S&P 500 Rebounds
The S&P 500 rose 0.6% to 7,409.62, while the Dow Jones Industrial Average added roughly 493 points, or 0.9%, to 52,160, a record high, as crude oil tumbled to $70 a barrel on a holding U.S.-Iran ceasefire.
U.S. stocks rebounded by midday Wednesday, recovering from Tuesday’s tech-led sell-off as crude oil tumbled to $70 a barrel on a holding U.S.-Iran ceasefire, sending small caps to a fresh record and the Dow Jones Industrial Average to an all-time high.
The relief came as a U.S.-Iran ceasefire held and negotiators advanced a 60-day roadmap toward a final deal, with the Strait of Hormuz open and the Treasury authorizing temporary Iranian oil sales. • Micron Technology stock is under selling pressure.
What’s driving MU stock lower? West Texas Intermediate crude fell about 3.5% to $70.64 a barrel, sliding below $70 intraday, while Brent dropped 3.8% to $74.13 — back near pre-war levels — despite government data showing U.S. crude inventories drew down by more than 6 million barrels to their lowest since 1984.
The S&P 500 rose 0.6% to 7,409.62, while the Dow Jones Industrial Average added roughly 493 points, or 0.9%, to 52,160, a record high.
The small-cap Russell 2000 jumped 1.2% to 3,012.39, a fresh record high.
The Nasdaq 100 lagged the rebound, climbing just 0.4% to 29,472 as megacap technology stayed muted amid lingering scrutiny over whether massive artificial-intelligence spending will be justified.
Traders are awaiting results from Micron Technology, Inc. (NASDAQ: MU ) after the close, with chip sentiment also in focus after reports that South Korea’s SK Hynix is planning a U.S. listing of nearly $30 billion.
Gold extended its sharp retreat, falling 2.6% to about $4,003 an ounce and leaving the metal down roughly 11.5% month-to-date — on pace for its worst month since 2008.
Wednesday’s Performance In Major U.S.
Indices Index Last % Change S&P 500 7,409.62 +0.6% Dow Jones 52,160 +0.9% Nasdaq 100 29,472 +0.4% Russell 2000 3,012.39 +1.2% Updated by 12:30 PM ET According to the Pro platform: The Vanguard S&P 500 ETF (NYSE: VOO ) rose 0.6%.
The SPDR Dow Jones Industrial Average ETF Trust (NYSE: DIA ) gained 0.9%.
The Invesco QQQ Trust (NASDAQ: QQQ ) edged up 0.4%.
The iShares Russell 2000 ETF (NYSE: IWM ) rallied 1.2%.
Homebuilders Roar, Gold Miners Sink The Consumer Discretionary Select Sector SPDR Fund (NYSE: XLY ) led all S&P 500 sectors, climbing 2.4%, with the Industrials Select Sector SPDR Fund (NYSE: XLI ) up 1.7% and the Consumer Staples Select Sector SPDR Fund (NYSE: XLP ) and Materials Select Sector SPDR Fund (NYSE: XLB ) each adding about 1.1%.
At the other end, the Energy Select Sector SPDR Fund (NYSE: XLE ) slumped 2.2% as crude prices tumbled, the worst-performing sector of the session, while the Financial Select Sector SPDR Fund (NYSE: XLF ) and Real Estate Select Sector SPDR Fund (NYSE: XLRE ) lagged near the flatline.
The standout was housing: the iShares U.S.
Home Construction ETF (BATS: ITB ) surged about 6.9% as easing yields and momentum behind a federal housing bill lit a fire under the group.
Lower crude also boosted the U.S.
Global Jets ETF (NYSE: JETS ), up roughly 4.1%, and the iShares Biotechnology ETF (NASDAQ: IBB ) added 2.3%.
On the downside, the VanEck Gold Miners ETF (NYSE: GDX ) tumbled about 4.1% as the precious-metals retreat deepened.
Wednesday’s Russell 1000 Top Gainers Housing and rate-sensitive names ran alongside the homebuilder rally.
Rocket Companies, Inc. (NYSE: RKT ) climbed about 13.3% after Trump pledged to keep mortgage rates low and there is momentum behind the housing bill, while Builders FirstSource, Inc. (NYSE: BLDR ) rose about 11.5%.
RH (NYSE: RH ) gained roughly 11.3% as the home-furnishings retailer’s upgraded full-year outlook met the rate-sensitive bid.
Wendy’s Co (NASDAQ: WEN ) jumped about 26.5% on heavy, more than 40-times-average volume after naming Steve Cirulis chief financial officer and chief strategy officer effective June 23, a move that intensified takeover speculation around activist Trian Fund Management’s roughly 16% stake and fueled a squeeze in the heavily shorted shares.
Name % change Wendy’s Co +26.5% Rocket Companies, Inc. +13.3% Shift4 Payments, Inc. (NYSE: FOUR ) +12.1% Builders FirstSource, Inc. +11.5% RH +11.3% Wednesday’s Russell 1000 Top Losers On the downside, Rocket Lab Corp (NASDAQ: RKLB ) slid about 8.2% as a broad space-sector sell-off and profit-taking followed SpaceX’s roughly 16% post-IPO plunge, with the recently added Nasdaq-100 member giving back part of its outsized run.
Flowserve Corp (NYSE: FLS ) fell about 8.2% on deal fallout after Chart Industries opted for a superior Baker Hughes bid over its merger with Flowserve; Baker Hughes Co (NASDAQ: BKR ) dropped about 4.7% as the acquirer and on the energy-sector swoon.
Strategy Inc (NASDAQ: MSTR ) dropped about 7.4% as Bitcoin retreated toward the $60,000 level amid persistent spot-ETF outflows, weighing on the largest corporate holder of the cryptocurrency.
Commodity-linked names rounded out the laggards: AngloGold Ashanti plc (NYSE: AU ) fell about 6.3% in step with gold’s slide, while Chord Energy Corporation (NASDAQ: CHRD ) lost about 5.6% as crude prices sank.
Name % change Rocket Lab Corporation -8.2% Flowserve Corporation -8.2% Strategy Inc -7.4% AngloGold Ashanti plc -6.3% Chord Energy Corporation -5.6% Photo: Micron logo with Micron CEO Sanjay Mehrotra X profile photo in the background, courtesy Shutterstock