The major U.S. index futures are currently pointing to a higher open on Wednesday, with stocks likely to regain ground following the pullback seen over the two previous sessions.Early buying interest is likely to be generated in reaction to news that President Donald Trump has extended the U.S. ceasefire with Iran.Calling Iran’s government “seriously fractured,” Trump said in a post on Truth Social that the U.S. would hold off on attacking Iran until their leaders “come up with a unified proposal.”However, Trump also said that he has directed the U.S. military to continue its blockade of all maritime traffic entering and exiting Iranian ports.Iran dismissed Trump's ceasefire extension as “meaningless” and said the Strait of Hormuz will remain closed until the U.S. blockade is lifted.Mahdi Mohammadi, a senior adviser to Iranian Parliament Speaker Mohammad Bagher Ghalibaf, termed the ceasefire extension a ploy “to buy time for a surprise strike,” adding the “losing side cannot dictate terms.”Shortly after Trump’s ceasefire announcement, Iran’s Revolutionary Guard Navy claimed it has seized two container ships in Strait of Hormuz for “maritime violations.”The back and forth between Trump and Tehran has led to some uncertainty, although traders generally remain hopeful about an eventual resolution of the conflict.Traders also continue to express optimism about the strength of corporate results, with earnings season off to a solid start.“Investors appear to be focusing more on the direction of risk — whether things are improving or deteriorating — rather than the absolute level of geopolitical tension,” said Daniela Hathorn, Senior Market Analyst at Capital.com.“Earnings season is playing a key role in reinforcing this narrative,” she added. “Expectations for continued double-digit earnings growth remain intact, helping to justify elevated equity valuations even as macro risks persist.”Following the modest pullback seen during Monday’s session, stocks saw further downside over the course of the trading day on Tuesday. The major averages initially moved higher but slid firmly into negative territory as the day progressed.The major averages ended the day just off their lows of the session. The Dow slid 293.18 points or 0.6 percent to 49,149.38, the Nasdaq declined 144.43 points or 0.6 percent to 24,529.96 and the S&P 500 fell 45.13 points or 0.6 percent to 7,064.01.The weakness that emerged on Wall Street came as the price of crude oil moved sharply higher over the course of the day.Extending the significant rebound seen on Monday, U.S. crude oil futures surged by more than 2.5 percent on the day.Crude oil prices further offsetting the nosedive seen last Friday amid concerns ahead of the expiration of the ceasefire between the U.S. and Iran.In an interview with CNBC, President Donald Trump said he expects to "end up with a great deal" with Tehran but indicated the military was ready to resume bombing Iran when the ceasefire expired on Wednesday.A report from the New York Times citing a U.S. official also said Vice President JD Vance's trip to Pakistan has been suspended because Iran did not respond to American negotiating positions.Earlier in the session, the markets benefitted from a positive reaction to some of the latest corporate earnings news.Shares of UnitedHealth (UNH) spiked by 7 percent after the health insurance giant reported better than expected first quarter results and raised its full-year earnings guidance.Homebuilder D.R. Horton (DHI) has also surged by 5.8 percent after reporting first quarter earnings that exceeded analyst estimates.On the other hand, shares of 3M (MMM) slumped by 1.9 after the conglomerate reported better than expected first quarter earnings but provided disappointing full-year guidance.Early buying interest was also generated in reaction to a Commerce Department report showing retail sales in the U.S. surged by more than expected in the month of March.The report said retail sales shot up by 1.7 percent in March after climbing by an upwardly revised 0.7 percent in February.Economists had expected retail sales to jump by 1.4 percent compared to the 0.6 percent increase originally reported for the previous month.Excluding sales by motor vehicle and parts dealers, retail sales surged by 1.9 percent in March after growing by 0.7 percent in February. Ex-auto sales were expected to leap by 1.3 percent.Gold stocks moved sharply lower along with the price of the precious metal, resulting in a 6.4 percent plunge by the NYSE Arca Gold Bugs Index.Substantial weakness was also visible among airline stocks, as reflected by the 4.3 percent nosedive by the NYSE Arca Airline Index.Pharmaceutical, commercial real estate and utilities stocks also saw considerable weakness, while energy stocks surged along with the price of crude oil.Commodity, Currency Markets Crude oil futures are rising $0.35 to $90.02 a barrel after surging $2.25 to $89.67 a barrel on Tuesday. Meanwhile, an ounce of gold is trading at $4,774.60, up $55 compared to the previous session’s close of $4,719.60. On Tuesday, gold slumped $109.20.On the currency front, the U.S. dollar is trading at 159.28 yen compared to the 159.37 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1725 compared to yesterday’s $1.1742.AsiaAsian stocks ended mixed on Wednesday due to lingering uncertainty surrounding U.S.-Iran peace talks. U.S. President Donald Trump said he would extend the ceasefire until Tehran submits a "unified" proposal.Iran dismissed Trump's ceasefire extension as "meaningless" and said the Strait of Hormuz will remain closed until the U.S. blockade on Iranian ports is lifted.Mahdi Mohammadi, a senior adviser to Iranian Parliament Speaker Mohammad Bagher Ghalibaf, termed the ceasefire extension a ploy "to buy time for a surprise strike," adding the "losing side cannot dictate terms."The dollar held near one-week highs and Brent crude prices hovered around $98 a barrel as concerns grew that the Middle East conflict could drag on. Gold rebounded to trade above $4,760 an ounce after falling over 2 percent in the previous session.China's Shanghai Composite Index closed up 0.5 percent at 4,106.26 after JP Morgan said China's property market may be nearing a turning point.Hong Kong's Hang Seng Index slumped 1.2 percent to 26,163.24, led by declines in technology counters.Japanese markets eked out modest gains after data showed the country's trade surplus widened in March on strong export growth.The Nikkei 225 Index rose 0.4 percent to 59,585.86, extending gains for a third consecutive session and hitting a record closing high as JP Morgan raised its year-end target for the benchmark index.The broader Topix Index fell 0.7 percent to 3,744.99. Tech stocks performed well, with SoftBank Group rallying 8.5 percent and Advantest climbing 2.6 percent.Seoul stocks hit a new record high on optimism over stronger corporate earnings. The Kospi climbed 0.5 percent to 6,417.93, extending its record run for a second straight day and closing above the 6,400 level for the first time.Battery maker LG Energy Solution gained 1.4 percent, Samsung SDI added 2.2 percent and shipbuilder HD Hyundai Heavy Industries soared 11.3 percent.Australian markets fell sharply to hit a two-week low, with banks and healthcare stocks pacing the decliners. The benchmark S&P/ASX Index tumbled 1.2 percent to 8,843.60, while the broader All Ordinaries Index closed 1.1 percent lower at 9,074.40.Cochlear shares plummeted 40.7 percent to a 10-year low after the hearing-implant maker cut its full-year earnings guidance.Bank of Queensland plunged 9.1 percent after reporting a decline in first-half cash earnings. BHP Billiton rose 1.2 percent after upgrading its guidance for the copper business.Across the Tasman, New Zealand's benchmark S&P/NZX-50 Index recovered from an early slide to settle 0.1 percent higher at 12,945.60, extending gains from the previous two sessions.Air New Zealand fell 1.1 percent after its chief financial officer Richard Thomson resigned.EuropeEuropean stocks are subdued on Wednesday after U.S.-Iran peace talks stalled, and U.S. President Donald Trump announced a unilateral extension of the ceasefire amid renewed conflict in the Strait of Hormuz.In economic news, British consumer price inflation increased in March to the highest level in three months, driven mainly by higher transport costs, data published by the Office for National Statistics showed.The consumer price index climbed 3.3 percent year-on-year in March, faster than February's 3.0 percent stable increase. That was in line with expectations.On a monthly basis, consumer prices moved up 0.7 percent after rising 0.4 percent in February. The expected rate was 0.6 percent.While the French CAC 40 Index is down by 0.2 percent, the U.K.’s FTSE 100 Index and the German DAX Index are both up by 0.1 percent.TUI shares tumbled nearly 3 percent. The travel group cut its full-year underlying operating profit forecast and suspended its revenue guidance, citing rising geopolitical risks.Deutsche Telekom lost over 3 percent on reports the German company is considering a full combination with its U.S. arm T-Mobile US Inc.Swedish appliance maker Electrolux fell almost 2 percent after it decided to end production in Hungary by year-end.French drugmaker Ipsen advanced 1.4 percent after receiving EU conditional marketing authorization for Ojemda as the first targeted therapy for recurrent or refractory pediatric low-grade glioma.Sanofi fell about 1 percent after the U.S. FDA extended its review of Sarclisa subcutaneous (SC) formulation by up to three months.Food and drink giant Danone rallied 3.4 percent after its first quarter sales beat expectations.Dettol soap maker Reckitt Benckiser slumped 5.2 percent after group net revenue declined year-on-year for the first quarter of 2026.Dulux paint maker Akzo Nobel surged 5 percent after delivering better-than-expected first-quarter earnings.Swiss industrial-technology company ABB advanced 3.5 percent after lifting its 2026 sales outlook.Bunzl gained 3 percent. The British business supplies distributor kept its 2026 outlook after reporting Q1 trading in line with expectations.Retailer Tesco rose about 1 percent after announcing a new phase of its ongoing share buyback program.U.S. Economic NewsThe Energy Information Administration is due to release its report on oil inventories in the week ended April 17th at 10:30 am ET. Crude oil inventories are expected dip by 1.2 million barrels.At 1 pm ET, the Treasury Department is scheduled to announce the results of this month’s auction of $13 billion worth of twenty-year bonds.