Financial Markets Wall Street

U.S. stocks and oil prices flip-flopped as uncertainty rose about what will happen following a two-week ceasefire in the war with Iran, which had been set to expire Wednesday. The S&P 500 erased an early rise and fell 0.6% Tuesday after Vice President JD Vance called off a trip to Pakistan, where he was expected to lead U.S. negotiators in talks with Iran to extend the ceasefire. The Dow Jones Industrial Average fell 293 points after erasing an earlier rise of 400 points, and the Nasdaq composite lost 0.6%. The moves were more modest than the swings that rocked Wall Street earlier in the war.

The U.S. stock market is rallying toward more records after GE Vernova and other big companies joined the list of those reporting fatter profits for the start of the year than analysts expected. But caution is still hanging over Wall Street Wednesday, and oil prices are also rising on uncertainty about what will happen in the war with Iran. The S&P 500 climbed 0.8% and was on track to top its all-time high set on Friday. The Dow Jones Industrial Average added 312 points, and the Nasdaq composite gained 1.2%. The price for a barrel of Brent crude oil topped $100.