The three leading U.S. indexes finished with gains on Wednesday.

The S&P 500 rose 0.72% to close the session at 6,575.32, while the Nasdaq Composite jumped 1.16% to 21,840.95. The Dow Jones Industrial Average moved higher by 224.23 points, or 0.48%, to end at 46,565.74.

— Sean Conlon

Nine out of the 11 S&P 500 sectors were in positive territory in afternoon trading Wednesday, supporting the broad market index's gains.

Industrials was the top-performing sector, seeing a rise of 1.9%. Communication services was next in line with a gain of 1.8%. Materials, information technology and consumer discretionary also all saw gains of more than 1%.

Energy and consumer staples were the only two groups in the red, losing 3.7% and 0.3%, respectively.

The S&P 500 was last up 0.9%.

— Sean Conlon

The stock market should be able to rise around 1.5% higher following the strong Tuesday rally, according to Jeff deGraaf, chairman and head of technical research at Renaissance Macro Research.

"This is an oversold rally that was sparked by some news and some optimism," deGraaf said Wednesday on CNBC's "Money Movers." "But there's more to do."

The S&P 500 notched its best day since May in Tuesday session with Wall Street hoping that the U.S.-Iran war could wind down. The broad index added 0.5% in afternoon trading Wednesday.

To be sure, deGraaf noted that market breadth has not been as strong as he would typically like to see.

— Alex Harring

Exchange-traded funds tracking oil saw record-setting trading volumes in March as the U.S.-Iran war sent crude prices soaring.

More than 1.4 billion shares of the United States Oil Fund (USO) — which tracks American spot prices — exchanged hands in the month, according to FactSet. That exceed the high below 800 million last seen in April 2020.

The United States Brent Oil Fund (BNO), which follows the global crude benchmark, saw trading volume surpass 211 million. The prior monthly high set in 2022 was under 112 million.

Both funds saw their biggest monthly gains on record in March. The USO ETF climbed more than 55%, while the BNO added more than 49%.

— Alex Harring

On Wednesday, five stocks in the S&P 500 traded at new 52-week highs.

Tickers that hit this milestone included:

• Pfizer trading at levels not seen since November 2024
• Ross Stores trading at all-time high levels since its IPO in August 1985
• Equinix trading at levels not seen since November 2024
• Sempra trading at all-time high levels not seen since June 1998 when Sempra was created through the merger of Pacific Enterprises and Enova
• Entergy trading at all-time high levels back to when it began trading on the NYSE in 1949

On the other hand, 10 stocks in the index traded at new 52-week lows, such as:

• Nike trading at lows not seen since October 2014
• Visa trading at lows not seen since November 2024
• Global Payments trading at lows not seen since April 2016
• Automatic Data Processing trading at lows not seen since June 2022
• Fidelity National Information trading at lows not seen since October 2013
• Broadridge Financial trading at lows not seen since June 2023
• CoStar Group trading at lows not seen since February 2019
• Insulet trading at lows not seen since September 2024
• Progressive trading at lows not seen since March 2024
• TransDigm trading at lows not seen since February 2024

— Lisa Kailai Han and Gina Francolla

Nike shares are heading for their worst day in roughly a year after the athletic retailer posted a weak outlook.

The Oregon-based firm's shares tumbled 14.3% in afternoon trading. If that holds, it would mark the worst day since early April of 2025, when the stock dropped 14.4%.

Nike's guidance overshadowed a stronger-than-expected report for the third quarter. Shares are now down nearly 30% in 2026, on track for their fifth-straight negative year.

— Alex Harring

Elon Musk's SpaceX has confidentially filed for an initial public offering with the Securities and Exchange Commission, sources confirmed to CNBC's David Faber.

Bloomberg first reported the development on Wednesday. The report said the filing puts the company on track for a June listing, and that a representative for SpaceX didn't immediately respond to a request for comment.

The company merged with Musk's xAI in February, creating a combined entity that he valued at the time at $1.25 trillion.

— Lora Kolodny and Davis Giangiulio

Shares of Eli Lilly rose 5% in midday Wednesday trading after the FDA approved its GLP-1 pill Foundayo.

The pill will start shipping from the company's direct-to-consumer platform LillyDirect on Monday. Lilly added it will be available at pharmacies and on telehealth platforms shortly after that initial launch.

Analysts estimate Foundayo sales will reach $14.79 billion by 2030, according to FactSet. 

— Angelica Peebles, Annika Kim Constantino and Davis Giangiulio

Shares of Intel popped on Wednesday after the semiconductor manufacturer announced that it will repurchase a 49% stake in its Ireland Fab 34 joint venture from Apollo for $14.2 billion.

Intel stock was last trading 9% higher.

The repurchase will be funded through a mix of cash on hand and roughly $6.5 billion in new debt. The Ireland Fab 34 facility is central to Intel's global manufacturing footprint and produces chips using its latest process technologies, Intel 3 and Intel 4.

The move unwinds a 2024 deal in which Apollo invested $11.2 billion into the facility, providing Intel with equity-like capital while preserving the semiconductor manufacturer's balance sheet strength.

— Lisa Kailai Han

Factory activity in the U.S. expanded in March, boosted by a gain in production, though inflationary impacts from the Iran war were evident, the Institute for Supply Management reported Wednesday.

The ISM manufacturing index, a measure of firms reporting expansion for the period, hit 52.7 for the month, 0.3 points above February and slightly better than the 52.4 Dow Jones consensus estimate.

Within the survey, the production index increased 1.6 points to 55.1 and supplier deliveries rose 3.8 points to 58.9.

However, the prices index soared to 78.3, an increase of 7.8 points. Employment was little changed at 48.7.

A reading above 50 in the ISM survey represents growth.

— Jeff Cox

Bank of America is trading at a discount, and investors would be wise to scoop up shares of the bank, according to HSBC Global Investment Research. 

The research arm of HSBC upgraded Bank of America stock to buy from hold. However, it lowered its price target on shares to $55 from $57, with the aim of incorporating "higher costs of equity on the back of greater macro uncertainties," according to its analysts' recent note to clients. 

"For BAC, we feel its leadership position across financial services businesses, better-than-average EPS growth outlook, and strong credit track record are no longer adequately reflected in its valuation," HSBC analyst Saul Martinez said Tuesday in a note to clients. 

The analyst added that "material multi-year ROE expansion is now less clearly priced in for universal banks," largely because of investors' increased focus on "downside macroeconomic risks (weaker growth/higher inflation) and credit concerns, especially around lending to non-bank financial institutions (NBFIs) and private credit exposure."

Bank of America's call falls in line with consensus on the Street. Of the 27 analysts covering the stock, 23 have a buy or strong buy on shares. 

The stock has fallen 10% since the beginning of this year, underperforming the overall market.

— Liz Napolitano

The three major averages began Wednesday's session in the green.

The S&P 500 rose 0.6% shortly after the opening bell, while the Nasdaq Composite advanced 0.7%. The Dow Jones Industrial Average climbed 363 points, or 0.8%.

— Sean Conlon

St. Louis Federal Reserve President Alberto Musalem said Wednesday he believes interest rates should held steady amid a "highly uncertain" economic backdrop.

"The real policy rate, that is, the nominal rate adjusted for expected inflation, was already in the neutral range before the recent increase in energy prices and has declined further since," he said in remarks before the American Enterprise Institute in Washington, D.C.

"I also believe the current policy rate appropriately balances the risks to our dual mandate of maximum employment and stable prices and will likely remain appropriate for some time," he added.

Musalem is a nonvoting participant at Federal Open Market Committee meetings this year. He will vote again in 2028.

— Jeff Cox

Crude prices declined on Wednesday, with U.S. West Texas Intermediate crude futures falling to around $100 per barrel, as investors assessed the possibility of an end to the Iran conflict within weeks.

WTI futures were last down 1.40% at $99.96 a barrel, as of 8:50 a.m. ET. Brent futures were down 2% to $101.89 a barrel.

— Anniek Bao

Retail sales were better than expected in February as consumers kept up a solid pace of spending ahead of the Iran war, the Commerce Department reported Wednesday.

The headline sales number rose 0.6% for the month, according to figures adjusted for seasonality but not inflation. Economists surveyed by Dow Jones had been looking for an increase of 0.5%. Excluding auto-related expenditures, sales rose 0.5%, compared to the 0.3% estimate. On an annual basis, sales were up 3.7%.

Clothing and related sales rose 2% for the month, leading all categories. Other sectors seeing gains included health care (2.3%), sporting goods, music and book stores (1.3%), motor vehicles and parts (1.2%) and miscellaneous (1.1%). Food and beverage stores and furniture stores both reported drops of 1%.

Control group sales, which excludes a number of items and feeds directly into GDP calculations, increased 0.5%.

— Jeff Cox

Check out the companies making the biggest moves premarket:

• Nike — The athletic apparel stock slumped 10% after its North American revenue came in at $5.03 billion, while analysts surveyed by LSEG had expected $5.04 billion. However, Nike posted fiscal third-quarter earnings of 35 cents per share and $11.28 billion in revenue. That exceeded the expected earnings of 28 cents per share and the anticipated $11.24 billion in revenue. The stock also was weighed by downgrades from JPMorgan, Bank of America and Goldman Sachs.
• Dave & Buster's Entertainment — Shares rose 7% after management said the company expects an increase in same-store sales, revenue and adjusted earnings before interest, taxes, depreciation and amortization during 2026. Dave & Buster's posted a fourth-quarter adjusted loss of 35 cents per share and revenue of $529.6 million. Analysts polled by FactSet had expected a profit of 39 cents per share and $555.9 million in revenue.
• PVH — The clothing company, which owns brands Tommy Hilfiger and Calvin Klein, added 1% after posting fourth-quarter adjusted earnings of $3.82 per share and revenue of $2.51 billion. Analysts had expected earnings of $3.31 per share and $2.43 billion in revenue, according to FactSet.

Read the full list of stocks here.

— Lisa Kailai Han and Davis Giangiulio

Private sector employment growth was a bit better than expected in March, but health care and construction continued to provide nearly all the momentum, payrolls processing company ADP reported Wednesday.

Job growth totaled 62,000 for the month, down just 4,000 from February's upwardly revised level but above the Dow Jones consensus for 39,000. ADP's report does not include government employees.

Like February's report, two sectors essentially provided all the gains. Read more.

— Jeff Cox

Iran's Islamic Revolutionary Guard Corps (IRGC) has threatened attacks on a swath of U.S. tech companies with operations in the Middle East, including Nvidia, Apple, Microsoft and Google.

The IRGC warned on Tuesday that 18 tech companies would be considered as "legitimate targets" in retaliation for U.S. and Israeli strikes on Iran.

Attacks on those companies would begin from 8 p.m. on Wednesday, April 1, Tehran time (12:30 p.m. EDT), the IRGC said in a post on Telegram translated by Google, warning employees at those companies to leave workplaces immediately to protect their lives.

"From now on, for every assassination, an American company will be destroyed," they said in an IRGC-affiliated Telegram channel. Read more.

— Kai Nicol-Schwarz

Tuesday's broad market rally lifted bitcoin into positive territory to close out March trading.

The flagship cryptocurrency rose 2% on Tuesday to end the month up 1.43% at $67,802.36, per Coin Metrics. That was bitcoin's first positive month in six. However, it still ended the first quarter down 22.36%, marking its second straight quarterly decline and its first back-to-back drop since 2022.

Similarly, ether rose more than 3% Tuesday, ending the month up 6.7% at $2,095.73 — its first positive month in seven. It also ended down 29.3% for the quarter, its second straight quarterly loss.

— Tanaya Macheel and Gina Francolla

President Donald Trump is set to deliver an address on the Iran war on Wednesday night, the White House said. This will come after Trump said Tuesday that the U.S. will "be leaving [Iran] very soon."

— Fred Imbert

Shares listed in Europe kicked off the new trading month with a strong rebound, after notching their worst month since 2022 in March.

Shortly after the opening bell, the regional Stoxx 600 was seen trading 2% higher, with all major bourses and sectors besides oil and gas stocks trading in the green.

The moves come after President Donald Trump said Tuesday that American forces would leave Iran in "two or three weeks," adding that the U.S. would end its war "whether we have a deal or not."

— Joseph Wilkins and Chloe Taylor

Asia-Pacific markets rebounded on Wednesday, with major markets mostly closing in positive territory on hopes that the Iran war, which has crippled energy supplies to the region, could end soon.

South Korea's Kospi led gains in Asia, surging 8.44% to end at 5,478.7. The rise was the Kospi's largest gain since March 5, while the small-cap Kosdaq climbed 6.06% to close at 1,116.18.

Japan's Nikkei 225 rose 5.24% to 53,739.68, led by financial stocks, while the broad-based Topix added 4.95% and ended at 3,670.9.

Hong Kong's Hang Seng index was up 1.88% in its final hour of trade, powered by basic materials stocks, while mainland China's CSI 300 rose 1.71% to end at 4,526.06.

Australia's S&P/ASX 200 advanced 2.24% and finished at 8,671.8, driven by a rise in educational services stocks.

— Lim Hui Jie

Asia markets rebounded Wednesday after U.S. President Donald Trump signaled that the U.S. could leave Iran in about "two or three weeks."

South Korea's Kospi led gains in the region, surging 6.3%, while the small-cap Kosdaq gained 5%, after data showed South Korean exports in March jumped 48.3% from a year earlier, beating Reuters poll estimates of 44.9%.

Japan's Nikkei 225 rose 3.85%, led by financial stocks, while the broad-based Topix added 3.55%.

Hong Kong's Hang Seng index gained 1.95%, powered by basic materials stocks, while the mainland Chinese CSI 300 rose 1.34%.

Australia's S&P/ASX 200 advanced 1.7%, driven by a rise in educational services stocks.

— Lim Hui Jie

Crypto investment firm CoinShares will start trading on the Nasdaq Wednesday.

CoinShares will make its public debut through a merger with Vine Hill Capital, a special purpose acquisition company. The deal, which closed late on Tuesday, was first announced in September and values the business at about $1.2 billion.

Read more on CoinShares' debut from CNBC's Tanaya Macheel here.

— Darla Mercado

Of the 11 GICS sectors, energy was the only one to close March in positive territory.

Month to date, the sector rose 10.3%. It closed the quarter with a 37.2% surge.

March's biggest laggards were industrial stocks, down 8.5%, followed by the health care and consumer staples sectors, off 8.3% and 7.7%, respectively.

— Lisa Kailai Han

These are the stocks moving the most in extended hours trading:

• Nike — The athletic apparel stock tumbled almost 9% after its North America revenue came in at $5.03 billion, while analysts surveyed by LSEG had expected $5.04 billion. The company also offered a weak sales outlook for its current quarter.
• Dave & Buster's Entertainment — Shares rose 6% after management said the company expects an increase in same store sales, revenue and adjusted EBITDA during 2026.
• RH — The home furnishings stock plunged 18%. RH said it sees full-year revenue growth ranging from 4% to 8%, missing the Street's estimate of 8.8%.

Read the full list of stocks moving here.

— Lisa Kailai Han

Stock futures traded just below flat on Tuesday night.

Shortly after 6 p.m. ET, futures tied to all three major averages fell less than 0.1%.

— Lisa Kailai Han