Stock futures extended gains Wednesday morning as oil prices retreated after news that an Iran agreement would restore commercial traffic through the Strait of Hormuz to pre-war levels within one month. Nasdaq 100 futures rose 0.9%, S&P 500 futures added 0.3%, and Dow futures gained about 85 points. U.S. crude slipped below $89 a barrel following confirmation from Iran’s state television, easing energy prices and inflation concerns. Micron continued its historic run in premarket trading, adding about 8% after a 19% single-session surge on Tuesday that pushed its market capitalization above $1 trillion. Nvidia faced a fresh smuggling investigation involving suspected restricted AI chips routed to China through Japan, with export-control integrity concerns.
"Stock futures extended their rally Wednesday morning as oil prices retreated on news that an Iran agreement would restore commercial traffic through the Strait of Hormuz to pre-war levels within one month. The move builds on a record-setting Tuesday, when both the S&P 500 and Nasdaq Composite closed at all-time highs on the back of a tech rally anchored by Micron Technology (NASDAQ:MU | MU Price Prediction)."
"Nasdaq 100 futures led the early action with a 0.9% advance, while S&P 500 futures added 0.3% and Dow futures tacked on 85 points, or 0.2%. U.S. crude slipped below $89 a barrel after Iran's state television confirmed the country's commitment to reopening the Strait of Hormuz, a development that is pulling energy prices lower and easing one of the market's most persistent inflation concerns."
"Micron is extending its historic run in premarket trading, adding another 8% on top of Tuesday's staggering 19% single-session surge that pushed the chipmaker's market capitalization above $1 trillion for the first time. The stock has become the defining trade of this rally, and Wednesday's premarket move suggests the momentum isn't finished yet."
"Nvidia (NASDAQ:NVDA) is at the center of a fresh smuggling investigation, with Taiwan prosecutors suspecting restricted AI chips were routed to China through Japan, according to Bloomberg. The case took shape last week when authorities detained three individuals accused of falsifying export documents for Super Micro Computer (NASDAQ:SMCI) servers loaded with Nvidia's restricted chips, raising fresh concerns about the integrity of export controls designed to keep advanced U.S"
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