Stocks rise amid optimism around US peace plan for Iran
Gains in technology supported the broader market rally.
The S&P 500, Nasdaq 100, and Russell 2000 all rose amid renewed hopes that the conflict in the Middle East could draw down after it was reported late Tuesday that the US sent Iran a 15-point plan to end the war. Reports that Iran would not accept the plan seemed to dampen the rally, but the market remained cautiously optimistic.
Every sector finished higher except for energy, which fell alongside oil prices, settling at $90 a barrel on Wednesday.
Moving higher:
Arm Holdings soared after announcing Tuesday evening that it would create a new AI chip in partnership with Meta. Arm’s CEO said it’s expected to generate $15 billion in annual revenue by 2031.
Nvidia, Intel, Advanced Micro Devices, ON Semiconductor, and NXP Semiconductors all got a bump from Arm’s rosy revisions to its outlook.
Fundrise Innovation Fund, a publicly traded venture fund that owns stakes in private companies like Anthropic, OpenAI, and SpaceX, continued to rally as the gap between the value of its stock price and its underlying assets grows.
EchoStar jumped on a fresh report about the supposedly imminent IPO filing from Tesla CEO Elon Musk’s commercial space behemoth, SpaceX.
Shares of JetBlue spiked following a Semafor report that the airline is exploring merger partners.
Cipher Digital leapt on news that the firm signed a new data center lease and secured a $200 million revolving credit facility.
Moving lower:
Memory stocks Sandisk, Micron, Seagate Technology Holdings, and Western Digital sank after Alphabet’s Google Research group published details of a new algorithm known as TurboQuant.
