LIVE: Bitcoin abruptly surges above $82,000

U.S. stock futures were still higher, but the early rally cooled after President Donald Trump said a deal with Iran had not been finalized.

S&P 500 futures rose 0.16%, while Nasdaq 100 futures gained 0.19%. Futures tied to the Dow Jones Industrial Average added 120 points, or 0.24%.

Trump said it was “perhaps, a big assumption” that Iran would accept the U.S. proposal. He also warned that U.S. strikes would restart if Tehran refused to comply.

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

Trump said Operation Epic Fury, the U.S. military offensive, would end if Iran “agrees to give what has been agreed to.” He added that the U.S. naval blockade of Iranian ports in the Gulf of Oman would then allow the Hormuz Strait to be “OPEN TO ALL, including Iran.”

Iranian Foreign Ministry spokesperson Esmaeil Baqaei said Tehran was still studying the U.S. proposal and would send its response to mediators in Pakistan.

In a post on X after Trump’s statement, Esmaeil appeared to point to the International Court of Justice as he argued that negotiations require a real effort to resolve a dispute.

“It needs ‘good faith’, then, meaning that ‘negotiations’ is not ‘disputation’; nor is it ‘dictation’, ‘deception’, ‘extortion’ or ‘coercion,’” Esmaeil wrote.

Oil was mixed as traders reacted to the latest comments on the war and the proposal. Brent crude futures for July fell 1.85% to $99.40 a barrel, while U.S. West Texas Intermediate futures for June rose 1.85% to $93.21 per barrel.

U.S. stocks closed higher on Wednesday as the risk rally spread through most of the market. The S&P 500 rose 1.46% to 7,365.12, while the Nasdaq Composite gained 2.02% and finished at 25,838.94. Both indexes touched new highs during the session and ended at record closes.

The Dow Jones Industrial Average added 612.34 points, or 1.24%, to close at 49,910.59.

Most major sectors were green in late afternoon trading. Out of the 11 S&P 500 sectors, only two traded lower.

Industrials led the market with a 2.7% gain. Information technology followed with a 2.2% rise, while materials came next with a 2.1% advance.

The weak spots were energy and utilities. Energy fell 4.2% as oil sold off, while utilities dropped 1.2%.

Oracle also stayed in focus after Barclays repeated its outperform rating on the stock and kept its $240 price target. That target points to a possible 29% gain from Tuesday’s close, even though Oracle is still more than 40% below its September record high.

Barclays analyst Raimo Lenschow said the stock has been hurt by two concerns around artificial intelligence. One is that AI could disrupt software companies. The other is that the AI infrastructure buildout may have gone too far. Raimo said those two views work against each other.

Oil prices dropped as traders cut exposure on hopes that the war could end soon. West Texas Intermediate futures fell 7.03% and settled at $95.08 per barrel, while Brent crude lost 7.83% to finish at $101.27.

Crypto-linked stocks traded mostly higher as Bitcoin held above $82,000, with mining names leading the strongest part of the move.

Hut 8 jumped 35.31% to $108.94, Bitdeer rose 20.95% to $15.10, Riot Platforms climbed 16.44% to $23.70, IREN gained 11.42% to $60.99, and Core Scientific added 10.64% to $24.55.

The rally also reached other Bitcoin mining and infrastructure names. TeraWulf rose 9.58% to $25.74, Bitfarms gained 8.62% to $3.53, Bit Digital added 8.1% to $1.94, CleanSpark rose 8.02% to $14.48, MARA Holdings climbed 7.15% to $13.03, and Greenidge Generation advanced 6.84% to $1.25.

Crypto trading and platform stocks were also firmer. Robinhood rose 2.62% to $79.05, Coinbase edged up 0.07% to $197.88, Galaxy Digital gained 2.67% to $31.13, Gemini Space Station added 4.38% to $5.01, and Circle climbed 6.67% to $121.81.

Some major crypto-adjacent names were mixed. MercadoLibre rose 1.29% to $1,840.82, while Strategy slipped 0.06% to $186.78. PayPal fell 0.52% to $46.25, Block dropped 0.6% to $70.82, and Bullish lost 2.21% to $44.34.

Smaller names showed a wider split. Rumble surged 10.12% to $8.05, GameStop rose 3.86% to $25.16, Neptune Digital Assets gained 3.09% to $1.00, Net Holding added 2.84% to $39.84, and Bitcoin Group SE rose 2.81% to $32.98.

Meliuz gained 2.51% to $4.49, Intchains Group rose 2.36% to $1.30, KULR Technology added 2.15% to $2.85, Figure Technology gained 1.89% to $38.01, and SharpLink rose 1.78% to $7.74.

Other gainers included Nexon, up 1.71% to $16.62, Metaplanet, up 1.36% to $2.23, Sol Strategies, up 1.23% to $1.65, American Bitcoin, up 1.22% to $1.25, Canaan, up 0.98% to $0.55, and Argo Blockchain, up 0.41% to $3.71.

The weaker side included Prenetics, down 5.68% to $15.78, Exodus Movement, down 5.06% to $8.07, Genius Group, down 4.94% to $0.27, Fold Holdings, down 3.1% to $1.25, Alliance Resource Partners, down 2.1% to $25.63, Nano Labs, down 1.66% to $2.08, Cipher Digital, down 0.97% to $21.89, and Bitmine Immersion Technologies, down 0.87% to $22.90.

Outside crypto, chip stocks gave the wider risk trade another lift. Advanced Micro Devices surged 18.6% after giving a stronger second-quarter outlook and beating first-quarter profit and revenue estimates. The report pulled the chip group higher, with the VanEck Semiconductor ETF up 5% and Intel higher by 4.5%.