U.S. stock futures were little changed early Thursday after a massive comeback following President Donald Trump’s decision to suspend attacks on Iran for two weeks.

S&P 500 futures and Nasdaq 100 futures slipped 0.2%. Futures tied to the Dow Jones Industrial Average fell by 72 points, or around 0.15%.

During Wednesday’s regular session, the S&P 500 climbed 2.51%, and the Nasdaq Composite popped 2.8%. The Dow surged more than 1,300 points, or 2.85%, for its best day since April 2025 — back when Trump softened his stance on some of his lofty initial tariffs.

On Tuesday night, Trump agreed to pause attacks on Iran. The Middle Eastern conflict has been going on for five weeks and has resulted in the closure of the crucial Strait of Hormuz.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote in a Truth Social post. “We received a 10-point proposal from Iran, and believe it is a workable basis on which to negotiate.”

The “double sided” ceasefire, was contingent on Iran agreeing to reopening the strait. Tehran agreed to reopen the waterway for the next two weeks as long as all attacks are halted, according to a statement from Iran’s Foreign Minister. Media reports mentioned that Israel has also agreed to the ceasefire.

But later on Wednesday, Iran’s parliamentary speaker Mohammed Bagher Ghalibaf accused the U.S. of already violating the ceasefire agreement. The violations are Israel’s continued attacks on Lebanon, a drone’s entry into Iranian airspace and the denial of the Islamic Republic’s right to enrich uranium, he stated.

U.S. military forces will remain deployed in and around Iran until Tehran fully complies with the “real agreement,” President Donald Trump stated Wednesday, warning that any breach would trigger a military response larger than anything seen before.

Even as the economy rebounded on Wednesday, there are still potential pitfalls around negotiations in the Middle East, chief equity and macro strategist at Cantor Fitzgerald. He spoke on CNBC’s “Closing Bell, on the other hand, according to Eric Johnston: Overtime” Wednesday afternoon.

“I do think, from a short-term perspective, that there are still risks that are still there,” he mentioned. “You have a lot of players involved and, so far, Hormuz is not open. So there are still risks and so I think for the coming couple weeks, we’ll see how this plays out. But yes, broadly we think this is a buying opportunity.”

A couple of catalysts await traders on Thursday morning. First, there’s the 8:30 a.m. reading of the personal consumption expenditure price index, the Federal Reserve’s preferred measurement of inflation. Weekly jobless claims are also due.

Asia markets traded lower amid concerns over fragile Iran-U.S. ceasefire deal

Asia-Pacific markets traded lower Thursday, as investors fret over news that Iran’s parliamentary speaker charged the U.S. with breaching the terms of the two-week ceasefire agreement.

On Wednesday, U.S. President Donald Trump stated a “double sided” ceasefire, more than a month into a war with Iran.

The ceasefire was contingent on Iran reopening the Strait of Hormuz. Tehran had commented that it would stop “defensive” operations if attacks on the country were halted, according to a statement from Iran’s Foreign Minister. Israel has also agreed to the ceasefire, media reports mentioned.

Iran’s parliamentary speaker, Mohammed Bagher Ghalibaf, Later accused the U.S. of violating the ceasefire deal. The violations are the denial of the Islamic Republic’s right to enrich uranium and Israel’s continued attacks on Lebanon, a drone’s entry into Iranian airspace, he mentioned.

South Korea’s Kospi was down 1.41% while the small-cap Kosdaq declined 1.61%. Japan’s Nikkei 225 fell by 0.76%, while the Topix was 0.75% lower. Australia’s S&P/ASX 200 slipped 0.10%.

China’s CSI 300 fell 0.72%, tracking broad losses among other Asian markets. Hong Kong’s Hang Seng Index declined 0.63%.

Oil futures extended gains. The West Texas Intermediate futures for May rose 3.80% to $97.96 per barrel by 9:06 p.m. ET. International benchmark Brent June futures gained 2.88% to $97.48 per barrel. This also touches on aspects of dividends.

— Justina Lee

Dow Transports hits fresh records in Wednesday’s trading

The Dow Jones Transportation Average surged to fresh records Wednesday as stocks jumped on a relief rally.

The Dow Transports gained 3.23% for its best daily performance since August 2025 and its sixth straight winning day. The index hit an intraday all-time high during the session and closed at a record.

The index’s constituents include Delta Air Lines, which gained almost 4% in Wednesday’s trading, and Alaska Air, which posted an 8% gain.

—Darla Mercado, Chris Hayes

Energy was the only sector to end Wednesday lower

The energy sector was the only of the 11 GICS sectors to fall on Wednesday.

Energy stocks ended the day 3.66% lower.

On the other hand, gains were led by industrials, communication services and materials names. All three sectors rose more than 3% on Wednesday.

— Lisa Kailai Han

Constellation Brands trades 1% lower after earnings report

Shares of Constellation Brands were last trading 1% lower on Wednesday evening after the beer producer reported its fourth-quarter results.

In its last quarter, Constellation Brands reported both a top- and bottom-line beat.

But the stock fell after Constellation’s forward guidance failed to meet analysts’ expectations. The business expects its full-year adjusted earnings to come in between $11.20 to $11.90 per share. Analysts polled by LSEG had estimated $12.36 per share.

Stock futures open little changed

Stock futures traded near flat on Wednesday night.

Dow futures were trading slightly below flat shortly after 6 p.m. ET, as were S&P 500 and Nasdaq 100 futures.