Dow, S&P 500, Nasdaq Futures Climb As Trump Touts ‘Great Progress’ In Iran: AMD, SMCI, IBRX, MU Stocks In Focus Today

• Dow Jones futures were about 0.25% higher at the time of writing, while S&P 500 futures were up 0.26% and Nasdaq 100 futures gained 0.53%.
• On Tuesday, the S&P 500 and the Nasdaq Composite notched fresh highs. 
• Oil futures declined in Tuesday’s overnight session amid Trump’s efforts to pause escorts through the Strait of Hormuz.

U.S. stock futures edged higher in Tuesday’s extended trading hours after President Donald Trump said that “Great Progress” has been made in Iran, adding that "Project Freedom” will be paused temporarily.

Dow Jones futures were about 0.25% higher at the time of writing, while the S&P 500 futures were up 0.26% and Nasdaq 100 futures gained 0.53% as of 9.03 p.m ET.  

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) were climbing higher. Meanwhile, retail sentiment on Stocktwits for three indexes was green.

How Did US Markets Fare?

On Tuesday, the S&P 500 and the Nasdaq Composite notched fresh highs, climbing to 7,273.26 and 25,361.05, respectively. Meanwhile, the Dow Jones Industrial Average added more than 356 points to close 0.73% higher.

US Market Drivers

U.S. stock markets soared on Tuesday after strong earnings results from companies and a rally in artificial intelligence-related stocks propped up indexes, while tensions between the U.S. and Iran seemingly abated.

Trump indicated in a post on Truth Social on Tuesday that an agreement with Iran was in progress, stoking hopes for a resolution in the war that is now in its tenth week and has left the critical Strait of Hormuz choked, pressuring global energy supplies.

“Based on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran, we have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” he said.

Earlier, Defense Secretary Pete Hegseth also confirmed that the ceasefire between the two countries was still holding despite the tensions in the Strait on Monday.

Markets will be keyed in to earnings from major companies, including Walt Disney (DIS), Warner Bros Discovery (WBD), Uber Technologies (UBER), and Arm Holdings (ARM), among others, on Wednesday. On the economic front, investors will also keep a watch for ADP’s private payrolls report for April.

Trending Stocks To Watch

Advanced Micro Devices Inc. (AMD): The chipmaker soared more than 14% in Tuesday’s overnight session after posting first-quarter (Q1) results that soared past street expectations, after data center revenue surged. The company also forecast second-quarter (Q2) results far ahead of projections.

Super Micro Computer Inc. (SMCI): The artificial intelligence server maker soared more than 18%, rebounding from its March decline on its fiscal third-quarter (Q3) revenue more than doubling amid soaring AI demand. The company’s forecast came in ahead of consensus estimates, indicating strong demand for its AI-optimized rack-scale server solutions.

ImmunityBio, Inc. (IBRX): The clinical-stage biotech company garnered attention after its founder, Patrick Soon-Shiong, touted “unstoppable” global expansion for Anktiva amid ongoing scrutiny from the Food and Drug Administration (FDA) in the U.S.

Micron Technology Inc. (MU): The memory chipmaker’s shares surged more than 11% on Tuesday amid soaring demand for memory. The uptick pushed Micron’s market capitalization to over $700 billion for the first time.

Broader Market Trends

Oil futures declined in Tuesday’s overnight session amid Trump’s efforts to pause escorts through the Strait of Hormuz. Brent crude futures expiring in July were down about 1.08%, trading at around $108.68 a barrel, while WTI crude futures expiring in June were down 1.31% to $100.93 a barrel at the time of writing.

Treasury yields on the benchmark 10-year were at 4.426%, while gold traded around $4,610.35 an ounce.

Asian markets followed U.S. stocks, climbing higher at the open on Wednesday as the KOSPI, Nikkei 225 and SSE Composite indexes were all in green at the time of writing. Australian stocks were also higher at the open.

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