U.S. Stocks Rise to Records as Iran Talks Ease Oil, AMD Surges

U.S. stock indexes rose to fresh highs on Wednesday after reports that the White House is nearing a one-page memorandum of understanding with Iran and after Advanced Micro Devices posted stronger-than-expected first-quarter results tied to AI demand.

The S&P 500 gained 1.14% to 7,341.93, the Nasdaq Composite rose 1.51% to 25,707.50 and the Dow Jones Industrial Average added 1.10% to 49,839.30.

The reported White House proposal would pause fighting and open nuclear negotiations, with Iran expected to respond within 48 hours. Reported terms include a pause in uranium enrichment, acceptance of U.N. inspections, limits on underground sites, eased restrictions on transit through the Strait of Hormuz, sanctions relief and the release of frozen Iranian funds.

Brent and U.S. crude futures fell after the reports, and energy stocks declined. The S&P energy sector dropped about 3.7%. Exxon Mobil fell roughly 4.7% and Chevron declined about 4.6%.

Advanced Micro Devices jumped about 16.3% to a record high after reporting adjusted earnings per share of $1.37 on $10.25 billion in revenue, a 38% year-over-year increase driven by data-center AI sales. AMD raised its second-quarter outlook. Semiconductor peers also rose: Super Micro Computer climbed about 15%, Nvidia rose about 4.3%, Lam Research added about 7.2%, Micron gained about 2.8% and Intel increased about 2.4%.

The ADP report for April showed private payrolls increased by 109,000, above the consensus estimate of 84,000. ADP Chief Economist Nela Richardson commented, “We’re starting to see green shoots in different sectors every single month.” The jobs print and lower crude prices were cited as factors that supported trading in risk assets on the session.

Market breadth favored advancing stocks, with about 60.3% of issues higher versus 36.3% lower. New highs were about 75.9% against 24.1% new lows, and the bull-to-bear ratio stood near 53% to 47%. Sector performance was led by basic materials at roughly 3.7%, followed by technology and industrials, while utilities underperformed.

On technical charts, the S&P 500 has trended higher since late March. Key levels cited by market participants include resistance near 7,399 and potential upside targets around 7,540, 7,654 and 7,767. On the downside, support levels noted include roughly 7,172 and the psychological floor near 7,001.

Market participants are awaiting Iran’s response within 48 hours. Corporate earnings schedules and incoming economic reports are also set for the coming days and will be considered alongside geopolitical developments.