Wall Street rose on Wednesday as chip stocks bounce back from the two-day sell-off and oil prices fell. S&P 500 opened 0.48% higher at 7,401.10, tech-heavy Nasdaq Composite rose 0.57% at open to 25,746.36, and Dow Jones Industrial Average added nearly 50 points and opened 0.08% higher at 51,703.37.
The gains come ahead of Micron Technology’s earnings announcement. In addition, oil prices extended their losses on Wednesday, with international benchmark Brent crude dropping 3% to around $74 a barrel, marking its lowest point since before the US and Israel initiated airstrikes against Iran in late February. Meanwhile, US West Texas Intermediate (WTI) futures also tumbled 3%, settling near $71.
Memory chips and major tech stocks staged a modest recovery in Wednesday’s trading following Tuesday’s sharp selloff. Micron shares advanced roughly 4% and SanDisk climbed nearly 3%, clawing back ground after both tumbled 13% in the previous session. Mirroring this bounce, the Roundhill Memory ETF (DRAM) rose 3% premarket, following a 14% plunge on Tuesday.
Other tech heavyweights also stabilized: Intel and Qualcomm both ticked up over 1% after shedding 6% and 8%, respectively, during Tuesday’s rout. This early-morning rebound follows a bruising session where tech losses dragged down the broader markets, pushing the S&P 500 lower by 1.44% and the Nasdaq Composite down 2.21%, while the Dow Jones managed to escape mostly unscathed, slipping just 45.87 points.
This is a developing story.