US stocks rise on optimism over cease-fire talks between Russia and Ukraine

• US stocks jumped following reports about potential de-escalation by Russia in its war against Ukraine.
• Russia will "drastically" reduce military action around the capital city of Kyiv.

US stocks pushed higher Tuesday following reports of progress in peace talks between Russia and Ukraine.

Wall Street's major equity benchmarks extended gains during the premarket session following an Interfax report that Russia will "drastically" reduce its military action in the areas around Kyiv, the capital city of Ukraine, and around Chernihiv, a city in northern Ukraine.

The move by Russia could "increase mutual trust and create conditions required for further negotiations," Russian Deputy Defense Minister Col. Gen. Alexander Fomin told reporters, according to the report.

Here's where US indexes stood at 9:30 a.m. on Tuesday:

• S&P 500: 4,614.84, up 0.86%
• Dow Jones Industrial Average: 35,315.74, up 1.03% (359.85 points)
• Nasdaq Composite: 14,526.51, up 1.1%

Moves across financial markets were swift following the Interfax report and reports from other news agencies pointing to a constructive tone coming from Russia and Ukraine. European equities moved higher, with the Stoxx Europe 600 up by nearly 2%. The Russian ruble spiked up against the US dollar, leaving the greenback to slide 12% to 83.88 rubles.

The Dow Jones Industrial Average was looking at a fourth straight win. Component Apple was heading toward its 11th consecutive win.

Oil prices dropped. West Texas Intermediate crude lost 5.9% to $99.76 per barrel. Brent crude, the international benchmark, declined 5.7% to $103.21.

Gold prices fell 1.6% to $1,953 per ounce.

The 10-year yield slipped to 2.46%.

Bitcoin moved higher by 2.4% to $47,860.24.