Stock futures jumped on Wednesday following a news report that the U.S. has given Iran a plan to bring the conflict to an end, sending crude prices tumbling. Futures tied to the Dow Jones Industrial Average gained 421 points, or 0.9%. S&P 500 futures and Nasdaq 100 futures advanced 0.8% and 1%, respectively. The New York Times reported that the U.S. is said to have sent Iran a peace plan to end the war, citing two unnamed officials. The 15-point plan was delivered by way of Pakistan, the outlet said. To be sure, both sides appear to be very far apart and attacks from both sides have continued. The Wall Street Journal report that the U.S. is deploying the Army’s 82nd Airborne Division to the Middle East. The peace plan report comes after President Donald Trump earlier Tuesday said that the U.S. is “in negotiations right now” with Iran. He added that Tehran is “talking sense” and suggested it is eager to make a peace deal. Stock futures later came off their highs Wednesday after Iran state media said the country won’t accept U.S. ceasefire efforts. Meanwhile, oil prices fell sharply Wednesday. West Texas Intermediate futures lost 4% to around $88 per barrel. International Brent also fell 4% to around $99. Treasury yields also tumbled with oil prices and the prospect for peace. “We continue to see this as just an oil-driven, one-variable market,” Michael Kantrowitz, chief investment strategist at Piper Sandler, said on CNBC’s “Closing Bell: Overtime” Tuesday. “Oil and interest rates are driving the equity market. And for now, I think markets are priced appropriately for where conditions are, and we’ll continue to move and react as conditions evolve.” He added: “I’m less concerned about the economy. I think the U.S. economy can certainly handle $90, $100 oil. I’m a little more concerned about interest rates and the fear of persistent inflation weighing on equity multiples.” The war has led to tremendous volatility for stocks this week. The market on Tuesday gave back some of its gains from Monday, which saw all three averages soaring more than 1% after Trump wrote in a Truth Social post that the U.S. and Iran have held “very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East.” However, Iranian state media denied reports of these direct talks between the two nations. “While there remain questions over who in Iran can curtail military activities as well as what will satisfy Israel’s interests, the market seems to be expressing a view that it wants to bounce higher from here,” said JPMorgan’s trading desk in a note. “Also, it is unclear that Iran would drop previous requests, including security guarantees against future aggression and reparation/compensation for losses incurred during this conflict.” Shares of technology shares led the gains in early trading Wednesday, with Nvidia, AMD and Intel all jumping. Stocks that would benefit from a solid economy also gained with financials and industrials in the green. U.S. Treasury yields fell sharply on Wednesday as investors weighed reports that a potential plan to end the Middle East conflict could be in sight. The 10-year Treasury yield — the benchmark for U.S. government borrowing — was more than 7 basis points lower at 4.318%. The yield on the 2-year Treasury note, which are more sensitive to short-term Federal Reserve rate decisions, was more than 7 basis points lower at 3.863%. The 30-year bond yield, meanwhile, dipped by more than 5 basis points, falling to 4.887%. Asia-Pacific markets gained on Wednesday after U.S. President Donald Trump suggested potential talks with Iran, lifting investor sentiment, even as Tehran denies any direct negotiations with Washington. South Korea’s Kospi jumped 1.59% to end at 5,642.21 while the small-cap Kosdaq was 3.40% higher, ending the trading day at 1,159.55. Australia’s S&P/ASX 200 rose 1.85% to close at 8,534.3. Japan’s Nikkei 225 gained 2.87% to 53,749.61, while the Topix added 2.57% to 3,650.99. Hong Kong’s Hang Seng index added 1.09%, while the CSI 300 gained 1.4% to 4,537.47. Oil prices fell on Wednesday after U.S. President Donald Trump said that Washington and Tehran are “in negotiations right now” and indicated Iran is keen to reach a peace agreement, despite the Islamic Republic denying any direct talks with the U.S. International benchmark Brent crude futures declined 5% to $99.30 per barrel, while U.S. West Texas Intermediate futures were also down 5.1% at $87.63 per barrel. Gold prices climbed on Wednesday as declining oil prices helped temper worries about persistent inflation, following reports that Washington is working on a proposal to end the Middle East conflict. Spot gold prices pared earlier gains to settle around $4,548.07 an ounce by 3:46 a.m. ET, representing a rise of 1.6%. Gold futures for April delivery were last seen over 3% higher at $4,545.50 per ounce.