US Stock Benchmark Opens Higher Amid Shift in Market Sentiment

The Dow Jones Industrial Average opened higher on Wednesday, rising 134.33 points or 0.28% to 48,629.08. This increase was driven by a shift in market sentiment towards cautious optimism following President Donald Trump's assurance to stabilize the global energy market amid the escalating Middle East conflict.

Market Performance

• The S&P 500 rose 15.1 points, or 0.22%, to 6,831.69
• The Nasdaq Composite rose 104.2 points, or 0.46%, to 22,620.89
• CFRA Research's Sam Stovall cited President Trump's pledge to direct the US Navy to provide safe passage to oil tankers in the Strait of Hormuz, a critical waterway where traffic has slowed considerably since the US-Israeli siege on Iran.

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Economic Data

• A report from ADP showed private employers added 63,000 jobs in February, more than the 48,000 that analysts projected.

Bond Market

• The yield on the 10-year Treasury rose to 4.07% from 4.06% late on Tuesday.

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Commodities

• Crude Oil prices erased earlier gains on Wednesday on a media report that Iran indirectly reached out to the US in a bid to end the war in the Middle East.
• Brent steadied near $81 a barrel, after surging in the previous two sessions.
• Gold prices surged on Wednesday as the escalating Middle East conflict boosted safe-haven bids, rising 1.6% to $5,166.75 per ounce.
• Spot silver climbed 3.1% to $84.55 per ounce, while spot platinum jumped 3.8% to $2,160.64 and palladium advanced 3.5% to $1,705.71.