Market Moves Amid Fed Signals and Middle East Truce

On Wednesday, the benchmark S&P 500 index hovered near an all-time high as de-escalating tensions in the Middle East and Federal Reserve Chair Jerome Powell's comments on monetary policy buoyed investor sentiment. The ceasefire between Israel and Iran, despite some violations, appeared to hold steady, providing a positive backdrop for the markets.

The tech-heavy Nasdaq 100 reached an intraday record high, reflecting optimism despite Powell's cautious approach regarding potential interest rate cuts. The Fed chair highlighted the importance of assessing inflation data and labor market strength before shifting policy, a sentiment echoed by Fed Boston President Susan Collins.

In corporate developments, FedEx shares slid 2.9% following a profit forecast below expectations, while Blackberry's U.S.-listed shares surged 17.4% as demand for cybersecurity rose. Meanwhile, investors looked ahead to key economic reports, including Thursday's GDP data and Friday's Personal Consumption Expenditures report, for further economic insights.

(With inputs from agencies.)