Katherine Sullivan

Shares of AstraZeneca gained more than 2.5% in London trading.

A new lung disease drug met its primary goals in two late-stage clinical trials.

Carnival shares dropped 4% after the cruise line cut its full-year profit outlook.

Management blamed rising fuel costs driven by higher oil prices.

Meanwhile, shares of Norwegian Cruise Line fell nearly 7%.

The company announced it would reshape its board following a truce with an activist investor.

And shares in the maker of Jack Daniel's whiskey, Brown Foreman, climbed nearly 6% on the news of a potential merger with the French drinks company Pernod Ricard.

Its France-listed shares rose 8%.

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Here's your closing bell brief for Wednesday, March 25th.

I'm Katherine Sullivan for The Wall Street Journal.

U.S.

stocks jumped today on cautious hopes for a Middle East resolution.

The Nasdaq was up 0.8 percent, the Dow was up 0.7 percent, and the S&P 500 was up half a percent.

Energy prices pulled back as mediators explored a potential ceasefire deal.

Gold prices rose while treasury yields slipped amid the diplomatic negotiations.

Among individual companies, Chewy shares surged 13 percent after the retailer issued upbeat guidance.

Shares in Temu parent company PDD jumped 5 percent as revenue rose despite lower quarterly profits.