to $58 billion in Middle East energy repairs, with Iran warning it would target Gulf ports if its shipping hubs are threatened.