U.S. stocks soared on Wednesday after President Donald Trump announced a two-week ceasefire with Iran, and beaten-down tech names shared in the rally.
Meta, Amazon, Alphabet and Nvidia led the way among the Magnificent 7 names.
Chipmakers also soared, with Taiwan Semiconductor Manufacturing Co. gaining 7% and ASML, Applied Materials and Micron popping 9%.
Lam Research, Western Digital and Seagate all climbed 10%.
Trump backed down from his Tuesday threat that “a whole civilization will die” shortly before his 8 p.m. ET deadline and said that the U.S. would pause fighting. He said the U.S. had received a proposal from Iran and the two sides would continue to negotiate.
Despite the truce, ship traffic through the Strait of Hormuz has yet to return to pre-war levels and Saudi Arabia’s east-west pipeline was hit by a drone hours after Trump’s Truth Social post.
