Stock Market Today: Futures Rise as Trump Pauses 'Project Freedom'—Super Micro, AMD, Intel Lead the Charge
MarketDash
U.S. stock futures climbed Wednesday after a record close, with tech stocks surging on strong earnings and AI optimism.
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U.S. stock futures were pointing higher on Wednesday, extending Tuesday's record-setting momentum. The catalyst? President Donald Trump announced a temporary pause in 'Project Freedom'—a military-backed operation to escort commercial ships through the Strait of Hormuz. On Truth Social, Trump said the pause would allow negotiations to continue, but he made clear the U.S. blockade remains firmly in place. The move eased some geopolitical jitters, even if the underlying tensions haven't gone away.
The 10-year Treasury yield was at 4.37%, while the two-year note yielded 3.89%. According to the CME Group's FedWatch tool, markets are pricing in a 94.1% chance that the Federal Reserve will leave rates unchanged at its June meeting. So no rate cuts anytime soon—but that's not spooking investors.
Super Micro Computer Inc. (SMCI) jumped 17.21% after reporting upbeat earnings for the third quarter and issuing fourth-quarter EPS guidance above estimates. The server and storage company continues to ride the AI wave.
Market data indicates that SMCI maintains a strong price trend in the short term but a weak trend in the medium and long terms, with a solid growth score.
Advanced Micro Devices
Advanced Micro Devices Inc. (AMD) surged 18.64% as it reported better-than-expected first-quarter financial results and issued second-quarter sales guidance above estimates. The chipmaker is capitalizing on strong demand for its data center and AI processors.
Market data indicates that AMD maintains a strong price trend in the short, medium, and long terms, with a good quality score.
Arista Networks
Arista Networks Inc. (ANET) dropped 8.74% despite guiding second-quarter revenue of $2.8 billion and EPS of $0.88, both above expectations. Shares fell sharply after hours as investors appeared to anticipate stronger guidance from the networking company.
Market data indicates that ANET maintains a strong price trend in the short, medium, and long terms, with a poor value ranking.
Intel
Intel Corp. (INTC) advanced 6.40% after it cleared a significant antitrust hurdle for its investment in AI chip startup SambaNova, boosting investor confidence in its strategic direction. The move signals Intel is serious about competing in the AI chip space.
Market data indicates that INTC maintains a strong price trend in the short, medium, and long terms.
Micron Technology
Micron Technology Inc. (MU) gained 6.50% after the company's CEO highlighted the growing demand for memory in AI applications, emphasizing that the issue lies in tight supply rather than weak demand. This surge in demand has positively impacted Micron's stock performance.
Market data indicates that MU maintains a strong price trend in the short, medium, and long terms, with a good growth score.
Cues From Last Session
Tuesday was a broad-based rally, with all S&P 500 sectors closing in the green. The biggest gains came from materials, information technology, and industrials. No groups posted losses—a clean sweep.
Index
Performance (+/-)
Value
Dow Jones
0.73%
49,298.25
S&P 500
0.81%
7,259.22
Nasdaq Composite
1.03%
25,326.12
Russell 2000
1.75%
2,845.00
Insights From Analysts
Wharton professor Jeremy Siegel remains firmly optimistic about the U.S. stock market and economy. He notes that the Federal Reserve's tone is shifting toward rate neutrality, making a June rate cut highly unlikely. Instead, he says "the next move in rates remains slightly more likely to be up than down."
Siegel sees strong underlying economic health, pointing to low jobless claims, solid retail sales, and a robust private sector. As he puts it, "Across the real economy, I do not see weakness."
A key driver of this resilience is the artificial intelligence investment cycle, which has boosted infrastructure spending and helped the market broaden into industrials and value stocks.
The primary risk he identifies is rising energy costs. If retail gasoline prices spike past $5, it could trigger a sudden pullback in consumer spending. But absent that shock, his base case is highly favorable.
Ultimately, Siegel states, "I remain bullish," emphasizing that "the expansion remains intact, earnings remain supportive, and equities continue to deserve the benefit of the doubt."
Upcoming Economic Data
Here's what investors will be watching on Wednesday:
April's ADP employment data will be released at 8:15 a.m. ET.
Chicago Fed President Austan Goolsbee will speak at 1:00 p.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session, down 5.98% to around $96.15 per barrel. Gold spot rose 3.11% to hover around $4,699.24 per ounce, still well below its record high of $5,595.46. The U.S. Dollar Index was 0.49% lower at 97.9630.
Bitcoin (CRYPTO: BTC) was trading 1.03% higher at $81,629.88 per coin over the last 24 hours.
Asian markets closed higher on Wednesday, with South Korea's Kospi, Japan's Nikkei 225, China's CSI 300, Australia's ASX 200, Hong Kong's Hang Seng, and India's Nifty 50 all rising. European markets were also higher in early trade.
