US stocks rose on Wednesday, while oil prices declined to start the month, as hope grew that an end to the U.S.-Iran war was on the horizon.

The S&P 500 was up 0.6%, and the Nasdaq Composite gained 0.7%. The Dow Jones Industrial Average added 363 points, or 0.8%.

President Donald Trump said in a post on Truth Social Wednesday morning that Iran’s president has asked the U.S. for a ceasefire. However, the U.S. will consider the offer when the Strait of Hormuz is “open, free, and clear,” Trump added, writing that “until then, we are blasting Iran into oblivion or, as they say, back to the Stone Ages!!!”

This comes after the president old reporters at the White House late Tuesday that he expects the U.S. military forces will leave Iran in “two or three weeks.”

Nike has signalled that revenues could decline in 2026, stirring concerns about its progress in a multiyear corporate turnaround and sending its shares tumbling 12%.