[US Stock Market Close] Trump extends strike on Iranian power plant for another 10 days; oil prices worry about Strait blockade for an additional 10 days (updating)

U.S. President Trump posted on social platform Truth Social stating, “At the request of the Iranian government, please let this statement represent that I will pause the destruction of the power plant for 10 days, until Monday, April 6, 2026, at 8 PM Eastern Time. Talks are ongoing, and despite false reports from fake news media and others spreading contrary misinformation, the negotiations are progressing very smoothly.”

Brent crude oil once surged by 7%, but due to the continued threat that the Strait of Hormuz remains blocked for another 10 days, oil prices jumped another 5%, reaching $107.

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Inflation concerns persist, with the US 10-year Treasury yield rising to 4.412%, up 0.079%, the US dollar index up 0.3% at 99.93.

The Dow closed down 469 points at 45,960; the S&P 500 fell 1.7% to 6,477; the Nasdaq dropped 2.4% to 21,408.

Trump told a cabinet meeting that until Iran reaches an agreement to end the conflict, the U.S. will continue to strike them. He confirmed that the U.S. still plans to keep the Iran war going for only four to six weeks.

Trump revealed that the “gift” from Iran’s negotiators was allowing at least 8 oil tankers to pass through the Strait of Hormuz earlier this week. Trump said these ships passing through the strait send a signal to the U.S., showing that the negotiators are demonstrating “we are genuine and reliable.” Trump mentioned these oil tankers might fly the Pakistani flag. He continued, “I said, ‘Hmm, I think we are dealing with the right people.’ In fact, they later apologized for some of their words and said they would send two more ships.” The White House declined to provide further details about the tankers.

Earlier, Trump posted on Truth Social that Iran’s negotiators are unusual and somewhat “strange.” On one hand, they “plead” with the U.S. to reach an agreement, which is understandable. However, they publicly state they are only considering the U.S. proposals. He said this is a big mistake and urged Iran to get serious quickly, or it will be too late with dire consequences.

In an interview later, Trump said the Iran issue will be resolved soon, not too long, and energy prices will fall, possibly even to lower levels. He said he doesn’t know if they are willing to reach an agreement with Iran now, noting they should have done so four weeks ago but missed the opportunity. He also mentioned that the U.S. has thoroughly destroyed Iran’s navy and air force, and about 90% of their missiles and missile launchers. He claimed Iran should have used nuclear weapons against Israel, other regional countries, and the U.S.

Iran’s Tasnim News Agency quoted sources saying Iran officially responded on Wednesday (25th) to the U.S. proposal for a 15-point ceasefire agreement and is awaiting the other side’s reply. Iran stated that the aggression and terrorist acts by enemies must end, objective conditions must be created to ensure the war does not recur, war reparations must be guaranteed and resolved, and the end of the war must be implemented across all fronts and against all resistance organizations involved, throughout the region.

Egypt confirmed participation in US-Iran mediation. Foreign Minister Abdel Atti said Egypt, along with Turkey and Pakistan, is assisting the U.S. in transmitting messages to Iran and participating in broader mediation efforts to de-escalate regional tensions.

Schroder said that the development of the Iran conflict remains uncertain, making the outlook for the economy and financial markets unclear: if oil prices are above $120 per barrel or below $90, the global economy will look very different. Compared to February, the probabilities of these two extreme scenarios have increased, while the “economic stability” scenario, which was more moderate and dovish, has seen its likelihood decrease accordingly.

The bank noted that, given inflationary pressures from oil price shocks, the probability of an “overheating” economic scenario has increased; however, this assessment remains lower than market-implied probabilities. Central banks worldwide will closely monitor the potential for “second-round impacts,” such as rising medium-term inflation expectations, wage increases, and supply chain disruptions.

Hong Kong stocks and ADR markets are continuously updating; see the next page for details.

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Market Trends:

【23:00】Trump: Iran issue will be resolved soon, energy prices will fall; Egypt confirms participation in mediation; Dow down 75 points, oil up 4%

【21:30】Trump urges Iran negotiators to get serious quickly; Egypt confirms mediation participation; Dow down 218 points, oil up 4%

【18:15】Dow futures down 317 points, Nasdaq futures down 0.8%; oil up 4%, gold rebounds after two days of gains

【14:27】Dow futures down 190 points at 46,521; S&P futures down 29 points at 6,611; Nasdaq futures down 126 points or 0.5% at 24,241.

【14:27】Oil up 2%, NY crude at $92.41, up 2.3%; Brent crude at $104.68, up 2.4%. Gold, after two days of gains, slightly down: NY gold down 3% at $4,446; spot gold down 1.7% at $4,429.

【14:19】【Private Equity】Goldman Sachs former CEO warns of hidden “fire” risk in private markets; unsold assets could trigger large impairments

【13:39】【US Stock Analysis】Dow up 300 points; analysis: current rebound driven by ceasefire speculation, US-Iran conflict unlikely to end soon, oil prices expected to rise again

【11:58】【Iran Crisis】BlackRock CEO warns investors underestimate Iran war risk; even if “war ends tomorrow,” oil could surge to $150

【11:43】【AI + Meta】Massive AI investments; Meta launches new round of layoffs involving hundreds

【10:47】【Dollar Trend】Morgan Stanley: Rising dollar may be a “trap for long positions”; market underestimates adverse effects of Iran conflict on US economy; expects two rate cuts this year

【10:15】【US Rate Cuts】Fed Governor Mester raises rate hike expectations by 0.5%, citing no relation to oil or Iran

【09:28】【Gold Trend】Gold continues to rebound after two days of gains; remains above $4,500

【08:47】【Oil Trend】US assesses impact of extreme scenario where oil hits $200; White House denies

【08:29】【Iran Crisis】Citrini founder: Fed will “ignore” oil shocks, no need to give up on rate cuts; AI “Doomsday Report” in February unsettled markets

【08:04】【Xi-Trump Meeting】White House announces Trump to visit China May 14-15; Xi Jinping to visit Washington later this year

【07:27】【Iran Crisis】No signs Iran will “send big gift”; White House Leavitt: if Iran refuses to accept reality, Trump will escalate strikes (updating)

$1 or less for March 25 US stock market overview====

Wednesday: Dow up 305 points; Iran claims to shoot down US F-18; White House: Trump to visit China in mid-May

White House Press Secretary Leavitt announced Wednesday that President Trump will meet with Chinese President Xi Jinping in Beijing on May 14-15; market expects this schedule indicates the US expects the Middle East war to end around mid-May, leading to a significant rebound in US stocks.

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Dow rises by as much as 594 points amid ongoing war negotiations with uncertainty; closes up 305 points at 46,429; S&P up 0.54%, Nasdaq up 0.77%; China concept stocks, represented by Golden Dragon Index, up 1.86%.

Key stocks: Tesla released a video of the Optimus robot, revealing details about its development environment, reduction gearboxes, dexterous hands, etc. Tesla claims Optimus will revolutionize the labor and manufacturing economy. Elon Musk said production of Optimus 3 is expected to start this summer, with mass production possible by 2027. Tesla (TSLA) up 0.8%.

Amazon and Nvidia stocks rose 2%; UK chip design company ARM announced its own chips, boosting ADRs by 16.4%.

Iran’s Islamic Revolutionary Guard Corps announced Wednesday that its air defense shot down a US F-18 fighter jet over southeastern airspace, which then crashed into the Indian Ocean.

Iran’s Fars News Agency quoted sources saying Iran will refuse the US ceasefire proposal and continue attacks on Israel and Gulf Arab countries. They criticized Trump’s indirect negotiations as illogical and unfeasible at this stage. Iran focuses on achieving its goals; only when these are met can the war end, not through a ceasefire. This news caused oil prices to fall slightly, with NY crude dropping up to 6.38%, closing at $90.32, down 2.2%; Brent crude once plunged 7% to $97.15, closing at $102.22, down 2.2%.

Iran’s official media, Press TV, reported that the Bushehr nuclear power plant was attacked again Tuesday night at 9 PM local time. The plant was previously attacked in mid-March, but the IAEA said the reactor was undamaged.

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

Spot gold rose up to 2.83%, reaching $4,602.34; Bitcoin briefly up 2.79% to $72,013.

Memory chip stocks sharply declined against the trend: Micron (MU) down 3.4%, Sandisk (SNDK) down 3.5%. This was mainly due to South Korea’s SK Hynix planning to list in the U.S.

Foreign media reported that SK Hynix has submitted confidential filings to the SEC, planning to issue ADRs within the year, possibly raising up to $10 billion. A company spokesperson said that measures including ADR issuance are under review, with no final decision yet.

Hong Kong stocks and ADR markets are continuously updating; see the next page for details.

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Market Trends:

【22:40】Dow up 371 points

【21:30】Brent crude down 5%, falling below $100; Dow up 580 points, Nasdaq up 1.2%; Micron down 6%

【17:55】Iran war negotiations “warming up”; 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】Oil down 3.4%, NY crude at $89.2, Brent at $100.3; gold up 3.3%, at $4,578; spot gold up 1.7% at $4,549.

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

【13:52】【AI + IPO】SK Hynix plans to go public in the US within the year, has filed with the SEC, possibly raising up to $10 billion.

【13:32】【US Stock Analysis】US proposes ceasefire with Iran, Dow futures up over 300 points; analysis: Trump TACO, market still wary of two major issues

【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 re-allocating assets to US asset managers.

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

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

【09:58】【US Rate Cuts】Fed’s Mester raises rate hike expectations by 0.5%, citing no relation to oil or Iran.

【09:39】【Gold Trend】Gold ends nine-day decline, stays above $4,500; local gold price rises by HKD 1,800 per tael.

【08:54】【ARM + Chips】Arm surges 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 IPO as early as this week, potentially raising over $75 billion.

【08:23】【Iran Crisis】Trump: Iran will send a “big gift” today; Rubio, Vance involved in negotiations; condition: “must not have nuclear weapons” (updating).

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

$1 or less for March 24 US stock market overview====

Tuesday: US seeks talks with Iran on Thursday; Brent stable, Dow narrows decline

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

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Iran officials deny Trump’s claims of behind-the-scenes negotiations but confirm that the US 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; spot silver little changed, at $71.2194.

US dollar index up 0.3%, at 99.23; US 10-year Treasury yield at 4.36%.

US stocks are slightly weaker; Dow once down 438 points, low at 45,769; 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 5 days, but Israel and Iran continue sporadic attacks. Pakistan’s prime minister said he is willing to host US-Iran talks to resolve ongoing conflicts.

Market reports indicate Iran has begun collecting tolls from some ships passing through the Strait of Hormuz, charged on a per-ship basis, with maximum fees reaching $2 million per voyage, effectively establishing an informal “toll” in this waterway. Some ships have paid, but the specific 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 of Hormuz on Tuesday.

According to Israeli media Ynet, local officials say the US has set April 9 as the target date to end the Iran conflict, meaning over half a month remains for fighting and negotiations. Washington is trying to end hostilities by late April. If conflict ends around April 9, Trump plans to visit Israel around May 14, the country’s Independence Day. Pakistan and other countries are actively mediating, trying to arrange indirect US-Iran talks, possibly in Pakistan this week, but no official confirmation from either side.

Additionally, Russian media cited an Oman journalist and international relations researcher, Salem Al-Jahuri, on BBC Arabic, confirming that the US is pressuring Gulf countries to pay huge sums for US involvement in Iran conflicts.

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

Hong Kong stocks and ADR markets are continuously updating; see the next page for details.

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Market Trends:

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

【21:30】Pakistan ready to host US-Iran talks; Dow down 338 points, Nasdaq down 0.6%; oil up 4%

【18:00】【Iran Crisis】Possible breakthrough in US-Iran conflict? Trump reportedly demanding huge protection fees: $2.5 trillion to end war

【16:00】【Iran Crisis】US sets April 9 as “end of war” date; Iran continues denial

【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 rebounds; 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 at $4,357.

【14:00】【Iran Crisis】DBS: Gold prices expected to fluctuate amid Middle East conflict; target of $6,250 by end of year

【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 dies of cancer at 43

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

【12:15】【Switch 2】Nintendo plans to cut Switch 2 production by about 33% this quarter; cut may last until April

【11:51】【Gold Trend】Gold enters bear market, down over 20% from high; Morgan Stanley: funds flowing from safe-haven assets to stocks, positive for US equities

【11:19】【Iran Crisis】Sanae Takashi orders assessment of oil supply chains amid crisis; Ministry of Finance reportedly consulting markets on potential intervention in crude futures

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

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

【08:08】【Iran Crisis】Fed official Daly: US economy faces at least two scenarios; Fed needs to stay flexible to manage risks

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

【06:32】【Iran Crisis】Iranian Parliament Speaker denies negotiations with Trump; UK “Dragon” frigate arrives in Mediterranean (updating)

$1 or less for March 23 US stock market overview====

Monday: Trump comments still questioned; Dow halves gains to 631 points; oil down 10%

US President Trump claimed negotiations with Iran have led to a pause in attacks on power plants, boosting stocks and oil prices. The Dow once rose 1,134 points, reaching 46,712; the S&P gained 2.2% to 6,651; 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.

See the market close:

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Oil once fell 14.1%, closing down 10%, NY crude at $88.13, Brent at $100.5. Gold fell 7% intraday, bottoming at $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’ this morning,” 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, with talks ongoing, and he has instructed the US military to suspend all strikes on Iran’s power plants and energy infrastructure for five days, contingent on successful ongoing discussions.

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

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

Iran’s Foreign Ministry also stated that some initiatives to ease tensions exist, but Iran’s response is that the US should be the dialogue partner, as war is not Iran’s doing.

Trump further responded, saying negotiations took place on the night of Sunday (22nd), emphasizing Iran’s urgent desire for 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 quickly reinterpreted the event as a geopolitical risk, with investors viewing it more as inflation driven by energy prices rather than a sustained geopolitical crisis. This shift pushed real yields higher, strengthening the dollar and reducing expectations for rate cuts, which is unfavorable for gold.

Gold had already gained significantly before the event, limiting further safe-haven inflows. The outlook for gold remains influenced by macro and geopolitical factors, with short-term movements driven by real yields and central bank policies, as well as energy prices and the dollar. The firm still sees gold as a strategic asset rather than a short-term trading tool. Structural demand from central banks and policy uncertainty provide some support, despite potential short-term volatility.

Hong Kong stocks and ADR markets are continuously updating; see the next page for details.

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Market Trends:

【22:15】Trump: If US-Iran talks break down, strikes will continue; Dow rebounds 890 points; oil down 10%

【21:30】Trump delays final ultimatum by 5 days, says talks 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 Iran talks, final ultimatum delayed 5 days; Dow futures up 1,207 points, Nasdaq futures up 2.2%; oil plunges 10%

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

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

【14:13】【Gold Trend】Spot gold drops below $4,300, erasing this year’s gains; local gold price down HKD 1,000 per tael, retreating from high by HKD 10,000.

【13:25】【Oil Outlook】Goldman warns of “largest supply shock in history,” raising Brent forecast to $85 in 2026.

【13:15】【Iran Crisis】IEA chief: Over 40 energy assets in Middle East 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 reiterate “export tactics”: ready to take all necessary measures against exchange rate fluctuations.

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

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

【07:30】【Iran Crisis】Final ultimatum countdown: Trump and Iran threaten to attack civilian infrastructure; oil fluctuates (updating).

【07:30】【Market Preview】Focus on Middle East conflict developments; 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 volatile; Dow drops over 600 points at one point; 6-month US bond yield hits high; market expects 40% chance of rate hike in September. Dow down 443 points at 45,577; S&P down 1.51%; Nasdaq down 2.01%.

See the market close:

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