U.S. stock index futures as much as 1% early-Wednesday, following a stellar rally on Wall Street after President Donald Trump flagged an end to the month-long war against Iran. 

Futures rose after Wall Street indexes surged between 2.4% and 3.9% on Tuesday, with bargain buyers also stepping in after U.S. stocks logged deep losses in March. 

S&P 500 Futures rose 0.7% to 6,618.25 points by 02:53 ET (06:53 GMT). Nasdaq 100 Futures jumped 1% to 24,166.25 points, while Dow Jones Futures rose 0.7% to 46,888.0 points. 

Trump says US military to leave Iran in 2-3 weeks 

Trump said on Tuesday that the U.S. military will leave Iran in two or three weeks, claiming that his goal of hobbling Iran’s nuclear ambitions had been met, and that the U.S. had also achieved regime change in Tehran. 

Trump said Iran did not need to agree to a deal to end the war, but also indicated that the U.S. will not push for reopening the Strait of Hormuz– a key shipping lane that supplies 20% of the world’s oil consumption. 

He said earlier on Tuesday that countries that did not help the U.S. and Israel in attacking Iran could buy oil from the U.S. or “just take it” from Hormuz. 

Still, the president said that U.S. gas prices will come down after ceasing military operations in Iran, although he did not provide specifics.

Trump will address the nation on Iran at 21:00 ET (23:00 GMT) on Wednesday. 

Iranian officials expressed openness to a U.S. military deescalation, but also warned of a new maritime regime in Hormuz. Tehran had earlier proposed establishing a toll system for shipping through Hormuz– a move that could keep oil prices elevated in the near-term. 

Reports earlier this week showed Trump was open to ending the Iran war without reopening Hormuz, especially as the conflict looked set to extend beyond his initial four-to-six-week timeline. 

Wall St surges on Iran deescalation, month-end buying 

Wall Street indexes reacted positively to the prospect of an end to the Iran war, staging a stellar month-end rally, while bargain buyers also stepped in after bruising losses in March.

The S&P 500 jumped 2.9%, the NASDAQ Composite surged 3.8%, while the Dow Jones Industrial Average added 2.5% on Tuesday. All three indexes lost between 4.8% and 5.5% in March.

Technology stocks led gains on Tuesday, with the sector also seeing heavy bargain buying after logging extended losses through March. Tech was hit by doubts over the long-term returns on artificial intelligence disruptions, while concerns over slowing AI-driven demand for chips also battered major chipmakers. 

Gains in futures indicated that tech was likely to continue its rebound rally on Wednesday.