The Wall Street futures indicated a robust start to the day on Wednesday for the benchmark US market indices S&P 500 and Nasdaq 100 after Tuesday's rally.
S&P 500 rose 0.3% higher to a new high of 7,559 while Nasdaq 100 jumped 0.68% to a fresh 52-week high of 30,278.75, Dow Jones Industrial Average, reversed its losses in pre-market trade to rise 227 points or 0.45% to 50,461.68.
Futures rose on the back of a tech rally fuelled by Micron Technology Inc., which joined the trillion dollar market capitalisation club on Monday.
The stock futures indicated that Micron is likely to pickup from where it left off as they soared 9% to a fresh high of 975.54. The shares had closed at $916.80 levels on Tuesday.
Declining crude oil prices also offered some support to the wall street indices even as details on truce talk progress between the United States and Iran remained ambiguous.
Global benchmark brent crude traded 2.7% lower at $96.82 per barrel, while West Texas Intermediate was down 3.65% to $90.46 levels.
The market continued to track developments near the Strait of Hormuz after US forces struck targets close to the waterway. Iran's Islamic Revolutionary Guard Corps said it had fired at several US aircraft after they entered Iranian airspace.
Despite the renewed hostilities, US Secretary of State Marco Rubio said any agreement between Washington and Tehran could still take several days to complete. Failure to reach a deal could prolong a conflict that has driven fuel prices sharply higher.
Several issues, including Iran's opposition on unrestricted access on Hormuz and demand related to $24 billion in frozen assets, are key hurdles to the truce discussions.
Iran's Islamic Revolutionary Guard Corps or the IRGC clarified that a renewed war with America was unlikely even after the fresh attacks because of the “enemy's weakness” but, at the same time, vowed to turn Iran's southern territory into a "graveyard" for aggressors.
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