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The tech sector remained under pressure on Wednesday as investors continued to flock to the safety of counter-cyclical areas of the market such as Utilities and Health Care.  Energy lagged as continued signs of a Middle East de-escalation and progress in Strait of Hormuz reopening has pulled the price of WTI Crude Oil futures below $70 per barrel.The evening session and a blowout earnings report from Micronhas manifested a sea change in sentiment and the likelihood of a snap-back rally in the AI trade on Thursday.  Shares of the memory maker were up over 14%, nearly erasing all of yesterday's broadbased losses.  The strong results from Micron also put a bid under the other semiconductor and memory names.  Elsewhere, a robust medium-term outlook from Qualcommwith a higher non-handset revenue target of $40B further relieved the tensions regarding valuations in Semis.  Late in afterhours, S&P e-minis are up 10.6% and Nasdaq 100 contract is up 2.0%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Micronup 14.4%; Other semis and memory names broadly up in sympathy: Lam Researchup 6.5%, Rambusup 6.8%, Arm Holdingsup 6.7%, Sandiskup 11.1%, Western Digitalup 10.9%.Methode Electronics, Inc.up 14.4%ALSO HIGHER -Qualcommup 12.9% after disclosing medium-term targetsNETSTREITup 5.8% after entering S&P SmallCap 600 indexFormFactor, Inc.up 5.2% after being added to Russell 1000 indexDOWN AFTER EARNINGS -MillerKnolldown 4.9%Trip.com Group Limiteddown 4.3%H.B. Fullerdown 1.9%Jefferiesdown 1.6%ALSO LOWER -ARS Pharmaceuticalsdown 23.8% after commercial update on neffyTaysha Gene Therapiesdown 7.8% after equity offeringCG Oncology, Inc.down 5.4% after block trade

Backtracking by President Trump regarding impending bombing of Iranian targets and the possible reversal of his threat to take over Kharg Island in a bid to control the country's oil industry soothed investor sentiment. Front-month WTI Crude Oil pulled back toward $85 - the lowest levels since mid-April - while Treasury yields saw a meaningful pullback, repricing inflation expectation, with added assistance from a notable rise in weekly jobless claims that dented a threat of a Fed rate hike. In equities, Basic Materials, Industrials, and Tech bounced sharply on renewed risk-on appetite while Energy and Consumer Staples underperformed.In the evening session, index futures remain bid, targeting a full reversal from two days of heavy selling. S&P e-minis are up 1%, Nasdaq 100 is up 1.1%, and Dow Industrials is up 0.8%. In metals, Gold and Silver are notably higher as US Dollar retreats. Among notable earnings, Adobewas down over 5% despite better than expected Q2 results and guidance raise, with the company warning that its strategic shift on freemium customers will also reduce the growth outlook for annualized recurring revenue in the second half of the year.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -RHup 10.8%ALSO HIGHER -Space exploration / infrastructure stocks higher following SpaceX IPO pricing; Iridium Communicationsup 2.1%, Rocket Labup 3.6%, AST SpaceMobileup 5.8%, Intuitive Machinesup 3.1%, Planet Labsup 3.6%, Redwireup 8.9%, Spire Globalis up 3.5%, Virgin Galacticup 13.1%, and BlackSkyis up 4.0%.FormFactorup 1.3% after being upgraded at B.RileyDOWN AFTER EARNINGS -Adobedown 5.8%Laser Photonicsdown 4.2%Lennardown 2.5%