* Oil prices nearing four-month lows as Gulf tankers looked

set to resume Hormuz transit

* Dollar hit its highest in a year against major currencies

as investors sought safer havens

* Gold prices near seven-month low

(New throughout, updates prices and adds analyst comment)

By Chibuike Oguh and Amanda Cooper

NEW YORK/LONDON, June 24 (Reuters) - Stocks rebounded on

Wednesday from a rout in technology shares partly driven by

concerns about stretched valuations, while the dollar climbed to

a one-year peak.

Technology stocks, which were hit hard on Tuesday, edged up

ahead of earnings from chipmaker Micron, whose products help

power the AI boom. But sentiment remained fragile as investors

priced in at least one rate hike from the Federal Reserve this

year.

On Wall Street, all three indexes were higher with consumer

discretionary, industrials and materials stocks driving gains.

Energy stocks were the biggest losers as the continued flow of

crude oil through the Strait of Hormuz pushed prices toward

four-month lows.

The Dow Jones Industrial Average rose 1.12%, the S&P

500 rose 0.84%, and the Nasdaq Composite rose

0.89%.

"We're probably approaching peak hawkishness in terms of

interpreting the Fed's new stance and it looks like that's

what's primarily driving asset prices," said Wasif Latif, chief

investment officer at Sarmaya Partners.

"Today, there's a bit of balance in equities that can be

related to the bounce off the pretty meaningful selloff

yesterday but also investors are trying to anticipate and

position the upcoming earnings announcement from Micron."

MSCI's gauge of stocks across the globe

rose 0.45%.

MSCI's index of Asian equities outside Japan

rose 0.15%. South Korea's KOSPI gained 3.5% after

dropping 10% in the prior session.

In Europe, the broader regional stock market was roughly

unchanged on the day. A 15% plunge in shares of defence

company Rheinmetall, after media reports of the German

government planning to scrap a delayed multibillion-euro frigate

project, was partly offset by gains in a scattering of

heavyweight luxury and tech stocks.

STRAIT OF HORMUZ

Crude oil prices fell, extending this week's losses and

trading near four-month lows, on signs that more tankers

stranded in the Gulf are set to move out of the Strait of

Hormuz.

There is a lot of uncertainty about the outlook, given the

U.S. and Iran have provided conflicting accounts about what the

two countries have agreed as part of their peace deal, including

key elements such as nuclear inspections and control of the

strait.

Brent fell to $73.53 per barrel, down 4.55% on the day.

DOLLAR JUMPS

The U.S. dollar rose for a third straight day against a

basket of major currencies to its highest in a year as markets

anticipate Fed rate hikes.

The euro, however, was one of the main victims of dollar

strength, as investors lowered their expectations for the

European Central Bank to raise rates much more this year, while

pricing in a greater chance that the Fed will lift borrowing

costs.

The euro was trading around its lowest in a year,

down for a third day at $1.1354.

The yen was also weaker on the day, trading around

161.77, keeping markets on edge over a potential currency

intervention to prop up the battered Japanese currency.

The dollar index rose 0.21% to 101.60, hitting its

highest level since May 2025.

Gold prices fell to a more than seven-month low under

pressure from a firmer U.S. dollar.

Spot gold fell 2.35% to $4,011.69 an ounce.