US benchmark equity indexes closed higher Wednesday as markets reacted to the one-month exemption for automakers on Mexico and Canada tariffs by President Donald Trump.

The Nasdaq Composite gained 1.5% to 18,552.7, while the S&P 500 grew 1.1% to 5,842.6. The Dow Jones Industrial Average was up 1.1% to 43,006.6. Materials posted the highest gains, while energy and utilities declined.

US Treasury yields were higher, with the 10-year rate gaining about 3.4 basis points to 4.3% and the two-year rate was up 0.2 basis points to nearly 4%.

April West Texas Intermediate crude oil dropped 2.7% to $66.40 a barrel Wednesday.

In economic news, the White House announced a one-month delay in tariffs for automakers on imports from Canada and Mexico, Press Secretary Karoline Leavitt told the press. The news comes after President Donald Trump reportedly spoke with the leaders of Ford Motor (F), General Motors (GM), and Stellantis (STLA) on Tuesday.

Two surveys regarding the US services sector's February performance presented a mixed picture, with the Institute for Supply Management's data showing unexpected growth while S&P Global (SPGI) reported a slowdown. Both surveys highlighted the uncertainty surrounding potential trade tariffs under the Trump administration.

Meanwhile, employment growth in the US private sector eased in February to its slowest pace since July 2024, Automatic Data Processing (ADP) reported.

In company news, CrowdStrike (CRWD) was the worst performer on the S&P 500 with shares down over 6% after the company's fiscal Q1 and full-year earnings outlooks trailed market estimates.

Abercrombie & Fitch (ANF) shares fell 9.2% after the apparel retailer guided for a slowdown in sales growth in fiscal 2025, while issuing Q1 earnings outlook below Wall Street estimates.

Moderna (MRNA) was leading S&P 500 gainers with shares up over 16% after President Stephen Hoge said during an investor conference that the company continues to expect potential approval of its investigational individualized neoantigen therapy by 2027.

Gold increased 0.3% to $2,929.3 per troy ounce, while silver was up 2.8% to $33.27 per troy ounce.