4:20pm: Positive finish
Wall Street closed on a mixed but generally upbeat note Wednesday, with the major indexes continuing their march to fresh record highs as easing oil prices helped support investor sentiment.
The Dow Jones rose 183 points, or 0.4%, to finish at 50,644, while the S&P 500 edged just above the flatline to close at 7,520. The Nasdaq added 19 points, or 0.1%, ending the session at 26,675.
Markets got a boost from a sharp pullback in oil prices after signs of possible de-escalation in the Middle East eased concerns about supply disruptions. The drop in crude helped offset lingering worries about inflation and the Federal Reserve’s hawkish tone, which also pushed gold prices down to two-month lows.
Still, the rally showed signs of fatigue in parts of the tech sector. Semiconductor stocks, which have powered much of this year’s AI-driven gains, lost momentum as investors locked in profits after a massive run-up in recent weeks. Even so, enthusiasm around artificial intelligence continued to underpin the broader market, with chipmakers maintaining enormous market capitalizations despite the recent pullback.
Attention now turns to earnings after the bell from Salesforce and Marvell Technology, with traders looking for fresh clues on enterprise software demand and the next phase of the AI spending boom.
3:40pm: Proactive news headlines
- Thistle Resources (TSX-V:TRCG) is hitting the ground running after its debut on the TSX Venture Exchange with a fully funded exploration strategy that has directed most pre-IPO capital into drilling and target development rather than corporate overhead.
- Virtuix Holdings Inc (NASDAQ:VTIX) is expanding its presence in the US defense sector through a new Air Force research contract, a Marine Corps training initiative, and acquisition efforts in defense simulation.
- Immunic Inc (NASDAQ:IMUX, FRA:10VA) appointed Erik Lundgren as CEO as the company advances its late-stage multiple sclerosis treatment candidate toward potential commercialization.
- Blockmate Ventures Inc (TSX-V:MATE, OTCQB:MATEF, FRA:8MH) said it is continuing talks with investors and strategic partners on a potential AI data center project in Wyoming while preparing to attend Datacloud Global Congress 2026 in France.
- Abacus Global Management (NYSE:ABX) entered a strategic alliance with wealth management firm Manning & Napier and completed a minority equity investment in the company.
- Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) received a refundable tax credit from the Arizona Commerce Authority to support capital investment and employment growth tied to its copper operations in the state.
- Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) expanded its summer 2026 exploration program at the Nisk project in Quebec with additional geophysical surveys targeting deeper nickel, copper and platinum group element mineralization.
2:30pm: Market movers
- Capri Holdings reported fiscal fourth-quarter earnings that beat Wall Street expectations, but weaker-than-expected revenue weighed on investor sentiment and sent the stock down more than 6%.
- PDD Holdings Inc (NASDAQ:PDD) shares tumbled nearly 11% after the company posted first-quarter revenue and profit well below analyst forecasts despite announcing a major three-year supply chain investment initiative.
- Abercrombie & Fitch (NYSE:ANF) shares climbed about 12% after the retailer delivered stronger-than-expected first-quarter earnings even as revenue slightly missed estimates and comparable sales declined.
- Bath & Body Works surged 12.8% after reporting first-quarter earnings and sales above expectations while reaffirming its full-year guidance.
- Dick's Sporting Goods (NYSE:DKS) posted better-than-expected first-quarter revenue and earnings, but shares fell nearly 6% after the company lowered its full-year profit forecast.
- Zscaler Inc. (NASDAQ:ZS) shares plunged more than 31% after the company issued softer-than-expected fiscal fourth-quarter guidance despite posting a modest earnings beat for the third quarter.
- Immunic Inc (NASDAQ:IMUX, FRA:10VA) appointed biotech executive Erik Lundgren as CEO as it advances its late-stage multiple sclerosis treatment candidate toward potential commercialization.
12:45pm: Chipmania
Chipmakers are currently in the middle of a strong boom phase driven by surging AI infrastructure demand. However, as Swissquote analyst Ipek Ozkardeskaya notes, memory markets have historically moved in cycles: shortages lift prices and spur aggressive capacity expansion, which eventually leads to oversupply and weaker pricing.
“Right now, we are in the middle of a boom cycle. And there is little doubt that exploding AI demand will extend the boom phase of the cycle — and maybe smooth out the cycles in the future — but it won’t make them disappear completely,” Ozkardeskaya commented.
“Many things could happen. Among them, AI demand growth could slow, supply-chain disruptions could limit production and/or, more reasonably, new technologies could reduce demand for today’s memory chips.
“This doesn’t mean that memory chipmakers won’t enjoy an extended period of extraordinary profits, but the latter has already been widely priced in, while valuing these companies as if today’s shortages and margins will last forever carries obvious risks.”
12:05pm: Little reaction to oil price drop
Crude oil dropped to a five-week low after Iranian state TV suggested a possible US deal could reopen shipping through the Strait of Hormuz.
Still, US indices had a muted reaction.
"Though the Nasdaq 100 opened at fresh records, it rapidly began to slip amid profit taking," said IG's Axel Rudolph.
"The past couple of months of high energy costs are beginning to negatively affect US 30-year mortgage rates with these rising to 9-month highs, as inflation and global debt concerns lead investors to price in a potential Fed rate hike later this year."
10:55am: AI memory boom accelerates
SK Hynix and Micron have both crossed the $1 trillion valuation mark, underscoring what analysts say is a shift in the artificial intelligence (AI) trade toward infrastructure rather than model developers.
Nigel Green, CEO of deVere Group, said the surge reflects investors moving beyond early AI winners like Nvidia and focusing instead on bottlenecks deeper in the supply chain, particularly high-bandwidth memory chips.
Shares of SK Hynix and Micron Technology have rallied on booming demand for AI-driven data centres, helping lift global equities to fresh record highs. US stock futures also rose, while European markets were mixed.
Memory has rapidly become one of the biggest choke points in AI, Green said, noting that firms such as Microsoft, Meta Platforms, Amazon and Alphabet are competing aggressively for compute and semiconductor capacity.
He added that the AI boom is increasingly about controlling infrastructure constraints rather than building models, as markets reprice the semiconductor layer of the technology stack.
9.55am: Mixed open for Wall Street
US stocks have opened mixed, with the Dow Jones opening up 0.25%, while the Nasdaq and S&P 500 were essentially flat in opening trades.
The Nasdaq 100's biggest drops came from cybersecurity groups Zscaler, CrowdStrike and Palo Alto Networks, coming under pressure alongside AI-linked names including Palantir and Strategy.
Nvidia slipped 1.7% as investors took profits across the semiconductor sector, while Qualcomm and Intel also traded lower.
All but six of the Dow names were in green, led by Nike, Procter & Gamble, and Home Depot, all up over 2%.
9.15am: Report of Iran deal close, markets still skeptical
Crude oil prices have dropped again after Iranian state media reported details of an unofficial draft peace framework with the US.
Markets feel like they have heard this before, so WTI futures crept back up above $89 after falling to a 5-week low.
The deal would see commercial shipping through the Strait of Hormuz restored to pre-war levels within 30 days.
Under the reported 'Islamabad framework' proposals, the US would lift its naval blockade on Iranian ports and withdraw military forces from the vicinity of Iran, while Tehran and Oman would jointly oversee shipping through the strategic waterway.
The Mizan news agency said any final agreement reached within two months could eventually be endorsed through a UN Security Council resolution.
Neither Washington nor Tehran has officially commented on the reports, though the developments come ahead of a cabinet meeting between Donald Trump.
Separately, Iran’s Revolutionary Guards navy says 23 vessels had passed through the Strait under its supervision over the past 24 hours, signalling some easing in shipping restrictions after weeks of disruption that sent oil prices sharply higher.
7.30am: Nasdaq to continue leading gains
Wall Street’s technology stocks looked set to lead markets higher again on Wednesday as investors piled further into the artificial intelligence trade and global equity benchmarks hit fresh record highs.
Futures for the Nasdaq 100 were up 0.6% ahead of the opening bell, while contracts for the S&P 500 and Dow Jones Industrial Average gained around 0.35%.
The previous session saw the Nasdaq climb 312 points, or 1.2%, to a record close of 26,656, while the S&P 500 rose 46 points, or 0.6%, to finish at an all-time high of 7,519. The Dow Jones underperformed, slipping 118 points to 50,462.
Chipmaker Micron remained at the centre of the rally after its market value momentarily topped $1 trillion, adding fresh momentum to the AI-fuelled semiconductor surge that has driven much of the market’s gains this year.
The upbeat tone spread across global markets overnight. The MSCI All Country World Index notched its sixth straight all-time peak, while MSCI’s Asia index rose 1.1% to a record high, with South Korea’s Kospi the standout performer, jumping more than 3% to a new high.
Oil prices steadied after sharp overnight swings linked to uncertainty over the Strait of Hormuz. WTI crude briefly fell below $90 a barrel before recovering slightly as traders monitored ongoing talks between Iran, Oman and the US over shipping access through the vital waterway.
"Iran and Oman, as adjacent coastal states, are negotiating together to determine a new mechanism for passage through the Strait of Hormuz," a spokesman for Iran’s national security council told reporters at a Moscow security conference.
Tehran's stockpile of highly enriched uranium was "not on the agenda of the negotiations" with Washington, the spokesman added, contradicting recent comments by Donald Trump that the material would be handed over to the US for destruction.
Separately, a senior official of the Islamic Revolutionary Guard Corps said the "likelihood of war is low" with the US.
Earnings tonight include Salesforce (CRM), Marvell (MRVL), and HP Inc (HPQ).
"To remind you, Salesforce is down 32% YTR, tonight’s report will focus squarely on Agentforce’s AI numbers – they will either vindicate the stock or confirm more pain ahead," said market analyst Kenny Polcari at Slatestone.
"Marvell is the AI semiconductor read of the week, and traders are taking that up 4.6% or $10 in the pre-mkt.
"HPQ tells you where enterprise hardware sits and that is down 0.1% in the pre-mkt at $24.40. Three very different stories. Pay close attention," Polcari said.
"Momentum is starting to get stretched. The RSI is in overbought territory and we’re now trading about 6% above trendline support. That’s not a red light – but it is a flashing yellow one."