Stock futures trended higher on Wednesday morning after the New York Times reported that the U.S. had sent a 15-point peace plan to Iran. Oil prices fell sharply amid rising hopes for the de-escalation of tensions in the Middle East. Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.71%, 0.55%, and 0.58%, respectively, at 8:35 a.m. EST on March 25.
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At the time of writing, the international oil benchmark Brent (CM:BZ) was down 3.85% to $100.61 per barrel, while West Texas Intermediate (WTI) crude (CM:CL) fell 3.67% to trade at $88.88 per barrel.
During Tuesday’s regular trading, the three major indexes closed lower, reversing earlier gains from President Trump’s claims of “productive conversations.” Markets dipped after Iranian officials denied direct peace talks with the U.S. The Dow fell 0.18%, while the Nasdaq Composite and the S&P 500 shed 0.84% and 0.37%, respectively.
Turning to trending stocks, shares of Arm Holdings (ARM) rallied 12% in Wednesday’s pre-market trading after the semiconductor company unveiled its first in-house chip, saying it would generate $15 billion in revenue by 2031. Terns Pharmaceuticals (TERN) jumped 5% after Merck (MRK) agreed to buy the biopharma company in a deal valued at $6.7 billion.
Robinhood Markets (HOOD) was up 3% after the financial services platform announced a $1.5 billion stock buyback plan. Also, Chewy (CHWY) stock rallied more than 10% after the pet supplies retailer announced a solid revenue outlook.