US benchmark equity indexes were on track to close higher on Wednesday after President Donald Trump's offer to reduce US tariffs on China.

The Dow Jones Industrial Average gained 0.8% to 39,504.61, while the Nasdaq Composite increased 2.3% to 16,671.21. The S&P 500 was up 1.3% to 5,358.73. Technology and consumer discretionary sectors were the top gainers, while consumer staples posted the steepest decline.

Amphenol (APH) was the top gainer on the S&P 500, with shares up nearly 9%. The company issued an bullish Q2 outlook following a Q1 beat.

Palantir Technologies (PLTR) shares jumped 6.4%. The company is collaborating with Alphabet's (GOOG) Google Public Sector to launch FedStart on Google Cloud.

Enphase Energy (ENPH) saw the steepest decline on the S&P 500, down nearly 16%. The company's Q1 non-GAAP earnings and revenue missed analysts' estimates.

The 10-year US Treasury yield dropped 1 basis points to 4.38%, while the two-year rate was up 6.4 basis points to 3.85%.

June West Texas Intermediate crude oil was down 2.4% to $62.15 a barrel.