27.05.202613:40:10UTC+00US Stocks Trade Muted

US equities were little changed on Wednesday, with major indexes pausing near record highs as investors weighed the durability of recent gains in chipmakers and adopted a cautiously optimistic stance on a potential agreement involving Ukraine. The S&P 500 and Dow hovered slightly above the flatline at all-time highs, while the Nasdaq 100 edged lower.

In geopolitical developments, Iranian state media circulated what was described as an unofficial draft peace accord with the US that would restore oil tanker traffic through the Strait of Hormuz within a month of any deal. The prospect of improved supply weighed on energy prices and pressured US Treasury yields during the session.

The brighter backdrop helped lift the Dow, which had lagged in the previous session, with Procter & Gamble gaining 2.5% and bolstering the consumer staples sector. Micron rose another 2% after surging 19% the day before, when UBS tripled its price target on the stock.

By contrast, large-cap software names traded lower: Microsoft, Amazon, and Alphabet each declined more than 1%. Salesforce bucked the trend, edging higher ahead of its earnings release after the closing bell.