US pre-open: Futures higher as Trump extends Iran ceasefire

(Sharecast News) - Wall Street futures were in the green ahead of the open on Wednesday after Donald Trump announced shortly after the close of trading that the US would extend its ceasefire with Iran, despite having said just hours earlier that he did not "want to do that". As of 1300 BST, Dow Jones futures were up 0.47%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.53% and 0.71% firmer, respectively.

The Dow closed 293.18 points lower on Tuesday, extending modest losses recorded in the previous session.

Shortly after yesterday's closing bell, Trump said the US would extend its two‑week ceasefire with Iran, arguing the move was warranted due to what he described as a "seriously fractured" government in Tehran.

Trump said Pakistan's field marshal Asim Munir and prime minister Shehbaz Sharif had asked Washington to delay any military action until Iranian leaders could present a unified proposal. He said the US would maintain its blockade of Iranian ports and keep forces "ready and able" while discussions continue.

However, despite the extension, the timeline for talks remained uncertain, with reports from the New York Times and Axios suggesting vice president JD Vance's planned trip to join negotiations had been paused after US officials cited a lack of commitment from Tehran. Iranian state media later reported that negotiators had refused to attend, calling talks with the US a "waste of time".

Trade Nation's David Morrison said: "On one hand, this could be viewed positively, giving another opportunity for talks to take place. But the delay also raises concerns that the conflict could drag on despite continued diplomatic efforts. The Trump administration should be worried that Tehran spurned the talks, even as the President spins it as a sign of Iran's fractured leadership. Instead, it could indicate the regime's hardened intent to carry on the war. Mr Trump confirmed that the US would continue its blockade of Iranian ports while remaining prepared for further action if negotiations fail. But when, or if, further talks take place is far from certain."

In the corporate space, Philip Morris reported first quarter revenues of $10.15bn and adjusted profits of $1.96 per share, ahead of the $9.91bn and $1.83 per share expected by analysts, but lowered its full-year profit guidance, highlighting pressure from increased competition in tobacco products and regulatory uncertainty over its Zyn nicotine pouches, while AT&T posted Q1 revenues of $31.5bn, up roughly 3% year-on-year and ahead of consensus estimates of $31.25bn, with adjusted earnings coming to $0.57 cents per share, topping the $0.55 per share anticipated.

Elsewhere, Boeing turned in a smaller‑than‑expected Q1 loss of $0.20 per share, compared to the $0.83 per share expected by analysts, as trading improved across the group, including within its core commercial aircraft division.

Still to come, Tesla and IBM will publish their latest quarterly numbers after the close.

On the macro front, US mortgage applications rallied 7.8% week-on-week in the seven days ended 17 April, according to the Mortgage Bankers Association, extending the prior week's 1.8% increase. Last week's increase came alongside a seve basis point reduction in benchmark mortgage rates, which tracked the pullback in long‑term Treasury yields as markets weighed the inflation outlook against rising energy prices. Applications to refinance a mortgage, which are typically more sensitive to week-to-week interest rate changes, jumped by 5.8%, while applications to purchase a home shot up 10% week-on-week.









Reporting by Iain Gilbert at Sharecast.com