U.S. stocks rebounded by midday Wednesday, recovering from Tuesday's tech-led sell-off as crude oil tumbled to $70 a barrel on a holding U.S.-Iran ceasefire, sending small caps to a fresh record and the Dow Jones Industrial Average to an all-time high.

The relief came as a U.S.-Iran ceasefire held and negotiators advanced a 60-day roadmap toward a final deal, with the Strait of Hormuz open and the Treasury authorizing temporary Iranian oil sales.

West Texas Intermediate crude fell about 3.5% to $70.64 a barrel, sliding below $70 intraday, while Brent dropped 3.8% to $74.13 — back near pre-war levels — despite government data showing U.S. crude inventories drew down by more than 6 million barrels to their lowest since 1984.

The S&P 500 rose 0.6% to 7,409.62, while the Dow Jones Industrial Average added roughly 493 points, or 0.9%, to 52,160, a record high. The small-cap Russell 2000 jumped 1.2% to 3,012.39, a fresh record high.

The Nasdaq 100 lagged the rebound, climbing just 0.4% to 29,472 as megacap technology stayed muted amid lingering scrutiny over whether massive artificial-intelligence spending will be justified.

Traders are awaiting results from Micron Technology, Inc. (MU) after the close, with chip sentiment also in focus after reports that South Korea's SK Hynix is planning a U.S. listing of nearly $30 billion.

Gold extended its sharp retreat, falling 2.6% to about $4,003 an ounce and leaving the metal down roughly 11.5% month-to-date — on pace for its worst month since 2008.

Wednesday's Performance In Major U.S. Indices

According to market data:

• The Vanguard S&P 500 ETF (VOO) rose 0.6%.
• The SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.9%.
• The Invesco QQQ Trust (QQQ) edged up 0.4%.
• The iShares Russell 2000 ETF (IWM) rallied 1.2%.

Homebuilders Roar, Gold Miners Sink

The Consumer Discretionary Select Sector SPDR Fund (XLY) led all S&P 500 sectors, climbing 2.4%, with the Industrials Select Sector SPDR Fund (XLI) up 1.7% and the Consumer Staples Select Sector SPDR Fund (XLP) and Materials Select Sector SPDR Fund (XLB) each adding about 1.1%.

At the other end, the Energy Select Sector SPDR Fund (XLE) slumped 2.2% as crude prices tumbled, the worst-performing sector of the session, while the Financial Select Sector SPDR Fund (XLF) and Real Estate Select Sector SPDR Fund (XLRE) lagged near the flatline.

The standout was housing: the iShares U.S. Home Construction ETF (ITB) surged about 6.9% as easing yields and momentum behind a federal housing bill lit a fire under the group.

Lower crude also boosted the U.S. Global Jets ETF (JETS), up roughly 4.1%, and the iShares Biotechnology ETF (IBB) added 2.3%. On the downside, the VanEck Gold Miners ETF (GDX) tumbled about 4.1% as the precious-metals retreat deepened.

Wednesday's Russell 1000 Top Gainers

Housing and rate-sensitive names ran alongside the homebuilder rally.

Rocket Companies, Inc. (RKT) climbed about 13.3% after Trump pledged to keep mortgage rates low and there is momentum behind the housing bill, while Builders FirstSource, Inc. (BLDR) rose about 11.5%.

RH (RH) gained roughly 11.3% as the home-furnishings retailer's upgraded full-year outlook met the rate-sensitive bid.

Wendy's Co (WEN) jumped about 26.5% on heavy, more than 40-times-average volume after naming Steve Cirulis chief financial officer and chief strategy officer effective June 23, a move that intensified takeover speculation around activist Trian Fund Management's roughly 16% stake and fueled a squeeze in the heavily shorted shares.

Wednesday's Russell 1000 Top Losers

On the downside, Rocket Lab Corp (RKLB) slid about 8.2% as a broad space-sector sell-off and profit-taking followed SpaceX's roughly 16% post-IPO plunge, with the recently added Nasdaq-100 member giving back part of its outsized run.

Flowserve Corp (FLS) fell about 8.2% on deal fallout after Chart Industries opted for a superior Baker Hughes bid over its merger with Flowserve; Baker Hughes Co (BKR) dropped about 4.7% as the acquirer and on the energy-sector swoon.

Strategy Inc (MSTR) dropped about 7.4% as Bitcoin retreated toward the $60,000 level amid persistent spot-ETF outflows, weighing on the largest corporate holder of the cryptocurrency.

Commodity-linked names rounded out the laggards: AngloGold Ashanti plc (AU) fell about 6.3% in step with gold's slide, while Chord Energy Corporation (CHRD) lost about 5.6% as crude prices sank.