US stocks climb, but so do oil prices with uncertainty rising about the war with Iran

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NEW YORK (AP) — GE Vernova, Boston Scientific and Boeing are helping to lead the U.S. stock market toward another record Wednesday after joining the list of companies reporting fatter profits for the start of the year than analysts expected. But caution is still hanging over Wall Street, and oil prices are also rising on uncertainty about what will happen in the war with Iran.

The S&P 500 climbed 0.6% and was on track to top its all-time high set on Friday. The Dow Jones Industrial Average was up 345 points, or 0.7%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 0.7% higher.

GE Vernova flew 12.1% higher after the company, whose products help generate about a quarter of the world’s electricity, reported profit for the first three months of the year that blew past analysts’ expectations. It also said it’s seeing accelerating demand for its products, and it raised its forecasts for revenue and other financial measures over the full year.

The vast majority of companies in the S&P 500 have so far been delivering results for the start of 2026 that have topped analysts’ expectations, even with the war in Iran driving up oil prices and uncertainty for the global economy. Such strong performances have helped the S&P 500 power higher, and the index is on track for a 13th gain in its last 16 days.

Boston Scientific rallied 6.5%, Boeing climbed 4.1%, and Philip Morris International rose 3.6% after likewise delivering results for the latest quarter that were stronger than analysts expected.

Still, another rise in oil prices helped keep enthusiasm in check on Wall Street. The price for a barrel of Brent crude oil, the international standard, added 1.4% to $99.88 on uncertainty about when the war with Iran could let up and allow petroleum to flow freely to customers from the Persian Gulf again.

The war has restricted traffic through the Strait of Hormuz, a narrow waterway off Iran’s coast that oil tankers typically use to exit the Persian Gulf. Iran fired on three ships in the strait and seized two of them on Wednesday.

A day earlier, U.S. President Donald Trump extended a ceasefire but also said he was maintaining an American blockade of Iranian ports. The standoff over Iran’s closure of the strait and the U.S. blockade raised doubts about when or if talks would resume to end the crisis.

Brent crude has shot up from roughly $70 per barrel since before the war on worries about a long-term disruption to the flow of oil. But moves in both the oil and stock markets have become much more modest in recent weeks, following vicious swings where Brent’s price briefly topped $119 and the S&P 500 dropped nearly 10% below its prior all-time high.

On the losing end of Wall Street Wednesday was Best Buy, which fell 4.4% after the electronics retailer announced the departure of CEO Corie Barry. She will be replaced by longtime insider Jason Bonfig, the company’s chief customer, product and fulfillment officer.

In stock markets abroad, indexes dipped in Europe following a mixed finish in Asia.

Japan’s Nikkei 225 rose 0.4% after the government said exports jumped nearly 11.7% in March in a sign that manufacturers may be bouncing back from the shocks of higher tariffs Trump imposed after returning to office last year. But Hong Kong’s Hang Seng fell 1.2% for one of the world’s sharper losses.

In the bond market, Treasury yields eased despite the gain in oil prices. The yield on the 10-year Treasury fell to 4.28% from 4.30% late Tuesday.

That gave back some of its gain from the prior day, when Trump’s nominee to chair the Federal Reserve, Kevin Warsh, said he never promised Trump he would cut interest rates even though Trump has been angrily calling for lower rates.

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AP Business Writers Yuri Kageyama and Matt Ott contributed to this report.