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[U.S. Stock Market Close] Nasdaq rises 1.7% S&P 500 hits new high Intel surges 14% Iran claims cargo ship attacked by U.S. military
The U.S. and Chinese leaders are scheduled to meet next week, with U.S. chip stocks leading the rally; Apple reportedly has reached a preliminary chip manufacturing agreement with Intel, causing Intel to surge over 19%. Meanwhile, the market remains optimistic about positive news from U.S.-Iran negotiations, with the Dow and Nasdaq hitting new all-time highs, while the S&P 500 fluctuates steadily.
See the U.S. stock market closing:
The Dow closed up 12 points at 49,609, with the S&P 500 rising 0.84%, and the Nasdaq gaining 1.71%.
In focus stocks, The Wall Street Journal reports that Apple has reached an initial chip manufacturing agreement with Intel, causing Intel’s stock to jump 13%. Micron rose 15.5%, Sandisk increased 16.6%.
Nvidia (NYSE: NVDA) previously surged over 3% to a new high of $217.8, with a market cap reaching as high as $5.28 trillion, closing up 1.8%. News suggests Nvidia’s CEO Huang Renxun may be invited to visit China, fueling market hopes that the company’s chips could still be approved for sale in China.
U.S. Secretary of State Blinken said Iran is expected to respond today to the plan to end the war. Iran, on the other hand, says it is still reviewing the proposal. The plan proposes that Iran reopen the Strait of Hormuz within a month, while the U.S. would lift sanctions on Iranian ports. The document also hints that as long as Iran accepts, the war will end, but agreements on Iran’s nuclear program and other issues are still needed.
The U.S. Bureau of Labor Statistics announced that non-farm payrolls in April increased by 115k, below expectations of 165,000, but revised upward from 178k to 185k for March. The unemployment rate remained at 4.3%. Rate futures show the market’s chance of a rate hike by the Fed this year has fallen below 10%, with a higher likelihood of rates remaining unchanged.
After two Iranian oil tankers claimed to be attacked in the Strait of Hormuz, Iran’s Foreign Ministry issued a statement condemning U.S. military attacks on two Iranian oil tankers and multiple sites along the Strait. Foreign Minister Araghchi said that whenever diplomatic solutions are available, the U.S. always chooses reckless military adventures. The situation has not escalated further; oil prices remain stable, with NYMEX crude up 0.6% at $95.39, and Brent crude up 1.4% at $101.47.
Iran’s semi-official news agency Mehr reported on Friday that an Iranian cargo ship was attacked near the Strait of Hormuz and the Gulf of Oman, resulting in one sailor’s death and four missing.
Vincenzo Vedda, Chief Investment Officer at DWS Global, said that the short-term reopening of the strait seems unlikely. Iran has realized that blocking the Strait of Hormuz exerts significant pressure; after being bombed twice during negotiations, Iran has little reason to trust the U.S. or Israel. Meanwhile, the U.S. cannot afford to be ineffective and must consider midterm elections, avoiding prolonged conflict that could raise inflation and hurt Republican prospects. The market is beginning to expect a stalemate in the Middle East conflict—neither a formal ceasefire nor further escalation—yet as long as the Strait remains closed, this deadlock remains unstable.
“New bond king” Jeffrey Gundlach bets that the U.S. government may cut bond yields. In response, White House Economic Advisor Kevin Hassett hinted that Gundlach’s idea of debt restructuring is equivalent to default, which the current government would never do, even over the next million years.
Hassett said that the latest employment data do not support a rate hike. Fed Governor Stephen Miran mentioned that Fed Chair Powell’s term, ending on the 15th of this month, could help facilitate the transition to a new chair.
Hong Kong stocks and ADR markets continue to update; see the next page for details.
Market trends now:
【23:05】Blinken: Iran expected to respond today; Dow up 95 points, Nasdaq hits new high
【21:30】U.S. labor market stabilizing, rate hike fears easing; Dow up 188 points, Nasdaq up 0.8%
【20:30】【U.S. Economic Data】April non-farm payrolls fall to 115k, above expectations of 65k; unemployment rate steady at 4.3%
【18:20】Before April unemployment and non-farm data release: Dow futures up 160 points, Nasdaq futures up 0.7%
【15:20】Dow futures up 54 points at 49,754; S&P 500 futures up 20 points at 7,383; Nasdaq futures up 136 points or nearly 0.5% at 28,818.
【15:20】Oil prices steady: NYMEX crude up 0.2% at $94.98; Brent crude up 0.4% at $101.49. Gold spot prices up 0.6% at $4,715.
【14:44】【Xi-Trump Meeting】Reports say Trump’s China visit is proceeding as scheduled; Blackstone and Citigroup CEOs expected to attend; Nvidia, Apple, and others involved.
【14:31】【TSM】TSMC April revenue up 17.5% YoY to 410.7 billion NTD, down 1.1% MoM.
【14:15】【Layoffs】Fidelity plans to cut 800-1,000 jobs globally, while expanding technical and entry-level positions.
【13:26】【US Stock Analysis】S&P 500 and Nasdaq hit new highs after breaking 7,300; analysis suggests limited downside risk, potential for further gains.
【13:16】【AI + AirPods】Apple’s “camera version” AirPods enters testing phase; built-in camera and Siri integration spark curiosity about features.
【13:14】【Yen Trend】USD/JPY at 147.0; Bank of America estimates Japan may intervene at least four times during Golden Week, spending up to ¥11 trillion to influence forex.
【12:37】【AI + Investment】Anthropic reportedly plans new funding this summer, valuing near $1 trillion; investors eager to commit once announced.
【11:57】【AI + Chips】Semiconductor giants face labor disputes; Samsung’s union rejects one-time bonus of 2.65 million won, threatening an 18-day strike.
【10:50】【US Stock Focus】Citibank: Mid-term return on tangible equity expected at 14-15%; plans to buy back $30 billion in shares this quarter.
【10:22】【AI + Major Banks】Goldman Sachs: AI industry shifting to “intelligent agents”; token consumption projected to grow 24x by 2030.
【10:10】【US Interest Rates】Fed official Kashkari: Prolonged closure of the Strait of Hormuz could lead to rate hikes.
【08:22】【Market View】Ray Dalio warns of “great turbulence” in the U.S., recommends 5-15% gold allocation.
【07:32】【Iran Crisis】U.S. military: Destroyer attacked near Hormuz; Trump: Ceasefire continues, no escalation (updating).
【07:11】【Iran Crisis】Trump downplays attack on Gulf countries; Saudi and Kuwait temporarily ban U.S. military bases; “Freedom Plan” paused for 36 hours.
【06:44】【U.S. Tariffs】U.S. Trade Court rules Trump’s latest 10% tariffs illegal.
【06:01】【ABNB Earnings】Airbnb Q1 revenue up 18%; slower growth expected in Q2 due to Middle East conflict.
【05:40】【CRWV Earnings】CoreWeave doubles revenue; backlog nears $8B, but losses widen to $740 million.
【05:00】【COIN Earnings】Crypto asset investment losses drag Coinbase into a net loss of $394 million in Q1.
$1 or less for May 7 U.S. market overview====
Thursday: U.S. military strikes Iran targets in the Strait of Hormuz; Brent crude surges, Dow drops 313 points
Tensions escalate as reports emerge of U.S. forces attacking Iranian ports of Gashim and Abadan in the Strait of Hormuz. Axios reports that the U.S. launched strikes in the region, but these do not signify a restart of war.
See the market close:
According to Tasnim News Agency, two drones were shot down by air defenses at Abadan port.
An Iranian military official told IRIB that after U.S. forces attacked an Iranian oil tanker in the Strait of Hormuz, Iran launched missiles at “enemy units.” The official said the “enemy forces” withdrew after suffering losses.
Oil prices fluctuated: NYMEX crude fell 0.3% to $94.81; Brent crude rose 2% to $103.32.
The Nasdaq and S&P 500 continued to hit new highs early in the session but then declined due to Middle East tensions. The Dow fell 422 points to 49,487; the S&P dropped 0.6% to 7,321; the Nasdaq declined 0.5% to 25,713.
The Dow closed down 313 points at 49,596; the S&P 500 fell 0.4% to 7,337; the Nasdaq declined 0.1% to 25,806.
Gold fell 0.1% to $4,685.8. The dollar index rose 0.2% to 98.237.
Additionally, according to WSJ citing U.S. and Saudi officials, Saudi Arabia and Kuwait have lifted restrictions on U.S. military use of their bases and airspace, and Trump will resume “Project Freedom.”
Iranian state media reports that an unidentified Chinese cargo ship was attacked near the Strait of Hormuz, marking the first such incident since the U.S.-Iran conflict erupted. The ship, marked “CHINA OWNER & CREW,” caught fire after the attack; it is unclear if any crew members were injured.
Trump: U.S.-Iran peace deal could be reached within a week; oil prices fell 4%
President Trump said a peace agreement with Iran could be reached within a week, as Tehran reviews the latest U.S. proposal. After submitting a draft peace plan, Trump ordered a temporary halt to U.S. escort missions in the Strait of Hormuz.
Energy Secretary Chris Wirth said there has been no direct dialogue with Iranian officials, and Iran’s oil output has decreased by about 400k barrels per day as storage facilities fill up.
Iran’s Foreign Minister Araghchi said he spoke with Pakistan’s foreign minister on Thursday (7th), emphasizing the need for continued dialogue, diplomacy, and expanded cooperation to maintain stability and prevent escalation. No mention was made of a peace agreement with the U.S.
Bloomberg reports, citing ship tracking data, that CMA CGM’s small cargo ship CMA CGM Saigon was last tracked in the Persian Gulf on Tuesday (5th) and reappeared near Oman on Wednesday (6th), heading to Colombo, Sri Lanka. It is one of the few Western ships to pass safely through the strait since the outbreak of conflict.
According to Tasnim News Agency, Iranian President Pahlevi Ziyan met with Supreme Leader Khamenei on Thursday (7th), with discussions lasting nearly two and a half hours.
Maersk CEO said that due to Middle East tensions, the company’s monthly costs have increased by $500 million. Freight rates are expected to rise in Q2, which has already been passed on to customers. Several ships remain stranded in the Persian Gulf, but no further ships are expected to pass through Hormuz under U.S. escort in the coming weeks.
Hong Kong stocks and ADR markets continue to update; see the next page for details.
Market trends now:
【23:00】U.S. Energy Secretary: No direct talks with Iran; oil prices fell 4%; Dow fluctuates; S&P and Nasdaq hit new highs (updating).
【21:30】French cargo ship passes through Hormuz; Brent crude drops 4%, falling below $100; Dow surpasses 50k; S&P and Nasdaq hit new highs.
【18:30】Optimism for U.S.-Iran deal; Brent crude down 2%, below $100; Dow futures up 4 points; gold rises 1% above $4,700.
【14:53】Dow futures up 110 points at 50,144; S&P futures up 8 points at 7,397; Nasdaq futures up 7 points or nearly 0.3% at 27,824.
【14:53】Oil prices decline: NYMEX crude down nearly 2% at $104.35; Brent crude down 0.9% at $113.37. Gold stabilizes: NY gold up 0.5% at $4,556; spot gold up 0.5% at $4,544.
【13:45】【Iran Crisis】LNG exports drop to two-year lows; only one fully loaded LNG vessel passing through Hormuz.
【13:42】【AI + Memory】Demand for CPU and GPU storage surges; Korean media predicts memory supercycle extends to 2027.
【13:28】【US Stock Analysis】Potential escalation in US-Iran tensions; Dow drops over 500 points, Nasdaq declines less; analysis suggests high correlation with Middle East tensions.
【12:47】【Iran Crisis】IMF chief warns that if Middle East conflict drags into 2027, the global economy will worsen; “The baseline scenario is becoming increasingly distant.”
【12:35】【Elon Musk’s Company】Twitter acquisition faces delayed disclosure; Musk settles with SEC for $1.5 million but denies misconduct.
【11:37】【Iran Crisis】Goldman warns that global oil inventories are near eight-year lows, with regional shortages rising.
【11:29】【AAPL】Apple reportedly exploring partnerships with Intel and Samsung to produce processors for its devices.
【10:48】【GME】Michael Burry, the “short-squeeze” pioneer, liquidates GameStop holdings, citing potential debt from acquiring eBay.
【10:43】【US Stock Focus】Oak Tree Capital’s co-CEO: Current market strength is puzzling; fundamentals are being overlooked.
【10:12】【Yen Trend】USD/JPY at 147.0; IMF rules suggest three consecutive days of intervention count as one action.
【09:47】【US Interest Rates】Fed’s Williams hints that persistent inflation may lead to rate hikes; no immediate data supports this.
【07:38】【Iran Crisis】U.S. does not mention UAE attacks; officials say Trump holds the decision-making power on escalation (updating).
【06:24】【AI Regulation】White House considers tighter AI model oversight, potentially affecting Google and OpenAI release schedules.
【05:14】【PLTR Earnings】Palantir’s Q1 revenue soars 85%; U.S. commercial revenue below expectations.
$1 or less for May 4 U.S. market overview====
Monday: U.S.-Iran conflict escalates; UAE intercepts missile; Dow drops 557 points; oil and gold prices fluctuate
Tensions flare as reports emerge of a U.S. warship hit by two missiles, and an attack on a UAE oil facility. Oil prices surge despite U.S. officials denying attacks; U.S. stocks tumble.
See the market close:
The Dow closed down 557 points at 48,941; the S&P fell 0.41%, and the Nasdaq retreated 0.19%. Bitcoin briefly surpassed $80k for the first time in over three months.
Berkshire Hathaway’s Q1 operating profit increased 18%, but shares fell 1%. eBay received a takeover bid from gaming retailer GameStop (GME), pushing GME’s stock up 5.1%, but it then plunged 10.1%.
UAE’s defense ministry announced that Iran launched four missiles, three intercepted, one fell into the sea. Two drone attacks caused a fire at a UAE oil facility. Multiple air defense alerts issued.
Oil prices surged: NYMEX crude up 4.39% at $106.42; Brent crude up 5.8% at $114.44.
Gold prices declined 2.2%, with spot gold at $4,514.8.
President Trump commented during midday that Iran’s “Project Freedom” ships fired on unrelated countries, including a South Korean vessel. He suggested South Korea might now join the mission. He also announced that seven small boats had been destroyed or neutralized, with no other damage reported so far. Defense Secretary Pete Hegseth and Chairman Dan Caine will hold a press conference tomorrow.
Iran denied that U.S. forces sank any boats.
In an interview with Fox News, Trump issued a stern warning: if Iran attacks U.S. ships, Iran will be “blown off the face of the Earth.”
However, he did not mention the UAE incident. The UAE’s defense ministry said Iran launched four missiles, three intercepted, one into the sea. After the attack, a fire broke out at a UAE oil facility in Fujairah. Multiple alerts issued.
CNN reports that U.S. and Israeli officials are expected to strike Iran within 24 hours.
Iran’s Islamic Revolutionary Guard Corps said ships violating the rules in the Strait of Hormuz will be forcibly intercepted.
Explosion on South Korean cargo ship near Hormuz Strait
South Korea’s foreign ministry said a Korean vessel exploded and caught fire near the Strait of Hormuz, with no reports of casualties. The ship, HMM Namu, operated by Korean shipping firm HMM, was en route to Shanghai, China.
The vessel was anchored outside Umm Al Quwain port in the Gulf of Oman when a large explosion occurred in the portside engine room, igniting a fire. Six Korean crew members and 18 foreign crew are onboard; no injuries reported. The Korean government and shipping company are investigating whether the explosion was caused by external attack (e.g., mine) or internal mechanical failure.
Bessent: Rescues on the way; over 150-200 oil tankers ready to pass
U.S. Treasury Secretary Janet Yellen said, “Rescue ships are on their way. Currently, about 10 million barrels of oil are short daily due to conflict around the strait, roughly 8 to 10 million barrels. Each passing tanker carries about 2 million barrels. About 4 to 5 tankers pass daily. Given suppressed demand, we believe over 150 to 200 tankers could come out. So, supply in the market will be very sufficient. Another point: I am confident that the world will be flooded with oil. The UAE has exited OPEC and will increase production. OPEC just announced they will produce more. U.S. oil deliveries hit record highs. We are the world’s largest energy superpower, and we’ve never delivered so much.”
U.S. Senate drafts authorization for Trump to use force, limited to ground troops and time frame
The U.S. is seeking a breakthrough in the Strait of Hormuz. According to Semafor, several Senate Republicans are secretly drafting a war authorization targeting Iran, to enable quick action if Trump orders military strikes again. The authorization may limit deployment of ground forces and specify a limited conflict duration.
Reports say that after Trump announced last Friday that the first phase of conflict was over, Republicans expect to be notified if hostilities resume. Under the War Powers Act, if military authorization is proposed within the first 30 days of a 60-day hostile period, it can be swiftly reviewed and voted on in the Senate.
Staff are studying whether the bill will face a 60-vote threshold at certain stages; some Republicans believe it could pass with a simple majority in the Senate.
Iran’s Foreign Minister: Showing flexibility; Trump’s self-assertion is the biggest obstacle
Foreign Minister Araghchi said signs indicate progress toward an agreement, but Trump’s ego may be the biggest obstacle. “Iran has shown flexibility by revising and resubmitting proposals. Trump also wants to end the war. The problem is, it’s become a contest of egos. He wants to be the absolute winner; he wants the other side to surrender and capitulate. But the sooner the White House realizes Iran will not fully surrender, the sooner they can try to bridge gaps on multiple issues.”
Iran claims to have shot at U.S. warships; Brent crude surged 5% briefly
Iran’s Fars News Agency reports that two missiles hit a U.S. warship near Jask Island, ignoring Iranian warnings. The U.S. ship has since returned. However, CENTCOM later issued a statement denying any ships were attacked by Iran. An Iranian senior official later said Iran warned U.S. ships to prevent entry into the Strait of Hormuz, but it’s unclear if any damage occurred.
The IRGC said that in recent hours, no commercial ships or oil tankers have passed through the Strait, and U.S. officials’ claims are baseless and false.
CENTCOM later posted photos of Commander Brad Cooper flying over the Strait of Hormuz in an Apache helicopter, visiting U.S. forces stationed there.
President Trump announced that on Monday morning (local time), U.S. forces would withdraw ships from the Strait of Hormuz, with the military escorting neutral ships to ensure safe passage. So far, no ships have passed, and no warships have been deployed.
Axios reports that Trump is dissatisfied with the “no deal, no war” stance and believes the deadlock needs breaking, so he ordered the deployment of ships on Monday to force passage. U.S. officials say Trump is unwilling to wait and wants to pressure Iran into an agreement.
A plan received last Thursday (April 30) suggested deploying naval ships to forcibly pass through the Strait of Hormuz with force, destroying any missiles or fast boats Iran might launch; if Iran attacks Gulf countries and escalates, the U.S. would fully restart war. But Trump, at the last moment, chose not to proceed with this plan to avoid direct conflict.
The report also notes that this compromise reduces immediate conflict risk but may prolong the deadlock.
According to CENTCOM, the “Project Freedom” operation will include missile destroyers, drones, over 100 aircraft, and 15,000 personnel. U.S. ships and aircraft will remain on standby in the area.
Diplomatic channels between the two sides are still open; Trump’s envoys Jared Kushner and Steve Witkoff continue to exchange proposals with Iranian Foreign Minister Araghchi. Witkoff has reportedly advised Trump to keep negotiating and is optimistic about reaching an agreement, but many U.S. officials are much more pessimistic, some believing only two outcomes are possible: an agreement or Trump launching another attack.
Ronald Temple, chief market strategist at Lazard, said the conflict has entered its third month with limited progress in indirect diplomacy. The risk of escalation remains high, with possible scenarios including: (1) a broad framework agreement leading to de-escalation, lifting sanctions, reopening the Strait, and further nuclear talks; (2) no breakthrough, with prolonged low-intensity conflict; or (3) full resumption of hostilities, breaking ceasefire and returning to military action. The longer diplomacy stalls, the higher the risk of escalation, as the U.S. may need to increase economic and military pressure to force Iran’s compliance.
Hong Kong stocks and ADR markets continue to update; see the next page for details.
Market trends now:
【18:35】Iran claims missile hit U.S. warship; U.S. denies; Dow futures down 222 points
【18:10】Iran claims missile hit U.S. warship; oil surges 5%; Dow futures down 344 points, Nasdaq futures down 0.5%
【13:44】Dow futures down 31 points at 49,615; S&P futures up 10 points at 7,268; Nasdaq futures up 100 points or nearly 0.4% at 27,936.
【13:44】Oil declines: NYMEX crude down 0.8% at $101.18; Brent crude down 0.6% at $107.49. Gold stabilizes: NY gold up 0.5% at $4,605; spot gold up 0.4% at $4,596.
【12:46】【KOSPI Breaks 6,900】South Korea’s KOSPI index surpasses 6,900 for a new high; SK Hynix’s market cap exceeds 1 quadrillion won; XL shares up 21%.
【12:17】【Stablecoin USDT Issuer】Tether’s Q1 shows slowed gold purchases, only 6 tons bought.
【11:24】【Yen Trend】USD/JPY at 147.0; Goldman Sachs estimates Japan may intervene up to 30 times during Golden Week, spending ¥11 trillion.
【10:11】【US Stock Focus】S&P 500 surpasses 7,200 for the first time; Moody’s warns that the economy is disconnected from the stock market; recession risks remain high.
【08:56】【GME】GameStop plans to acquire eBay for $56 billion at a 20% premium; GME stock up over 10% in after-hours trading.
【08:52】【Iran Crisis】Treasury Secretary Bessent: U.S. is applying economic and financial pressure to suffocate Iran; Tehran will be forced to concede.
【06:48】【Iran Crisis】Trump “guides” ships to withdraw from the Strait of Hormuz on Monday; Axios reports that escort ships may not be included (updating).
【06:30】【Weekly Outlook】AMD earnings due Tuesday after hours, expected to grow over 30%; focus on employment data this week.
【06:30】President Trump last Friday told Congress that since April 7, hostilities from Iran have ended. The ceasefire has been extended. Oil prices sharply retraced, and both Nasdaq and S&P hit new highs. The Dow briefly rose 336 points to cross 50k but then fell 152 points after Trump announced plans to raise EU car tariffs to 25%.
See the market close:
The U.S. stock market last week: see details at 【Market Close】Trump: Iran hostilities over; Nasdaq up 0.9%, both indices break new highs; Dow down 152 points.