LIVE MARKETS-Wall Street indexes up more than 2% early, with Nasdaq in lead

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WALL STREET INDEXES UP MORE THAN 2% EARLY, WITH NASDAQ IN LEAD

The three major U.S. stock indexes are all more than 2% higher early on Wednesday, with the Nasdaq .IXIC out front, as investors are relieved by news of a two-week ceasefire agreement between the United States and Iran.

Oil prices are sliding amid expectations that energy supplies through the Strait of Hormuz could resume. The war, which began at the end of February, has driven oil prices sharply higher and rattled global markets.

The S&P 500 energy .SPNY sector is down 5% early along with the collapse in oil prices.

Industrials .SPLRCI is the leading sector gainer, while the Cboe volatility index .VIX is down sharply.

Here is the early market snapshot:

(Caroline Valetkevitch)

EARLIER ON LIVE MARKETS:

US FUTURES JUMP ON IRAN CEASEFIRE; S&P 500 EYES KEY TECHNICAL LEVELS CLICK HERE

TIME TO BREATHE? CLICK HERE

EU BANKS' EARNINGS OUTLOOK STURDIER THAN SHARE PRICES CLICK HERE

STOXX EYES BIGGEST DAILY SURGE IN A YEAR CLICK HERE

BEFORE THE BELL: MIDEAST TRUCE LIFTS EUROPEAN FUTURES 5% CLICK HERE

TWO WEEKS TO BREATHE CLICK HERE