Stocks and oil prices keep yo-yoing on uncertainty about when the war with Iran will end

NEW YORK (AP) — Hopes for a possible end to the war with Iran are pushing stocks higher again on Wall Street Wednesday, while oil prices ease.

The S&P 500 rose 0.7% in its latest flip - flop after the United States delivered a plan to pause the war to Iran. The Dow Jones Industrial Average was up 334 points, or 0.7%, as of 12:48 p.m. Eastern time, and the Nasdaq composite was 1% higher.

But the moves are shaky, and the S&P 500 during the morning briefly came close to erasing all of an early 1.2% jump. Financial markets have swung sharply since the war began more than three weeks ago, and many of the reversals have struck hour to hour as uncertainty continues to dominate about how long the war will last.

Keeping up that uncertainty on Wednesday: Iran dismissed the U.S. government's 15-point proposal for a ceasefire, and Iranian state television quoted an anonymous official as saying “Iran will end the war when it decides to do so and when its own conditions are met.”

Iran also launched more attacks on Israel and Gulf Arab countries, including an assault that sparked a huge fire at Kuwait International Airport, while coming under attack itself. The U.S. military is deploying paratroopers and more Marines to the region.

Optimism, though, was nevertheless evident in financial markets worldwide. Stock indexes climbed more than 1% in London, Paris and Shanghai. Tokyo's Nikkei 225 leaped 2.9%.

The price for a barrel of Brent crude fell 3.7% and dropped toward $96 on hopes that a cooldown in fighting could allow oil and natural gas to flow more freely from the Persian Gulf to customers around the world. Many oil tankers are currently stuck outside the Strait of Hormuz off Iran’s coast, and the blockage has sent Brent crude to nearly $120 per barrel at times.

In the bond market, Treasury yields also eased. That could help soften the rise in rates for mortgages and other kinds of borrowing since the beginning of the war. That in turn could lessen the pressure on the economy.

The yield on the 10-year Treasury fell to 4.31% from 4.39% late Tuesday, though it remains well above its 3.97% level from just before the war.

Even gold, which has been one of the investment world’s worst losers through the war, rose. It climbed 3.4% to top $4,550 per ounce.

Gold's price had briefly gotten near $5,400 early this month. That was before Treasury yields rushed higher on worries that high oil prices would drive inflation upward and prevent the Federal Reserve from cutting interest rates. When bonds are paying more in interest, they make gold, which pays its investors nothing, less attractive in comparison.

On Wall Street, Arm Holdings soared 19.6% after the U.K. giant announced a suite of chips for data centers and artificial-intelligence technology.

Robinhood Markets leaped 6.5% to help lead U.S. stocks after its board authorized a program to send up to $1.5 billion to shareholders by buying back the company’s stock.

Terns Pharmaceuticals rose 5.5% after Merck said it would buy the oncology company in an all-cash deal valuing it at $6.7 billion. Merck rose 2.9%.

On the losing end of Wall Street was On Holding. The Swiss company that sells On shoes slumped 10.8% after saying its CEO, Martin Hoffmann, is stepping down.

In Hong Kong, Pop Mart International Group tumbled 22.5% after the company behind the popular Labubu dolls reported explosive growth in profit and revenue, but not enough to meet analysts' expectations.

AP Business Writers Chan Ho-him and Mat Ott contributed.

Bobby Charmak works on the floor at the New York Stock Exchange in New York, Wednesday, March 25, 2026. (AP Photo/Seth Wenig)

Alexander Weitzman works on the floor at the New York Stock Exchange in New York, Wednesday, March 25, 2026. (AP Photo/Seth Wenig)

People work on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)

John Gorman works on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)

A cargo ship carrying vehicles sails through the Arabian Gulf toward the Strait of Hormuz in the United Arab Emirates, Sunday, March 22, 2026. (AP Photo)

Traders work on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)

FILE - Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. (AP Photo/Rafiq Maqbool, File)

Michael Capolino works on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)

NEW YORK (AP) — Seattle and Las Vegas are one step closer to having NBA teams.

The league's board of governors voted Wednesday to approve a plan that will allow NBA officials to “formally explore potential team expansion” to those two cities, which have long been thought of as the front-runners to land franchises.

“Today’s vote reflects our Board’s interest in exploring potential expansion to Las Vegas and Seattle — two markets with a long history of support for NBA basketball,” NBA Commissioner Adam Silver said. “We look forward to taking this next step and engaging with interested parties.”

Silver was scheduled to hold a news conference later Wednesday to discuss next steps. The league said investment bank PJT Partners has been brought on “as a strategic adviser to evaluate prospective markets, ownership groups, arena infrastructure, and the broader economic implications of expansion.”

Expansion — and in Seattle's case, a return — isn’t a done deal. But it’s not just a dream anymore, either.

Washington Gov. Bob Ferguson applauded the vote, saying “the time is right.”

“Bringing the Sonics back is a top priority, and the state will be a strong partner in this effort," Ferguson said. "I plan to be there at tipoff with thousands of fellow fans when the Sonics return.”

New Orleans guard Dejounte Murray was 11 years old when Seattle last had an NBA team. He grew up with hopes of being like Gary Payton, Ray Allen and Shawn Kemp, and even remembers a rookie who played for the SuperSonics named Kevin Durant.

It's been nearly two decades since those days ended. That said, Wednesday's vote should finally fuel real hope of a basketball revival for Seattle — and a new chapter in Las Vegas.

“It’s a basketball city, basketball culture, so it’s mandatory I think that they get it back over there,” said Murray, a Seattle native.

Added Orlando's Paolo Banchero, another Seattle native: “I think it’s been a long time coming for the city. I think everybody was pretty bummed out when they left. And since then it’s just been waiting and hoping that one day they will come back. I’m sure with the news, everybody’s excited. I know I’m excited for all the kids growing up because Seattle’s a really big basketball city.”

It is, and so is Las Vegas — which has become a major part of the NBA ecosystem even without a team.

The NBA's Summer League is held in Las Vegas each year and has become a can't-miss event for league executives, coaches, media, agents and even players who aren't taking part in the games. The championship round of the NBA Cup, the in-season tournament, has been held in Las Vegas as well. And the city used to play host to the occasional regular-season game; for example, in 1984, Kareem Abdul-Jabbar of the Los Angeles Lakers broke the league's career scoring record in a game against the Utah Jazz — who used Las Vegas for some of their home games at that time.

The idea of putting a franchise there might have seemed unlikely a couple of decades ago. Not anymore, especially not with the NFL's Raiders, the NHL's Golden Knights and the WNBA's Aces all already there and with Major League Baseball on the way.

“Today’s vote by the NBA Board of Governors is a testament to the incredible growth we’re seeing in Southern Nevada and our state’s business-friendly environment," Nevada Gov. Joe Lombardo said. "Las Vegans have already shown unwavering support for our professional sports franchises, and a new NBA team will provide even more entertainment, more jobs, and more small business growth for the region.”

Silver had said in December while speaking about expansion while in Las Vegas for the NBA Cup: “I think Seattle and Las Vegas are two incredible cities."

Assuming owners will eventually decide to actually expand the NBA past its 30-team footprint, there will be much to figure out. On the short list: the expansion fee (expected to be at least $6 billion), the timeline for adding the clubs (2028-29 would almost certainly be the earliest this could happen) and how the Western Conference will be realigned (at least one team is likely to join the Eastern Conference).

Golden State coach Steve Kerr said the SuperSonics were “one of the iconic franchises in the NBA.” The team left in 2008 and became the Oklahoma City Thunder.

“I was shocked when the league left Seattle,” Kerr said. "Incredible fan base. Great basketball market. A ton of talent coming from Seattle. Top 10 media market. Incredible sports city. So, it was kind of shocking to all of us when the league left Seattle. And I think we all hoped it would be a lot sooner than 18, 19 years, whatever it’s going to be, before they got back in the league.

“They belong in that city, and a team belongs there,” he added. “Those fans deserve it.”

AP Basketball Writer Brian Mahoney and AP Sports Writers Schuyler Dixon in Dallas and Joe Reedy in Cleveland contributed to this report.

AP NBA: https://apnews.com/hub/NBA

NBA commissioner Adam Silver greets NBA referee Ashley Moyer-Gleich as he arrives for an NBA basketball game between the Portland Trail Blazers and the Utah Jazz, Friday, March 13, 2026, in Portland, Ore. (AP Photo/Jenny Kane)