Live Nasdaq Composite: Market Bulls Maintain Grip in Tech-Fueled Rally

This article will be updated throughout the day, so check back often for more daily updates. 

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.

Here’s a look at where things stand as of morning trading:

Dow Jones Industrial Average: 50,591 Up 0.08%
Nasdaq Composite: 30,219 Up 0.49%
S&P 500: 7,547 Up 0.15%

Market Movers

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. semiconductor technology out of Chinese hands. The scrutiny hasn’t rattled CEO Jensen Huang, who struck a defiant tone on the company’s outlook: “Nvidia’s market cap in 3 to 5 years is going to be very much higher than today. They can’t stop us.”

SK Hynix has joined the trillion-dollar club for the first time in its history, according to Bloomberg. The South Korean memory chipmaker’s milestone reflects the staggering demand surge that AI infrastructure has unleashed across the semiconductor supply chain, with SK Hynix emerging as one of the primary beneficiaries as hyperscalers race to build out the compute capacity powering the next generation of AI models.