Market U.S. stocks closed mixed on April 8, with the S&P 500 extending gains for a fifth consecutive session as investors monitored Pakistan's mediation efforts. Top 20 U.S. stocks by trading volume on April 8: JPMorgan advises investors to "avoid Tesla at all costs." Most popular Chinese ADRs declined on April 8; UMC rose 7.13%, while China XD Rural declined 3.96%. Oil prices ended largely flat on Tuesday following heightened threats from Trump against Iran. Spot gold climbed 1.3% to $4,709.73 per ounce. European equities fell as Trump maintained pressure on Iran ahead of a looming deadline.
Macro Sources indicate that positive developments are anticipated soon in U.S.-Iran negotiations. After Pakistan proposed extending the deadline, Trump stated that "intense negotiations" are underway regarding Iran. Pakistan has called for a two-week extension to Trump’s deadline for Iran. Trump confirmed that the U.S. is engaged in vigorous talks. The White House noted that Trump will respond shortly to Pakistan's proposal for a deadline extension. Iran is actively considering Pakistan’s request for a two-week ceasefire. Iranian citizens are stockpiling food and batteries amid fears of attacks on power plants. IMF Managing Director signaled plans to lower global growth forecasts, warning that the world economy remains vulnerable to shocks. Middle Eastern oil output is projected to decline by 9 million barrels per day. Iran stated that the government has finalized measures to address all possible scenarios. Iran’s military claimed it has prepared a "surprise" in response to any potential reckless actions by Trump. FTSE Russell confirmed Vietnam’s status as an emerging market.
Corporate Apple's foldable iPhone is still on track for a September release. Elon Musk has requested that lawsuit compensation be returned to an OpenAI-affiliated charity. Delta Air Lines increased baggage fees due to a 132% surge in jet fuel costs. PIMCO is considering approximately $14 billion in debt financing for Oracle's data centers. Alphabet has added mental health features to its Gemini platform. Goldman Sachs upgraded Netflix and raised its price target, citing strong revenue growth prospects. SpaceX has begun its IPO roadshow, with a $2 trillion valuation facing market scrutiny. A vessel chartered by Maersk was struck by a shell in the Strait of Hormuz. Tesla Motors shares have declined 25% year-to-date, pressured by concerns over conflict with Iran. Intel will design and manufacture chips for Tesla and SpaceX’s Terafab project. Anthropic previewed a powerful new AI model, Mythos, as part of a new cybersecurity initiative.
Commentary Commodities Roundup: Market focus remains on Middle East tensions; WTI crude edged higher, gold advanced, while copper fell. Federal Reserve Governor Jefferson suggested the labor market may be stabilizing. Middle East Watch: Countdown to ultimatum continues as Trump escalates threats; Pakistan proposes two-week extension. Overnight Headlines on April 8: Pakistan proposes deadline extension; Trump confirms intense Iran negotiations; WTI crude closes at a 52-week high. U.S. Equities: S&P 500 erased intraday losses as markets hope for diplomatic resolution to Middle East conflict. U.S. crude futures ended at a 52-week high ahead of Trump’s imposed deadline. FX Markets: The U.S. dollar extended losses as traders monitored the Iran negotiation deadline. Crude Oil: WTI rose slightly in volatile trading, with attention fixed on Trump’s deadline. U.S. Secretary of State Rubio and the UK Foreign Secretary discussed Iran. As the Iran deadline approaches, Trump warned that "an entire civilization could vanish tonight." U.S. Treasuries: Government bonds were mixed, with the yield curve steepening. U.S. Transportation Secretary suggested there is still room for further airline consolidation. Fox: White House Press Secretary Levitt stated only Trump knows what action will be taken. Chicago Fed President Goolsby expressed a cautious, even nervous, outlook on the economy. Axios reported that U.S.-Iran negotiations have made progress over the past 24 hours. The U.S. 3-year Treasury note auction yielded the highest rate since June of last year. Citadel Securities noted retail sentiment has cooled, but historical patterns suggest a near-term rebound for U.S. stocks may be likely.
Comments