Traders work on the floor at the opening bell of the New York Stock Exchange, May 27, 2026, New York.
Angela Weiss | AFP | Getty Images
of Dow Jones Industrial Average It rose to a new record on Wednesday as oil prices fell. S&P500 Semiconductor stocks lost momentum and fell.
The 30-stock index rose 201 points, or 0.4%, and the market-wide S&P 500 index rose 0.1%. of Nasdaq Composite It also rose 0.1%.
Falling oil prices provided some support to the Dow. usa crude oil Oil prices fell 5% to around $88 a barrel after Iranian state media said the country was working to return commercial traffic in the Strait of Hormuz to pre-war levels within a month, Reuters reported.
However, the White House denied the Iranian state media report, calling it a “complete fabrication.”
micron technologywhich soared more than 19% on Tuesday and surpassed $1 trillion in market capitalization for the first time, was off the day’s highs and up about 1%. Semiconductor-related stocks intel and Qualcomm fell by 4% and 8%, respectively, falling into negative territory. Intel rose about 3% on Tuesday, while Qualcomm rose more than 4%.
In premarket trading, Micron soared on a bullish report from UBS that the stock could more than double in the coming days as memory suppliers sign long-term contracts to accelerate AI implementation. Investors are turning to memory chip makers as their favorite play in the AI bull market. Micron’s South Korean peer SK Hynix also reached a market capitalization of $1 trillion overnight.
“The transformative impact of AI in the coming years and decades cannot be overstated, but the current valuations associated with many of the semiconductor stocks that are providing the computing infrastructure to make it happen are very frothy and far ahead of the curve,” said Eric Parnell, chief market strategist at Great Valley Advisor Group.
In 2026 alone, Micron’s stock price more than tripled, as did Intel’s stock price.
He added: “While semiconductor stocks may be in the latest boom cycle today, it’s important to remember that historically they’ve been through bust cycles.”
JP Morgan Wednesday was another important lag. Shares fell 3% after Chief Executive Jamie Dimon said the company could spend up to $20 billion on acquisitions “within the next few years.”
—CNBC’s Spencer Kimball contributed to this report.
