Stock market today: Dow pares gains on Trump’s new Iran war comments; Nike plunges on resu
April 1, 2026
The Dow Jones Industrial Average and other major stock indexes held their morning gains in early-afternoon trade Wednesday after President Donald Trump said Iran’s new president seeks a ceasefire. An upside surprise for jobs data and retail sales also fueled stocks. Meanwhile, reports said SpaceX filed for its initial public offering, helping TeslaTSLA rise in the stock market today.
The Dow rose 0.9% while the S&P 500 advanced 1.1%. The tech-heavy Nasdaq composite charged upward by 1.6%. Both the Nasdaq and the S&P 500 got a lift from Micron TechnologyMU and Western DigitalWDC, each of which tacked on more than 10%. The small-cap Russell 2000 leapt 1.6%.
The moves come on the heels of Tuesday’s massive rally in which the Dow made a 1,100-point leap and the Nasdaq bolted nearly 4% higher. The rally was fueled as Trump indicated a truce with Iran was imminent.
On Wednesday, the 10-year Treasury yield eased to 4.31% and West Texas intermediate crude fell to around $100 a barrel.
St. Louis Fed President Alberto Musalem on Wednesday indicated that interest rates may be on hold for a while. In a prepared speech at the American Enterprise Institute, he cautioned that the “Middle East conflict and unsettled tariff policy could weigh on consumer and business spending in the first half of the year.”
However, the impact on inflation from tariffs “should fade over the next couple of quarters,” he said.
SpaceX’s Confidential IPO Filing
Elon Musk’s SpaceX startup has confidentially filed for its IPO, CNBC reported. The report follows Bloomberg’s report about the filing.
The rocket company reportedly may seek a $1.75 trillion valuation. It was valued at $1.25 trillion after it merged earlier this year with xAI, Musk’s other startup.
Shares of TeslaTSLA, Musk’s other trillion-dollar company, rose more than 2%.
11:57 a.m. ET
Eli Lilly Soars On FDA News
Shares of Eli LillyLLY surged after news that the Food and Drug Administration had approved its pill for weight loss for adults, Foundayo. The pill will be available immediately on LillyDirect, the company website announced.
Shares jumped more than 5% and extended gains after rebounding from their 200-day moving average on Tuesday.
11:25 a.m. ET
Egg Producer Jumps After Earnings
Cal-Maine FoodsCALM rose after the egg producer’s third-quarter earnings of $1.06 per share and sales of $667 million each beat Wall Street’s expectations. Both earnings and sales declined from the year-ago period, when avian flu contributed to a surge in egg prices.
Shares jumped more than 5% and retook their 50-day moving average.
10:17 a.m. ET
Amazon Rises Amid OpenAI Stake
AmazonAMZN rose as the tech giant is investing up to $50 billion in OpenAI in a funding round of $122 billion that values the ChatGPT maker at $852 billion, Barron’s reported. The funding comes ahead of OpenAI’s widely anticipated initial public offering of its stock.
Shares of Amazon gained nearly 1%, on track to extend a two-day winning streak.
TeslaTSLA also picked up nearly 1% ahead of its report on first-quarter deliveries expected before market open Thursday. Sell-side analysts see a decline to 351,000 deliveries from the fourth quarter when the electric vehicle giant delivered 407,000 vehicles, according to the company website.
Both Magnificent Seven stocks remain below their 50-day moving average.
9:41 a.m. ET
Stock Market Today: Nasdaq-100 Winners, Losers
Among the Nasdaq-100 index stocks, Western DigitalWDC and IntelINTC jumped 4.5% and 3.5%, respectively, making them some of the best performers just after the market open.
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Meanwhile, ZscalerZS and FortinetFTNT sold off roughly 2% each in morning trading.
9:13 a.m. ET
Trump Says Iran Asking For Ceasefire
Ahead of Wednesday’s open, Trump said in a Truth social post, that Iran’s new president “has just asked the United States of America for a CEASEFIRE!”
He continued, saying, “We will consider when Hormuz Strait is open, free, and clear. Until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”
Dow Jones Movers: Boeing, Chevron
Inside the Dow Jones Industrial Average, BoeingBA and MicrosoftMSFT rallied more than 1% each in early morning trading.
On the downside, ChevronCVX sold off more than 2%, threatening to add to Tuesday’s 1.8% decline.
8:47 a.m. ET
Stock Market Today: Jobs Data, Retail Sales
Early Wednesday, ADP said private payrolls increased by 62,000 in March, topping estimates for a rise of 40,000.
In addition, the Commerce Department’s retail sales for February climbed 0.6%, beating the 0.4% Econoday estimate. Sales excluding autos rose 0.5%, also above estimates.
8:09 a.m. ET
Trump’s U.S.-Iran War Comments
Late Tuesday, Trump told reporters the U.S. will leave Iran in “two or three weeks,” neither an imminent exit nor a lengthy campaign.
Up next, Trump is scheduled to give a prime-time address on the Iran war Wednesday night at 9 p.m. ET, the White House said.
Further, the United Arab Emirates is trying to persuade the U.S. and others to open the Strait of Hormuz by any means, and is willing to join the effort, the Wall Street Journal reported Tuesday night, citing Arab officials.
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Earnings Movers: Nike
Early Wednesday, Nike stock plummeted more than 11% even though the Dow Jones footwear and apparel retailer beat third-quarter estimates. The company reported a 35% decline in earnings to 35 cents per share, but still topped forecasts for 29 cents. Revenue was flat at $11.28 billion, edging out expectations for $11.23 billion in sales.
Weighing on shares was the company’s weak outlook amid a sluggish China recovery.
Other earnings movers Wednesday morning were Cal-Maine FoodsCALM, ConagraCAG, PVHPVH and RHRH.
Shares of Cal-Maine Foods climbed more than 4%, while Conagra stock edged higher in early morning trading. PVH stock moved up 2%, but RH shares crumbled 18% in premarket trading.
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Stock Market Today: Jobs Data, Retail Sales
Due out at 8:15 a.m. ET is ADP’s employment report. Private payrolls are expected to rise by 40,000 in February, down from March’s 63,000 increase, according to Econoday estimates.
Meanwhile, the Commerce Department’s retail sales for February are anticipated out at 8:30 a.m. ET. Sales are seen up 0.4% in February, with sales excluding autos up 0.3%, Econoday figures show.
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Be sure to follow Scott Lehtonen on X at @IBD_SLehtonen for more on growth stocks, the Dow Jones Industrial Average and the stock market today.
Please follow VRamakrishnan on X/Twitter for more news on the stock market today.
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