12:21 PM EDT, 04/01/2026 (MT Newswires) -- All three major US stock indexes were up in midday trading on Wednesday as traders awaited President Donald Trump's evening address, in which he may announce that US military actions in Iran will end within two to three weeks.
The Institute for Supply Management's US manufacturing index rose to 52.7 in March from 52.4 in February, above the expectations for a 52.3 reading in a Bloomberg survey. Chair of the ISM Manufacturing Business Survey Committee Susan Spence said, "This month also marks the first report with panelists citing the Iran war as a new impact to their business, along with ongoing uncertainty with US economic policy, despite the recent Supreme Court ruling striking down International Emergency Economic Powers Act tariffs."
In company news, Nike (NKE) fell 14% after reporting fiscal Q3 earnings of $0.35 per diluted share, down from $0.54 a year earlier. Analysts polled by FactSet expected $0.29. Revenue stood at $11.28 billion, up from $11.27 billion a year earlier. Analysts surveyed by FactSet expected $11.23 billion.
Intel (INTC) rose nearly 10% after the company and Apollo Global Management (APO) said they have reached a deal under which Intel (INTC) will buy back for $14.20 billion the 49% stake in the joint venture related to its Fab 34 plant in Ireland that it previously sold to Apollo.
Eli Lilly (LLY) rose nearly 5% after it said the US Food and Drug Administration approved Foundayo, or orforglipron, for adults with obesity, or overweight with weight-related medical problems.
Amazon's (AMZN) new format of ads called sponsored prompts, designed to start chatbot conversations in its Rufus shopping assistant, is generating fewer sales, The Information reported. Sponsored prompts constitute less than 1% of of the total clicks in sponsored product campaigns, one of the executives said, according to the report. Shares of the company were 1.8% higher in the session.
Kodiak Sciences (KOD) shares rose past 13%, a day after the company reported a Q4 net loss of $1.04 per diluted share, widening from a loss of $0.84 a year earlier. Three analysts polled by FactSet expected a loss of $1.07. The company said it expects its cash and cash equivalents, which stood at $209.9 million as of Dec. 31, to support operations into 2027.
SpaceX is working with at least 21 banks on its planned initial public offering that could value the rocket company at around $1.75 trillion, Reuters reported, adding that the IPO is expected in June.
AT&T (T) fell 2.3% in the session after it agreed to invest about $1 billion to upgrade the FirstNet emergency network and deliver an additional $1 billion in cost savings through lower rates, Reuters reported, citing a US government agency. The report said FirstNet supports communication for first responders across more than 31,000 US agencies.
Price: 45.26, Change: -7.56, Percent Change: -14.31
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