US stocks moved higher on Wednesday as falling oil prices and lower Treasury yields eased pressure on the market. The S&P 500 gained about 0.6%, while the NASDAQ Composite rose 0.7%. The Dow Jones Industrial Average added roughly 370 points, or 0.7%, as investors watched technology shares after two days of losses.

Oil Drop Supports Stocks and Pushes Bond Yields Lower

Oil prices extended their decline as traders tracked developments involving the United States, Iran, and the Strait of Hormuz. Brent crude fell about 4% to nearly $73 per barrel, its lowest level since the airstrikes at the end of February. West Texas Intermediate also dropped more than 4% and briefly traded below $70 for the first time since March 2.

Lower oil prices reduced inflation concerns and pulled Treasury yields down. The 10-year Treasury yield fell below 4.5%, while the two-year yield edged lower. Energy stocks moved in the opposite direction. Exxon Mobil, Chevron, and ConocoPhillips each lost more than 2%, while SLB fell more than 3%. The S&P 500 energy sector dropped about 2.3%.

Micron Earnings Become the Main Test for Technology Stocks

Micron Technology traded lower before its earnings report after Wednesday’s closing bell. Analysts surveyed by FactSet expected earnings of $20.83 per share on revenue of $35.75 billion. The stock fell about 13% on Tuesday after reaching a record high earlier in the week.

Investors also watched SanDisk after its sharp loss in the previous session. Micron has gained more than 268% in 2026 as demand for AI memory chips increased. Still, some traders questioned whether the company could meet high expectations. Jay Woods said Micron could move ‘down to $1,000’ as investors compare the stock with its 20-day moving average.

Chip Shares Stabilize After a Sharp Technology Sell-Off

Technology stocks traded unevenly after semiconductor-linked shares led Tuesday’s decline. The VanEck Semiconductor ETF lost 7% in that session, while the technology rout erased more than $1 trillion from the NASDAQ 100 over two days. Nvidia slipped slightly on Wednesday after falling 4.1% a day earlier.

Rick Gardner described the decline as a ‘healthy pullback,’ but he also raised doubts about high earnings forecasts across the sector. He said investors may be reassessing the difficult targets technology companies must meet when earnings season resumes in July. Brent Schutte said Micron’s report would help investors judge AI costs and corporate returns.

SK Hynix Listing Adds to Focus on AI Chip Funding

SK Hynix said it plans to raise up to about $29.4 billion through a US listing. The South Korean memory-chip producer expects to issue American depositary receipts on the NASDAQ, with trading scheduled to begin July 10. The company supplies Nvidia and has benefited from rising demand for advanced memory products.

The transaction would rank among the largest global share sales. It comes as technology companies raise debt and equity to fund data centers, chips and other AI infrastructure. Nevertheless, recent volatility shows that investors are closely testing valuations, spending plans and profit margins across the semiconductor industry.

Alphabet Gains as Markets Await Inflation Data

Alphabet shares rose nearly 1% after S&P Global said the company would replace Verizon in the Dow Jones Industrial Average on June 29. Alphabet will become the fifth Magnificent Seven company in the index, joining Apple, Amazon, Microsoft and Nvidia.

Meanwhile, investors looked ahead to Thursday’s Personal Consumption Expenditures Price Index. Economists expected the reading to rise to 4.1%, while traders increased bets on a second Federal Reserve rate increase by December. 

Elsewhere, Hertz fell more than 25% after lowering its second-quarter outlook, while Cerebras Systems dropped after forecasting weaker full-year profit margins.

As Wall Street regains momentum on easing inflation pressures, investors now turn their attention to corporate earnings and AI-related spending trends to determine whether the recent market volatility was a temporary correction or a sign of deeper concerns.

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