S&P 500 Hits New High on Ceasefire Extension: Stock Market Today

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Stocks jumped out of the gate Wednesday after President Donald Trump announced an extension to the U.S.-Iran ceasefire. The main indexes held their gains through the close, with sentiment getting an additional boost from a round of well-received earnings reports.

In a post on Truth Social, Trump said that the U.S. military will continue its blockade of the Strait of Hormuz, but will extend the ceasefire until Iran submits a peace plan to end the war.

Vice President J.D. Vance was slated to head to Pakistan on Tuesday to negotiate with Iranian leaders, but those talks are currently on hold as Tehran refuses to participate.

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The lack of a resolution didn't shake Wall Street, though. At the close, the blue-chip Dow Jones Industrial Average was up 0.7% at 49,490. The broader S&P 500 was 1.1% higher at 7,137 and the tech-heavy Nasdaq Composite rose 1.6% to 24,657, new record closing highs.

Oil prices rose, too, with front-month West Texas Intermediate crude futures climbing more than 3% to settle at $92.96 per barrel.

Adobe gains on $25 billion stock buyback plan

Technology was the best-performing sector on Wednesday, thanks to strong gains for several mega-cap chip stocks including Advanced Micro Devices (AMD, +6.7%), Broadcom (AVGO, +5.1%) and Micron Technology (MU, +8.5%).

Software stock Adobe (ADBE) was also a big winner today, rising 3.5% after the Photoshop parent announced a new $25 billion stock buyback program.

"Our new $25 billion share repurchase authorization is a direct expression of confidence in our robust cash flow and the long-term value we are delivering to investors," said Adobe's Chief Financial Officer Dan Durn. "Returning meaningful capital to stockholders while continuing to invest aggressively in innovation speaks to the durability of Adobe's business model and strategy to leverage AI to amplify creativity, scale reach and deliver impactful experiences."

Boeing pops after earnings

Looking at the earnings calendar, Boeing (BA) jumped 5.5% — making it the best Dow Jones stock today — after the aircraft giant reported a narrower-than-expected first-quarter loss. The company also beat on the top line.

Additionally, Boeing said production of its best-selling 737 jets has stabilized to a rate of 42 airplanes per month, and expects that to ramp up to 47 per month this summer.

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GE Vernova (GEV, +13.6%), Masco (MAS, +10.8%) and Philip Morris International (PM, +7.0%) were post-earnings winners too.

Capital One falls after earnings, but Argus says it's still a Buy

On the negative side of the ledger was Capital One Financial (COF), which fell 1.5% after the big bank missed on both the top and bottom lines. Still, revenue was up 52% year over year and COF said its integration of Discover, which it acquired in May 2025, is going well.

"Comparisons continued to reflect the May 2025 acquisition of Discover Financial, with average loans up 38% in 1Q," says Argus Research analyst Stephen Biggar. "Credit quality was stable, and we attribute much of the EPS miss versus consensus to a $230 million reserve build in the allowance for loan losses."

Biggar reiterated a Buy rating on Capital One — a member of Warren Buffett's Berkshire Hathaway equity portfolio — and $250 price target, saying the financial stock is priced at "an attractive entry point."

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With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.