All three major US stock indexes were up in late-morning trading Wednesday, as investors watch for developments in the US' ongoing conflict with Iran.

US Treasury Secretary Scott Bessent said Wednesday on CNBC that the US will roll out a series of measures to try to fortify oil shipments through the Persian Gulf. In the same interview, Bessent said the US will implement President Donald Trump's recently announced 15% global tariff rate sometime this week and that tariffs will return to the levels they were at before the US Supreme Court's recent decision to strike down the president's most expansive duties "within five months." Meanwhile, the European Union expects that the bloc will be exempt from the 15% tariff and would instead continue to be subject to a 10% duty, Bloomberg reported Wednesday, citing people familiar with the matter.

In company news, CrowdStrike (CRWD) reported fiscal Q4 adjusted earnings late Tuesday of $1.12 per diluted share, up from $0.81 a year earlier and above the FactSet consensus analyst estimate of $1.10. Fiscal Q4 revenue was $1.31 billion, up from $1.06 billion a year ago and above the FactSet consensus of $1.30 billion. For fiscal Q1, CrowdStrike said it expects adjusted EPS of $1.06 to $1.07 on revenue of $1.360 billion to $1.364 billion. Analysts polled by FactSet expect EPS of $1.06 on revenue of $1.35 billion. For fiscal 2027, the company said it expects adjusted EPS of $4.78 to $4.90 on revenue of $5.87 billion to $5.93 billion. Analysts polled by FactSet expect adjusted EPS of $4.80 on revenue of $5.86 billion. CrowdStrike shares were up over 1% around midday.

Moderna (MRNA) said late Tuesday it has entered into a settlement agreement with Arbutus Biopharma and Genevant Sciences, resolving all litigation regarding Spikevax and mRESVIA. Moderna will make a lump sum payment of $950 million in Q3, the company said. Under the terms of the agreement, Moderna will appeal to a federal circuit court, arguing that its government-contractor immunity defense limits its liability under Section 1498. If Moderna loses the appeal, it has agreed to pay up to $1.3 billion within 90 days of that decision, it said. Moderna shares were up 7.7%.

Lockheed Martin (LMT) is expected to comply with the Pentagon's directive to remove Amazon-backed (AMZN) Anthropic's AI tools from its supply chain, Reuters reported late Tuesday. Lockheed shares were down 1.7%, while Amazon shares were up 3.3%.

Abercrombie & Fitch (ANF) reported fiscal Q4 adjusted net income Wednesday of $3.68 per diluted share, up from $3.54 a year earlier and above the FactSet consensus of $3.57. Fiscal Q4 net sales were $1.67 billion, up from $1.58 billion a year ago and matching the FactSet consensus. For fiscal Q1, the company said it expects net income of between $1.20 to $1.30 per diluted share on sales growth of 1% to 3%. Analysts polled by FactSet expect $1.33 and $1.15 billion, respectively. For fiscal 2026, the company said it expects net income of $10.20 to $11 per diluted share on sales growth of 3% to 5%. Analysts polled by FactSet expect $10.11 and $5.49 billion, respectively. Abercrombie shares were down 4.8%.

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