U.S. stock futures jumped Wednesday after President Donald Trump said he was suspending Iran attacks for two weeks just ahead of his 8 p.m. ET deadline, pausing a five-week conflict that closed a crucial waterway for global energy supply and sent equity prices reeling. Futures tied to the Dow Jones Industrial Average rose by 1,248 points, or 2.7%, by 8:47 a.m. E.T. S&P 500 futures added 2.7%, and Nasdaq 100 futures climbed 3.5%. “I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump posted on Truth Social. “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.” Trump noted that the “double sided” ceasefire was contingent on Iran agreeing to an opening of the Strait of Hormuz. Iran’s Supreme National Security Council has agreed to reopen the waterway for two weeks as long as all attacks are halted, according to a statement from Iran’s Foreign Minister. The statement said transit would need to be coordinated with Iran’s Armed Forces. Israel agreed to the ceasefire as well, according to media reports. “It wasn’t much of a surprise that there was an announced reprieve in the Iranian conflict. The market has gotten much better at sniffing out” Trump’s next move, said Jay Woods, chief market strategist for Freedom Capital Markets. “The concern now is if this all too familiar ‘two-week’ timeframe is going to lead to a resolution.” Stock futures added to their gains after Trump posted Wednesday morning that the U.S. will be working with Iran to remove nuclear material from the country and that the two nations are discussing tariff and sanctions relief for Iran. Stocks that have been under pressure this year rallied in premarket trading, with the megacaps Nvidia and Amazon jumping more than 3% and 4%, respectively. Tesla shares advanced more than 4%. Shares of JPMorgan and Boeing climbed more than 2% and 3%, respectively. On the other hand, energy stocks that have surged since the start of the conflict faltered in the premarket, with shares of Exxon Mobil dropping more than 6% and Chevron down more than 4%. Investors are coming off a mixed session Tuesday, with the S&P 500 eking out a gain of 0.08% as traders bet that a ceasefire could be achieved. The Nasdaq Composite inched 0.10% higher on Tuesday, while the Dow lost 85.42 points. Stocks came off their session lows in the final hour of Tuesday’s trading session after Pakistan’s Prime Minister Shehbaz Sharif asked Trump to extend by two weeks his deadline for striking Iran’s bridges and power plants. In a post on social media platform X, Sharif also requested Tehran open the Strait of Hormuz for two weeks “as a goodwill gesture.” Trump had previously set a deadline for 8 p.m. ET Tuesday for Iran to reach a deal with the U.S. to reopen the key waterway. He threatened to attack the nation’s power plants and bridges, as well as wipe out its “whole civilization,” if such terms were not met. The S&P 500 was 5.5% below the all-time high reached earlier this year at Tuesday’s close. The benchmark neared a 10% correction in March before rebounding on optimism Trump would find an off-ramp to ease the havoc the conflict was wreaking on markets. Crude oil prices are up more than 70% this year because of the closure of the Strait of Hormuz, pushing the average U.S. national gasoline price tracked by AAA above $4 a gallon for the first time since 2022. U.S. Treasury yields were down sharply Wednesday following the announcement of a two-week ceasefire in the Middle East conflict. The yield on the 10-year U.S. Treasury note — the benchmark for government borrowing —plummeted around 10 basis points to 4.24%. Shorter- and longer-dated yields were also scythed as investors piled into U.S. bonds. The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate moves, was down 10.1 basis points at 3.732%. The 30-year Treasury note yield dropped 7 basis points to 4.843%. Asia-Pacific markets rallied on Wednesday after U.S. President Donald Trump said he had agreed to suspend planned attacks on Iranian infrastructure for two weeks. South Korea’s Kospi surged almost 7% to close at 5,872.34 while the small-cap Kosdaq was up 5.12%, ending the trading day at 1,089.85. Japan’s Nikkei 225 widened gains to 5.39%, closing at 56,308.42, while the Topix rose 3.32% to 3,775.3. China’s CSI 300 ended the Wednesday session 3.49% higher. Hong Kong’s Hang Seng Index last traded up 2.95% at 3:05 a.m. ET, after resuming trading following a holiday. Australia’s S&P/ASX 200 rose 2.55% to 8,951.8. India’s Nifty 50 was up 3.65%. Oil prices plunged Wednesday after President Donald Trump agreed to suspend attacks on Iran for two weeks in exchange for Tehran allowing safe passage through the Strait of Hormuz. U.S. West Texas Intermediate futures with May delivery fell about 18% to $92.50 per barrel by 8:48 a.m. ET. International benchmark Brent crude futures with June delivery lost more than 16% to $91.25 per barrel. The WTI could log its worst daily performance since April 27, 2020 if it settles more than 14.52% lower. Gold rose to a near three-week high on ​Wednesday, as oil prices ​and the dollar ​fell sharply after the U.S. and Iran came to an agreement to cease hostilities for two weeks as talks begin on a permanent end to the war. Spot gold ⁠was ‌up 2% at $4,795.99 per ounce, as of 0920 ⁠GMT. Earlier in the session, bullion rose more than 3% to its highest level since March 19. U.S. gold futures for June delivery gained 3% to $4,824.70. “The weaker dollar is supporting gold, but essentially ⁠it is also supported by lower oil prices, lower inflation and increased rate cut expectations after ‌the ceasefire announcement,” said UBS analyst Giovanni Staunovo. Gold has ‌fallen 10% since the U.S. and Israel launched attacks on February 28. Though the metal is viewed as an inflation hedge, higher interest rates weigh on the non-yielding asset.