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Sector Update: Tech Stocks Rise Premarket Wednesday

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Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.

Micron Technology (MU) shares were up more than 7%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.

Iren (IREN) has entered a $1.6 billion purchase agreement with Dell (DELL) for air-cooled Blackwell systems, the company said. Iren shares were up more than 3% pre-bell.

Zscaler (ZS) stock was down more than 23% after the company issued a fiscal Q4 revenue outlook that narrowly missed analysts' expectations.

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Sector Update: Energy

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.8% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 5.6% lower at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.6% to $95.04 per barrel, and natural gas futures were up 1.6% at $2.94 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 3% pre-bell.

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Market Chatter: Iran State TV Says Hormuz Traffic May Return to Normal Within Month of Deal

A US-Iran interim peace deal says that maritime traffic through the Strait of Hormuz can return to normal within a month of a finalized agreement, Bloomberg reported Wednesday, citing a report by Iranian state television that cited an official draft of the deal.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sectors

Sector Update: Financial

Financial stocks were advancing pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was also 0.3% higher.Banco Santander (SAN) shares were up more than 1% after the company said it launched a cash tender offer to repurchase up to $850 million of its outstanding 4.75% perpetual preferred tier 1 securities.

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