Stock futures were rallying on Wednesday after President Donald Trump said that the U.S. would be leaving Iran in two to three weeks.

These stocks were making moves in premarket trading:

Microsoft climbed 1.1% after the IT company said it would invest $5.5 billion in cloud and artificial intelligence infrastructure in Singapore from 2025 to the end of 2029. The spending "reflects Microsoft's long-term confidence in Singapore as a global digital leader," Vice Chair and President of Microsoft Brad Smith said.

Nike slumped 10%, making it the S&P 500's worst performer ahead of the opening bell. The selloff came after the sportswear retailer beat expectations for its fiscal third quarter earnings and revenue but said that it expects sales to fall between now and the end of the year.

RH plummeted 19% after the home-furnishings company missed analysts' fourth-quarter earnings and revenue targets, as tariffs and bad weather weighed on demand.

Chevron and Exxon both slid by about 2% as investors bet that the Iran war could soon end, sparking a sharp drop in oil prices. APA, Diamondback Energy, EOG Resources, and Occidental were among the other oil stocks falling.

Beyond Meat fell 9% after the plant-based protein company reported a drop in fourth-quarter revenue and said it wouldn't file its annual report on time due to weaknesses in internal control over financial reporting.

nCino jumped 21% after the banking software developer reported better-than-expected earnings for the fourth quarter and issued solid revenue guidance.

Cal-Maine Foods, Conagra Brands, and Lamb Weston are all set to report earnings on Wednesday.