The three major New York stock indexes opened higher as expectations grew that the clash between the United States and Iran could be winding down.
As of 9:49 a.m. on the 1st (local time) on the New York Stock Exchange, the Dow Jones industrial average was up 153.27 points, or 0.33%, at 46,494.78. The Standard & Poor's (S&P) 500 was up 26.74 points, or 0.41%, at 6,555.26, and the Nasdaq composite was up 145.02 points, or 0.67%, at 21,735.65.
Hopes for easing tensions between the United States and Iran changed investor sentiment. U.S. President Donald Trump said on Truth Social that "the president of Iran's new regime is far less radical and smarter than transfer leaders, and has just asked the United States for a cease-fire."
He added, "We will consider it when the Strait of Hormuz is fully open, free to transit, and secure."
In an interview with foreign media the same day, Trump also said, "We will withdraw from Iran fairly quickly," adding, "If necessary, we will come back and carry out precision strikes." The previous day at the White House, Trump told reporters, "We will withdraw soon," and said, "We will withdraw from Iran within two to three weeks."
Trump will deliver a national address on Iran at 9 p.m. on the 1st local time (10 a.m. on the 2nd Korea time).
Private employment data released that day beat market expectations. According to the national employment report from Automatic Data Processing (ADP), private payrolls in March increased by 62,000 from the previous month. That is well above the market forecast of 40,000.
Robert Pavlik, senior portfolio manager at Dakota Wealth, said the remarks by the U.S. and Iranian leaders suggests the situation is moving toward calming. Pavlik said, "If the risk factors that have weighed on the market over the past month ease, it would be a meaningful shift."
By sector, energy, financials, and consumer staples weakened, while most other sectors generally rose. Sports brand Nike fell more than 13% on the back of the previous day's earnings release. With guidance calling for fourth-quarter revenue to decline 2% to 4%, it missed the market's expectation for a 1.9% increase. Expectations that China sales would fall about 20% weighed on investor sentiment.
Occidental Petroleum fell nearly 3%, reflecting pressure from lower oil prices on hopes for an end to the war.
Cloud-based software corporations nCino rose more than 12% after its first-quarter guidance topped market expectations. nCino projected first-quarter revenue of $154.5 million to $156.4 million. That exceeds the market forecast of $152.7 million.
Major European stock markets also rose across the board. The Euro Stoxx 50 was up 2.27% from the previous session at 5,696.30 in transaction. The United Kingdom's FTSE 100 and Germany's DAX rose 1.70% and 2.58%, respectively. France's CAC 40 also gained 1.75%.
International oil prices fell. At the same time, the front-month May 2026 delivery West Texas Intermediate (WTI) crude was down 2.28% at $99.07 per Barrel in transaction.