Major US stock indices were mixed on Wednesday amid artificial intelligence enthusiasm and as oil prices fell after Iranian comments on the Middle East war.
As of 10:30 a.m. Eastern Time, the S&P 500 was virtually unchanged, the Dow Jones Industrial Average was up 0.7%, and the Nasdaq Composite was 0.2% lower.
At the opening bell, the Dow Jones Industrial Average rose 25.5 points, or 0.05%, to 50,487.16. The S&P 500 rose 6.9 points, or 0.09%, to 7,526.01, while the Nasdaq Composite rose 39.3 points, or 0.15%, to 26,695.442.
Crude oil values plummeted sharply following statements from Iran’s Revolutionary Guards indicating that a renewed conflict with the United States remained improbable.
According to Iranian state television, Tehran has secured a preliminary framework agreement with Washington to reopen Strait of Hormuz shipping within thirty days, contingent upon a American military withdrawal and ending the maritime blockade.
In the bond market, the yield on the 10-year Treasury slipped to 4.47% from 4.50% late on Tuesday.
Key Stock Movers
Micron shares surged 5.6%, extending gains after breaching a historic $1 trillion market capitalization on Tuesday due to intense investor enthusiasm surrounding its artificial intelligence capabilities.
Peer chipmakers Western Digital and Seagate Technology surged 2.5% and 3.2%, respectively.
Bath & Body Works equity rallied 16.5% after the retailer reported first quarter sales and profit better than expected.
Lululemon Athletica shares advanced 6.6% after the firm reached a deal with its founder, Chip Wilson, where it will add a former chief marketing officer of ESPN and a former co-CEO of On to its board of directors.
Oil and gas stocks dropped on falling energy prices. Exxon Mobil lost 2.2%, and Chevron fell 1.5%.
GlobalFoundries stock fell 9% after Bloomberg News reported that majority owner Mubadala Investment was seeking to raise $1.91 billion from an unregistered block sale of its shares.