S&P 500 and Nasdaq Edge Higher as Oil Eases, Micron Extends Rally
US stocks traded slightly higher on Wednesday as oil prices slipped following a report suggesting an Iran agreement could restore shipping traffic through the Strait of Hormuz within a month. The S&P 500 was last up 0.07%, the Nasdaq Composite gained 0.1%, and the Dow Jones Industrial Average added around 160 points.
US crude fell below $90 a barrel after Iran’s state television said the country is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month, Reuters reported. The pullback in oil helped ease near-term energy inflation concerns, offering marginal support to risk sentiment in equities.
In single stocks, Micron rose nearly 5%, extending a powerful run after surging 19% on Tuesday and pushing its market capitalization above $1 trillion for the first time. Investors have increasingly favored memory chip makers as a direct way to play the AI-led rally, with South Korea’s SK Hynix also reaching a $1 trillion valuation overnight. Micron—up more than threefold this year—was further boosted after UBS argued the stock could more than double, citing long-term supply agreements being signed to support AI deployment.
Source : Newsmaker.id
