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.
ALSO READ: Micron Earnings Today: What To Expect, And Should You Buy The Dip After 722% Rally?
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.
Salesforce Inc., Amazon.com Inc. and Johnson & Johnson shares were up nearly 1%. On the other hand, Goldman Sachs Group Inc., Nike Inc., JPMorgan Chase & Co. fell over 1%.
The currency front remained mixed with Dollar Spot Index rising 0.3%, the euro fell 0.4% to $1.1338, and the Japanese yen was little changed at 161.69 per dollar. However, the British pound fell 0.3% to $1.3160.
Bitcoin, the largest traded cryptocurrency, rose 0.5% to $62,696.98.
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