The stock market got what it needed, at least for the moment. Stocks soared Wednesday after President Donald Trump announced the U.S. and Iran agreed to a two-week ceasefire . As part of the deal, the Strait of Hormuz would be temporarily reopened. Crude prices tumbled following the announcement. West Texas Intermediate futures were down 18% at around $92 per barrel. Brent oil plunged 16.7% to roughly $91. Since the beginning of the war, equities and oil have largely traded inversely. If oil rose, stocks fell on fears higher energy prices would put upward pressure on inflation. If crude fell, equities would rise as traders priced in an end to the conflict. @SP.1 @CL.1 1M mountain S & P 500 futures and oil in past month Now that a ceasefire has been reached, Wall Street is pricing in greater odds of the war coming to an end — or at least lowering chances of further escalation. Airlines surged in early trading Wednesday, as lower crude prices signaled lower costs for the companies and more cash in consumer pockets for traveling. United Airlines was up more than 12%. Delta Air Lines and American Airlines jumped about 11% each. There are other, perhaps less obvious stocks that could see a big jump as well. JPMorgan last month put together a list of S & P 500 stocks that are inversely correlated with WTI. Two tech stocks that made the cut are Sandisk and On Semiconductor . Both names are already enjoying strong 2026 performances — up about 199% and 18%, respectively. They looked to add to those gains Wednesday, with Sandisk popping 9% and On Semi climbing 5% in the premarket. Health care names Boston Scientific and McKesson also made JPMorgan’s list. Both stocks could use a boost. The former is down 35% year to date, while the latter is up 4%. The gained more than 1% each before the bell. Another stock on JPMorgan’s list is Ulta Beauty . The beauty giant climbed almost 2% in the premarket. However, shares have fallen 12% year to date.
