Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are in the green on Wednesday following reports that the U.S. had sent Iran a 14-point plan to end the war.
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Trade QQQ with leverageThe plan calls for both sides to lift restrictions on the Strait of Hormuz over a 30-day period and seeks to create a framework to discuss the future of Iran’s nuclear program, according to Axios. In addition, the U.S. requested a pause on Iran’s uranium enrichment program for at least 12 years in exchange for the removal of some sanctions and the release of billions of dollars in frozen assets. Iran is expected to respond within the next 48 hours.
Oil Slides as Semiconductor Stocks Rally
Oil is taking a hit on the news, with Brent crude (BZ) down by over 6% at the time of writing. Brent briefly crossed below $100 per barrel this morning but has since climbed back above the level.
Elsewhere, semiconductor stocks are rising following a blowout earnings report from AMD (AMD). The company reported a 38% jump in total revenue to $10.3 billion, while its data center revenue grew by 57% to $5.8 billion.