Finance

Crude oil prices fell more than 4% on Wednesday as rumors circulated about a potential end to regional conflict and the restoration of shipping traffic in the Strait of Hormuz. This retreat in energy costs eased pressure on U.S. households and helped drive a rotation into blue-chip stocks, contributing to the broader market's upward momentum.

Micron shares extended their rally, gaining an additional 3% after crossing the $1 trillion market capitalization threshold. Despite this individual milestone, the broader semiconductor sector faced headwinds as other major players like Qualcomm and Marvell Technology experienced significant declines ahead of their own financial reports.

While the Federal Reserve has maintained interest rates between 3.50% and 3.75%, market sentiment is increasingly pricing in the possibility of a rate hike rather than previously anticipated cuts. Investors are closely monitoring upcoming inflation data as sticky pricing and geopolitical factors keep the 10-year Treasury yield elevated near 4.56%.