Early trading on Wall Street mixed as oil prices tick higher with Iran cease fire under strain

Macy's jumped 3% after the iconic New York department store easily surpassed first-quarter profit forecasts and raised its outlook. It was the fourth consecutive quarter of comparable sales gains for Macy's, which said an overhaul of its merchandise and better customer service is resonating with customers.

GameStop, the video game retailer and “meme” stock darling, jumped 13.6% after it nearly doubled Wall Street's profit expectations and announced a $2 billion stock buyback.

The broader market's rally in recent months has been largely due to strong profit reports from U.S. companies and to hopes that the U.S. and Iran will reach a deal to reopen the Strait of Hormuz. That would allow oil to flow freely again from the Persian Gulf and hopefully lower its price, which has added costs for consumers and businesses.

Following a two-week retreat, oil prices have resumed their climb, jumping 10% already this week. On Wednesday, U.S. benchmark crude oil advanced $2.16 to $95.22 per barrel.

Brent crude oil, the international standard, climbed $2.22 to $98.22 per barrel Wednesday.

At midday in Europe, Germany's DAX lost 1%, the CAC 40 in Paris fell 0.4% and Britain's FTSE 100 shed 0.3%.

In Asia, Japan's Nikkei 225 gained 2.5% to 68,402.13. Shares in computer chip equipment maker Tokyo Electron gained 13.4%, while those for chip testing equipment maker Advantest gained 5.1%.

Hong Kong's Hang Seng lost 1.6% to 25,633.21, while the Shanghai Composite index added 0.2% to 4,083.97.

Australia's S&P/ASX 200 advanced 0.7% to 8,785.70.

Taiwan's Taiex gained 2%, while in India, the Sensex lost 0.9%.

Markets in South Korea were closed for a holiday.