Dow, S&P 500, Nasdaq rise on Iran war hopes, upbeat jobs data

The US stock market turned up on Wednesday after stronger-than-expected private payrolls data and a report that Iran has indirectly approached the US to discuss terms for an end to the conflict ravaging the Middle East.

The tech-heavy Nasdaq Composite (^IXIC) led gains at the opening bell, rising roughly 0.8%. Meanwhile, the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) picked up 0.4% and 0.3%, respectively, after the major US benchmarks closed sharply lower on Tuesday in a seesaw day on Wall Street.

Brent crude futures (BZ=F) are trading near $81 a barrel, and West Texas Intermediate futures (CL=F) were trading at about $74.

The private sector added 63,000 jobs in February, according to numbers published Wednesday by ADP, exceeding economist estimates of 50,000 and setting expectations for Federal Reserve action ahead of Friday’s monthly jobs report. Earnings from Broadcom (AVGO), Costco (COST), and Alibaba (BABA) fill out the corporate calendar for the week.

Private-sector employment increased by 63,000 jobs in February, according to data released Wednesday morning by data provider ADP — healthily exceeding economist estimates of 50,000 jobs added and marking the best monthly showing for gains since July 2025.

“Service-providing” sectors accounted for 47,000 new jobs, while “goods-producing sectors” added 16,000, ADP said.

While the numbers are stronger than expected, comments from ADP tempered the gains.

“We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers,” said Nela Richardson, chief economist at ADP. “But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February.”

ADP’s private payrolls figures give investors a preview of what’s to come on Friday, when the Bureau of Labor Statistics releases its critical monthly payrolls data. Economists are expecting 000 jobs added, according to consensus estimates compiled by Bloomberg — roughly in line with the estimates that preceded January’s blowout report of 130,000 additions.

Goldman Sachs still isn’t predicting oil (CL=F, BZ=F) will surge to $100-plus a barrel amid the escalation of the Israeli and US attacks against Iran.

This is what its team just laid out this morning:

Strategy (MSTR) stock rose 8% before the bell on Wednesday, following a 6% rise in bitcoin. Strategy is one of the largest corporate holders of the cryptocurrency.

Ross Stores’ (ROST) stock jumped 5% during premarket trading on Wednesday following the release of its fourth-quarter results, which beat analyst estimates.

Moderna (MRNA) stock rose 3% before the bell today. The pharmaceutical company said it had reached a deal to resolve a dispute relating to its COVID vaccine.

GitLab (GTLB) shares fell 9% in premarket trading on Wednesday after the company announced it expects sales to slow this year. The software company outlined initiatives to help boost its guidance.