【US Stock Market Update】Iran Reportedly Rejects US Ceasefire Agreement, Brent Crude Rebounds Above $100/barrel, Dow Jones Up 371 Points (Continuously Updated)

Iran’s Fars News Agency on Wednesday (25th) quoted sources as saying that Iran has stated it will reject the U.S. proposed ceasefire, continuing attacks on Israel and Gulf Arab countries. It also criticized President Trump’s approach of starting indirect negotiations during the current conflict as illogical and unfeasible. Iran emphasized its focus on achieving its goals, asserting that only by accomplishing these goals can the war end—not through a ceasefire. The news caused oil prices to fall slightly, with New York May futures down 4.1% at $88.59, and Brent May futures down 4% at $100.34.

Although war negotiations remain uncertain, U.S. stocks opened higher on Wednesday, with the Dow rising 371 points to 46,495, the S&P 52 points to 6,609, and the Nasdaq up 280 points or 1.4% to 22,040. Gold futures in New York rose 3.5% to $4,588, and spot gold increased 2% to $4,566.

Iran reiterated that non-hostile ships can pass safely through the Strait of Hormuz with coordination. Marine Traffic data shows that nine ships have passed through the Strait since Monday (23rd).

In focus stocks, Tesla released an official video revealing details about Optimus, including the development environment, reduction gearboxes, and dexterous hands. Tesla stated that Optimus will fundamentally change the labor and manufacturing economy. Elon Musk said that production of Optimus 3 is expected to start this summer, with mass production possible by 2027. Tesla (NASDAQ: TSLA) pre-market shares rose over 1%, currently at $389.14.

Memory chip stocks tumbled against the trend, with Micron (NASDAQ: MU) opening down 6% and SanDisk (NASDAQ: SNDK) dropping more than 7%. The decline was mainly due to news that South Korea’s SK Hynix plans to list in the U.S.

Foreign media reports that SK Hynix has submitted confidential filings to the U.S. Securities and Exchange Commission (SEC) and plans to issue American Depositary Receipts (ADRs) within the year. A SK Hynix spokesperson said that measures to enhance shareholder value, including issuing ADRs, are under review, but no final decision has been made.

Hong Kong stocks and ADR markets are continuously updated. For details, see: Next Page

Market Highlights:

【22:40】Dow rises 371 points

【21:30】Brent crude drops 5%, falling below $100; Dow up 580 points, Nasdaq up 52 points; Micron down over 6%

【17:55】Iran war negotiations “show signs of warming” Dow futures up 365 points, Nasdaq futures up 1%, Brent crude down 4% below $100

【14:54】Dow futures up 339 points at 46,754; S&P futures up 42 points at 6,648; Nasdaq futures up 160 points or 0.7% at 24,374

【14:54】NY crude down 3.4% at $89.2, Brent crude down 4% at $100.3; spot gold up 3.3% at $4,578, spot silver up 1.7% at $4,549

【13:57】【AI+Sora】OpenAI suddenly halts Sora AI video generation, shocking the market. Disney, after a project meeting, was informed 30 minutes later, while OpenAI had promoted Sora the day before.

【13:52】【AI+IPO】SK Hynix plans to go public in the U.S. within the year, has submitted filings to the SEC, and is rumored to raise up to $10 billion.

【13:32】【US Stock Analysis】U.S. proposes ceasefire agreement with Iran; Dow futures up over 300 points. Analysis: Trump’s TACO, two major issues to watch in the future.

【11:01】【Iran Situation】JPMorgan’s Dimon: Long-term conflict could lead to lasting peace in the Middle East as regional powers’ interests align.

【10:48】【US-China Relations】Chinese investment firms reportedly considering reallocating assets to U.S. asset managers.

【10:26】【AI+AAPL】Is Siri no longer just a voice assistant? Apple upgrades Siri to a chat robot with new “Ask Siri” feature, expected to debut at WWDC in June.

【10:00】【Yen Trend】Yen to HKD at 4.93. Bank of Japan minutes show some members call for timely rate hikes to combat inflation.

【09:58】【US Rate Cuts】Fed Governor Bostic: Rates may need to stay unchanged “for some time” amid risks from Middle East tensions.

【09:39】【Gold Price Trend】Gold ends nine consecutive declines! Spot gold back above $4,500, with local gold prices rising by HKD 1,800 per tael.

【08:54】【ARM+Chips】Arm shares jump 8% after hours, plans to sell its own chips for the first time, expected to generate about $15 billion annually in five years; Meta is its first major customer.

【08:26】【IPO】SpaceX reportedly plans to file for an IPO as early as this week, potentially raising over $75 billion.

【08:23】【Iran Crisis】Trump: Iran will send a “big gift” today; Rubio and Vance involved in negotiations, on the condition that Iran “must not possess nuclear weapons” (ongoing updates).

【08:01】【AI+AMZN】Software stocks hit hard again; Amazon reportedly developing new AI agents to replace some departmental functions.

$1 and below for March 24 U.S. stock market overview====

Tuesday: US seeks talks with Iran on Thursday; Brent stabilizes, Dow narrows losses

Multiple U.S. media report that the U.S. is engaging with Iran on a ceasefire plan. Axios reports that the U.S. and mediators are discussing the possibility of high-level talks on Thursday, but are still awaiting Tehran’s response.

Market close summary:

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Iranian officials deny Trump’s claims of back-channel negotiations but confirm that the U.S. has sent messages and proposals.

Oil prices are cautious; Brent up 0.2% at $100.17, NY crude up 4.8% at $92.35.

Gold rebounds, spot gold up 1.6% at $4,475.51, silver little changed at $71.2194.

The U.S. dollar index rises 0.3% to 99.23, 10-year U.S. Treasury yield remains high at 4.36%.

U.S. stocks are slightly weaker; Dow once fell 438 points to 45,769, but closed down 84 points at 46,124; S&P down 0.4% at 6,556; Nasdaq down 0.8% at 21,761.

Trump has delayed the final ultimatum by five days, but sporadic attacks continue between Israel and Iran. Pakistan’s prime minister said he is willing to host U.S.-Iran talks to resolve ongoing conflicts.

Market sources indicate Iran has begun collecting tolls from some ships passing through the Strait of Hormuz, charged on a per-ship basis, with a maximum of $2 million per voyage, effectively establishing an informal “toll” in the waterway. Some ships have paid, but the payment mechanism and currency are unclear.

Iran’s Tasnim News Agency reported that after close coordination with authorities, a Thai-flagged ship successfully passed through the Strait on Tuesday.

Israeli media Ynet quoted officials as saying the U.S. has set April 9 as the target date to end the Iran war, giving over half a month for fighting and negotiations. Washington is aiming to end hostilities by the end of April.

If the conflict ends around April 9, Trump plans to visit Israel around May 14, near Independence Day. Pakistan and other countries are actively mediating, trying to arrange indirect U.S.-Iran communication, possibly in Pakistan this week, though no official confirmation.

Additionally, according to CCTV citing Russian media, Omani journalist and international relations researcher Salem Al-Jahuri confirmed on BBC Arabic that the U.S. is pressuring Gulf countries to pay huge costs for U.S. involvement in Iran conflicts.

The report states Trump is demanding large “protection fees” from Arab allies—either $5 trillion (about HKD 39 trillion) to continue the war or $2.5 trillion (about HKD 19.5 trillion) to end it—claiming this as compensation for “achieved results.”

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Market Highlights:

【22:50】Iran collecting “toll fees” from ships passing through the Strait of Hormuz; Dow down 88 points, Nasdaq down 0.6%; oil rebounds 3%

【21:30】Pakistan ready to host U.S.-Iran talks; Dow down 338 points, Nasdaq down 0.6%; oil rebounds 4%

【18:00】【Iran Crisis】Is there hope for U.S.-Iran war? Rumors of Trump’s huge protection fee: $2.5 trillion to end the war

【16:00】【Iran Crisis】U.S. sets April 9 as “End of War Day”; Iran continues to deny

【14:00】Dow futures down 258 points at 46,264; S&P futures down 38 points at 6,596; Nasdaq futures down 150 points or 0.6% at 24,258

【14:00】Oil prices rebound; NY crude at $91.6, up nearly 4%; Brent at $103.4, up 3.4%. Gold continues to weaken; NY gold down 0.9% at $4,400, spot gold down 1.1% at $4,357.

【14:00】【Iran Crisis】DBS: Short-term gold prices likely to fluctuate with Middle East conflict; maintains year-end target of $6,250

【13:23】【AI+OpenAI】OpenAI reportedly offers generous terms to private equity firms, with a 17.5% minimum return, competing for enterprise AI market

【13:08】【OnlyFans】Billionaire owner Leonid Radvinsky of OnlyFans dies of cancer at age 43

【12:34】【Gold Price Trend】Gold continues to decline after nine consecutive drops; local gold price per tael falls below HKD 40,000

【12:15】【Switch 2】Nintendo plans to cut Switch 2 production by about 33% this quarter, with cuts possibly continuing into April

【11:51】【Gold Price Trend】Gold plunges over 20% from high, entering a bear market; Morgan Stanley: funds are flowing from safe-haven assets into stocks, a positive sign for U.S. equities

【11:19】【Iran Crisis】Prime Minister Yoshihide Suga orders assessment of oil-related supply chains amid crisis; Ministry of Finance reportedly consulting on possible intervention in crude oil futures

【10:36】【AI+Investing】BlackRock CEO: AI wave may exacerbate wealth inequality; investors should hedge risks through stock holdings

【08:37】【AI+OpenAI】OpenAI states reliance on Microsoft poses risks in investor documents; what other risks exist?

【08:08】【Iran Crisis】Federal Reserve official Daly: U.S. economy faces at least two scenarios; the Fed needs to remain flexible to manage risks

【07:48】【AI+Apple】Apple’s annual Worldwide Developers Conference WWDC26 scheduled for June 8, expected to unveil new AI features

【06:32】【Iran Crisis】Iranian Parliament Speaker denies having negotiated with Trump; UK destroyer “Rong” arrives in Mediterranean (ongoing updates)

$1 and below for March 23 U.S. stock market overview====

Monday: Trump’s remarks still questioned; Dow halves gains to 631 points, oil continues to fall 10%

U.S. President Trump claimed negotiations with Iran, temporarily halting strikes on power plants, boosting oil and stocks. The Dow once rose 1,134 points to 46,712, the S&P gained 2.2% to 6,651, and the Nasdaq rose 2.5% to 22,189. However, gains narrowed at close: Dow up 631 points at 46,208; S&P up 1.1% at 6,581; Nasdaq up 1.4% at 21,946.

Market close summary:

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Oil once fell 14.1%, closing down 10% at $88.13; Brent crude at $100.5. Gold dropped 7% to a low of $4,099.18, closing down 1.9% at $4,407.18.

Macquarie’s global FX and rates strategist Thierry Wizman said, “We remain cautious about early reports of breakthroughs and tweets,” believing the war is unlikely to last beyond April, as Iran’s threat may weaken, but large-scale military action probably won’t end this week.

Trump posted on Truth Social that negotiations with Iran went smoothly over the past two days, and he has instructed the U.S. military to suspend all strikes on Iran’s power plants and energy infrastructure for five days, contingent on successful ongoing talks.

Trump later said that the two sides had reached multiple agreements and discussed Iran’s leadership candidates, claiming Iran agreed to give up nuclear weapons. However, he also warned that if negotiations break down, bombing will continue.

Iran’s Tasnim News Agency later quoted sources saying the U.S. and Iran have not engaged in negotiations and that the U.S. attacks continue; the Strait of Hormuz will not return to pre-conflict conditions. Another agency, Mehr, cited Iranian Foreign Ministry officials stating Trump’s comments aim to lower energy prices and buy time for military plans.

Iran’s Foreign Ministry also responded, saying some initiatives to ease tensions exist, but Iran’s stance is that the U.S. should be the dialogue partner, as Iran did not initiate the war.

Trump further responded, saying negotiations took place on the evening of Sunday (22nd), emphasizing Iran’s eagerness to reach an agreement, and expressing confusion over why Iranian media refutes his statements.

T. Rowe Price noted that after Iran was attacked, gold initially surged as a safe haven, but the rally was short-lived as markets reinterpreted the event as a geopolitical risk. Investors did not see it as a sustained geopolitical crisis but rather as inflation driven by energy prices. This shift pushed real yields higher, strengthened the dollar, and dampened gold’s appeal.

Gold had already gained significantly before the event, limiting further safe-haven inflows. The outlook remains influenced by macro and geopolitical factors. In the short term, real yields and central bank policies will be key, along with energy prices and dollar movements. The firm still views gold as a strategic asset rather than a short-term trading tool. Structural demand from central banks and policy uncertainty provide some support, though short-term prices may remain volatile.

Hong Kong stocks and ADR markets are continuously updated. For details, see: Next Page

Market Highlights:

【22:15】Trump: If U.S.-Iran talks break down, bombing will continue; Dow rebounds 890 points, oil down 10%

【21:30】Trump delays final ultimatum by 5 days, says negotiations ongoing; Dow up 744 points, oil down 8%

【20:10】Iran denies negotiations; Dow futures narrow gains; oil down 5%

【19:10】Trump: Progress in talks, delays final ultimatum 5 days; Dow futures up 1207 points, Nasdaq futures up 2.2%; oil plunges 10%

【14:13】Dow futures down 200 points at 45,693; S&P futures down 37 points at 6,521; Nasdaq futures down 167 points or 0.7% at 23,934

【14:13】Oil rebounds; NY crude at $98.97, up 0.8%; Brent at $112.85, up 0.6%

【14:13】【Gold Price Trend】Spot gold falls below $4,300, erasing this year’s gains; local gold price per tael drops HKD 1,000, back to HKD 10,000 above high

【13:25】【Oil Price Outlook】Goldman warns of “largest supply shock in history”; raises Brent crude forecast to $85 in 2026

【13:15】【Iran Crisis】IEA chief: Over 40 Middle East energy assets “severely damaged”; conflict impact akin to two oil crises in the 1970s plus 2022 Russia-Ukraine crisis

【11:40】【Yen Trend】Yen to HKD at 4.9; Japanese officials again use “export tactics”: ready to take all necessary measures against exchange rate fluctuations

【11:21】【Iran Crisis】Korean and Japanese markets “Black Monday”; Korean stocks fall 5%, sixth “Sidecar” mechanism this year; Nikkei drops over 2,600 points

【10:56】【AI+Chips】Elon Musk: Terafab project to land in Austin; jointly operated by Tesla and SpaceX

【07:30】【Iran Crisis】Final ultimatum countdown: Trump and Iran threaten to attack civilian infrastructure; oil volatile (ongoing updates)

【07:30】【Global Outlook】Focus on Middle East conflict; watch Fed officials’ comments; US March manufacturing PMI due Tuesday

【07:30】Iran conflict intensifies; Trump says “I don’t want a ceasefire”; energy prices fluctuate; Dow drops over 600 points at one point; 10-year Treasury yield hits six-month high; market expects 40% chance of rate hike in September. Dow closes down 443 points at 45,577; S&P down 1.51%; Nasdaq down 2.01%.

Market close summary:

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U.S. stocks last week, details at: US Stock Market Close | Trump says he doesn’t want a ceasefire; Dow drops 443 points; 6-month high in long-term debt yields; 40% chance of September rate hike.