The three major U.S. stock indices declined, with the Nasdaq dropping over 2%. International oil prices surged more than 12%.

On April 2, the three major U.S. stock indexes all fell together. As of the time of this release, the Dow Jones Industrial Average was down 1.29%, the Nasdaq was down 1.78%, and the S&P 500 Index was down 1.28%.

In individual stocks, Tesla was down more than 3% after its first-quarter vehicle deliveries came in below market expectations.

In the commodities market, international oil prices surged. As of the time of this release, WTI crude was up more than 12%, trading at $112.3 per barrel.

Global news

In a quick roundup: Trump, who claims victory in the Iran war, urges countries to “rush for oil” —

Local time on April 1, U.S. President Donald Trump delivered a brief televised address at the White House, providing the latest updates on the Iran issue. In the speech, Trump claimed on his own that he had achieved a “rapid, decisive, overwhelming victory” in the war with Iran. Trump said the core strategic goals of the United States in the Iran conflict were “nearly completed.” He added that Iran’s navy has now been “completely destroyed,” and its air force and missile programs have also been severely damaged.

Iran’s Supreme Leader’s adviser: The enemy of the people of Iran in the Strait of Hormuz will be closed forever

Local time on April 2, Werayati, the Supreme Leader of Iran’s foreign affairs adviser and former foreign minister, said on his personal social media platform account that the Strait of Hormuz is open to the world, but it will forever remain closed to the enemy of the people of Iran and its outposts in the region. Werayati said that the end of the conflict depends on Iran’s decisions and strength—not the invaders’ fantasies and arrogance.

The U.S. carries out a crewed lunar flyby mission

U.S. Eastern Time on the evening of the 1st, NASA’s next-generation lunar rocket, the “Space Launch System,” launched from Launch Complex 39B at the Kennedy Space Center in Florida, carrying out the “Artemis 2” crewed lunar flyby mission. This is the first time the United States has launched a crewed mission toward the Moon since 1972. Around 6:35 p.m. U.S. Eastern Time that day (around 6:35 a.m. Beijing time on April 2), the “Space Launch System” carrying the “Orion” spacecraft lifted off from Kennedy Space Center’s Launch Pad 39B. It carried four astronauts and began a 10-day mission.

What signal is this? Warnings to avoid U.S. stocks keep coming from Wall Street

Recently, the professor who was among the first in the U.S. to issue a K-shaped economic warning sounded another alarm: the U.S. stock market may be overly optimistic about the Iran war. Economist Peter Atwater has most recently said he will avoid U.S. stocks. Peter Atwater is often seen as an economist who popularized the “forked recovery” theory. In further explaining, he said investors are underestimating a situation in which, due to inflation caused by the Iran war, U.S. companies abroad will be affected or punished.

“Stagflation” is coming! Bank of America: The Fed is expected to cut rates by 50 basis points this year—oil prices stay at $100 for the full year

In its latest forecast, Bank of America’s analysts said that affected by the Iran conflict, the global economy will face a scenario of slowing growth and rising inflation, and international oil prices will remain at around $100 per barrel for the full year— even if the war ends within a few weeks. Bank of America economist Claudio Irigoyen and his team wrote in a research report released on Wednesday: “Up to now, the consequences brought by this war will be mild stagflation.” Stagflation refers to an economic phenomenon where inflation rises while growth slows at the same time.

Company news

Ministry of Commerce responds to Meta’s acquisition of Manus and cross-border business operations issues

On April 2, the Ministry of Commerce held a regular press conference. When a reporter asked what measures the Chinese side would take regarding Meta’s acquisition of Manus and related issues about cross-border operations by companies, Ministry spokesperson He Yadong responded that the Chinese government supports companies in conducting cross-border operations and technology cooperation as needed. Such actions must comply with China’s laws and regulations and follow statutory procedures.

The biggest IPO in history is coming! SpaceX, Musk’s company, has reportedly submitted listing application papers

SpaceX, Musk’s company, has reportedly secretly submitted an application for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC), taking an important step that could make it the largest IPO in history. According to people familiar with the matter, the satellite manufacturing and rocket launch company has filed its listing application in a confidential manner. Previously, it was reported that SpaceX plans to raise about $40 billion to $80 billion through an IPO, and the company’s target valuation could be $1.75 trillion.

Oracle to cut 30,000 jobs globally: AI investment returns fall short—cut costs to build AI data centers

Yet another tech giant is “making up for” its massive AI (artificial intelligence) spending through layoffs. In recent days, cloud services provider Oracle announced it would lay off employees worldwide, affecting 30,000 people in total, including 12,000 employees in India. In an internal letter, the company said that due to organizational structure adjustments, it needs to consolidate operations, so it has initiated large-scale layoffs.

Competition in commercial space is intensifying: Amazon plans to acquire a satellite company to compete with SpaceX’s Starlink

SpaceX’s IPO has become one of the hottest topics in this year’s U.S. stock market. Investors are eagerly anticipating the company’s IPO, and it has also boosted consecutive gains in the commercial space sector. As aerospace becomes the new leading industry, people familiar with the matter told the media that Amazon is in talks to acquire the satellite communications group Globalstar, in order to step up its own low-Earth-orbit satellite business and compete with SpaceX’s Starlink.

Is the valuation flashing red? OpenAI stock is sluggish in the resale market—demand flows to Anthropic

Just as OpenAI, a U.S. star startup, completed a massive funding round of $122 billion this week, bringing its valuation to $85.2 billion (about RMB 585 billion), a piece of news cast a shadow over this high figure. On Wednesday, Ken Smythe, founder of private equity secondary trading market NextRound Capital, told the media that in the market they operate, demand for OpenAI stock is declining.