Stocks rose on Wednesday following a report that the U.S. and Iran were nearing an agreement to end the war.

The Dow Jones Industrial Average added 509 points, or 1.1%. The S&P 500 advanced 0.6%, as did the Nasdaq Composite.

Axios reported, citing sources, that the U.S. and Iran were getting close to a deal that would bring a resolution to the conflict. According to the report, the agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also told CNBC that Iran was evaluating a U.S. proposal toward a resolution.

President Donald Trump signaled later Wednesday that a deal was not certain, however, saying it was a “perhaps, a big assumption” Iran would agree to the U.S. proposal. Equity prices came off their highs following the post.

“If they don’t agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before,” the president wrote in a post on Truth Social.

Trump also said late Tuesday that he is pausing “Project Freedom,” the U.S.’s plan to guide ships out of the Strait of Hormuz. In a Truth Social post, he cited “the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran,” as a driver behind the decision.

Oil prices plunged as traders pared exposure on hopes the war would end soon. West Texas Intermediate futures dropped 5%, trading above $96 per barrel. International Brent lost 5% to trade above $103.

Chipmaker Advanced Micro Devices added to the gains, soaring 16% after the company issued a rosy outlook for the second quarter. AMD also beat expectations on the top and bottom lines in the first quarter. The report lifted the broader chipmaker sector. The VanEck Semiconductor ETF (SMH) jumped 3%. Intel climb ed more than 1%.

Stocks posted strong gains Tuesday, lifted by strong earnings and the ceasefire between Iran and the U.S. remaining in place.

Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon that stocks appear to be “climbing a wall of worry.”

“I think maybe perhaps people in the geopolitical world don’t understand what’s happening with the AI trade and earnings and how much of a buffer that is for S&P 500 EPS. So we’re continuing to see rates of upward revisions that are positive on that AI-related trade,” Calvasina said. “I’m not saying there’s a ton of room before we have a little bit of a breather, and we don’t think markets move up in a linear fashion. But I don’t think we’re overheated right now.”