Wall Street stock futures climbed on Wednesday as investors weighed signs that the US and Iran may be closing in on a peace deal and a solid earnings season for tech companies continued.

Nasdaq 100 futures (NQ=F) jumped 1.5%, while those on the S&P 500 (ES=F) rose roughly 0.9%. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech stocks, put on 0.9%, following fresh record closes for Wall Street stocks.

Investors were assessing an Axios report that the US believes it’s close to an agreement with Iran on a one-page memo to end their war. Optimism for a Middle East peace deal had already got a boost from President Trump’s abrupt pause on the US plan to help ships transit the Strait of Hormuz.

Upbeat tech earnings were also buoying markets, as chipmaker Advanced Micro Devices (AMD) stock surged 18% after an upbeat earnings report and current quarter forecast. Meanwhile, Supermicro (SMCI) rallied 17% following stronger-than-anticipated quarterly guidance.

Upbeat investor sentiment has been supported by a steady stream of earnings beats. Roughly 85% of reporting S&P 500 companies have exceeded profit expectations, while about 77% have delivered upside revenue surprises.

Jobs data has been in focus this week. Tuesday saw the release of the JOLTS report, and Wednesday’s private employment report from ADP will follow. April’s layoff announcement data from the outplacement firm Challenger, Gray & Christmas will land on Thursday.

Looking ahead, earnings continue to roll through, with the Walt Disney Company (DIS) reporting a Q2 earnings beat before the market opened on Wednesday.

The first quarter earnings season continues to flex its strength. With around two-thirds of S&P 500 (^GSPC) company results in the books, around 84% of companies have reported a positive earnings surprise, according to FactSet.

That was on display on Wednesday morning amid a flurry of fresh reports. Aside from Disney (see the blog post below), here are some of the morning’s biggest post-earnings moves:

Advanced Micro Devices (AMD): The stock surged 19% following beats on the top and bottom lines as well as a better-than-expected second quarter revenue outlook.

CVS (CVS): Shares of the pharmacy and health company rose 5%. The company beat on earnings and raised its full-year earnings guidance.

Uber (UBER): The ride-hailing giant reported rising revenue, trips, and upbeat guidance before the bell on Wednesday, sending the stock 8% higher.

Supermicro (SMCI): The stock surged 13% as strong demand for AI servers led the company to raise its fiscal fourth quarter revenue forecast.

Novo Nordisk (NVO): The Danish drugmaker said its full-year outlook improved slightly as competition in the weight-loss drug space picks up. The stock popped 7%.

Disney stock (DIS) popped 6% in premarket trading on Wednesday following an earnings and revenue beat in the company’s first quarterly report under its new CEO, Josh D’Amaro.

Yahoo Finance’s Brooke DiPalma reports:

For the quarter, Disney reported adjusted earnings per share of $1.57, above the Street’s forecasts of $1.51. Revenue grew by 7% to $25.2 billion, ahead of expectations for $24.8 billion, according to Bloomberg data. Total operating income for the company totaled $4.6 billion in the quarter, an increase from $4.4 billion a year ago.

Revenue for Disney’s experiences division, which includes its parks and cruise businesses and was formerly led by D’Amaro before he became CEO, fell to $9.5 billion from a record $10 billion in the first quarter. The decline was driven by a 1% decrease in attendance at its US parks, even as spending per customer on admissions, food, and merchandise increased 5% in the quarter.

Yet, the company said current demand is strong for its US parks and that it expects attendance to improve in the third quarter compared to last year.

Read more here.

Memory maker Samsung Electronics (005930.KS) has joined TSMC (2330.TW, TSM) in an elite club of Asian companies with a market cap over $1 trillion.

Bloomberg reports:

Samsung Electronics Co.’s market valuation topped $1 trillion after shares in the world’s largest memory maker more than quadrupled over the past year on booming demand for the chips used in artificial intelligence.

The milestone came as the South Korean company’s shares rallied 14% on Wednesday, making it only the second Asian firm after Taiwan Semiconductor Manufacturing Co. to hit the mark. Samsung’s gain also boosted the Kospi benchmark by more than 6%, driving it above the 7,000 level for the first time.

Samsung, alongside memory peer SK Hynix Inc. and TSMC, sits at the heart of a transformation that has made Asia a cornerstone of the global AI ecosystem, pairing chipmaking dominance with expanding data infrastructure. That shift has fueled a powerful rally in regional tech stocks — SK Hynix and TSMC have also reached record highs — as investors bet on sustained demand for advanced chips and computing capacity.

“The trillion dollar threshold carries material weight beyond the symbolism,” said Dave Mazza, chief executive officer at Roundhill Investments in New York. “More broadly, it reflects a market judgment that memory’s role in the AI infrastructure stack is structural, not cyclical.”

Read more here.

Bloomberg reports:

Oil fell a second day as US President Donald Trump said “Great Progress” has been made on a final agreement to end the war with Iran.

Brent (BZ=F) dropped toward $108 a barrel after sliding 4% on Tuesday, while West Texas Intermediate (CL=F) was near $100. US efforts to move ships through the Strait of Hormuz will be paused, but a naval blockade will remain in place, Trump said in a Truth Social post.

The global benchmark has climbed by about 50% since the conflict started at the end of February, cutting off hundreds of millions of barrels of Persian Gulf oil from global markets. Flows through the chokepoint are now constrained by a double blockade, with Tehran obstructing shipping while the US is stopping vessels from accessing Iranian ports.

Read more here.