U.S. stock markets closed lower on April 24, with software stocks leading the decline. The Nasdaq fell more than 200 points. Among the top 20 stocks by trading volume, unconfirmed reports suggested Tesla may merge with SpaceX. Popular U.S.-listed Chinese stocks generally declined, with XPeng falling 6.36% and New Oriental down 5.97%.
Unverified reports indicated Iran's chief nuclear negotiator had resigned, pushing Brent crude above $104 per barrel. European stock markets held steady as traders closely monitored news related to Iran and corporate earnings reports. A summary of commodity markets showed Middle East tensions boosting oil prices, while gold and copper declined.
Former President Donald Trump stated the U.S. would not use nuclear weapons against Iran, emphasizing a desire not to "rush into action" while retaining military options. He also expressed no urgency to end the conflict with Iran and announced an extension of the Israel-Lebanon ceasefire agreement by three weeks. U.S.-Iran peace talks have reached a stalemate, with tensions escalating in the Strait of Hormuz. Trump's aggressive rhetoric, including phrases like "wipe out civilization" and "send back to the Stone Age," is reportedly weakening Iran's willingness to negotiate.
Trump said he would investigate federal employees using prediction markets to place bets. He also stated the U.S. has no intention to interfere with Iranian soccer players participating in the upcoming World Cup. The U.S. Department of Justice charged a soldier with profiting from bets on a prediction market related to the operation to capture Nicolás Maduro. Separately, the DOJ reclassified medical marijuana as a lower-risk drug. The USS George H.W. Bush aircraft carrier has entered the Indian Ocean. A second round of direct talks between Lebanon and Israel is imminent, with Trump planning to attend part of the sessions.
Iran stated it activated its air defense system to counter small drones. The Iranian leadership collectively denied internal divisions, asserting unity as Iranians and revolutionaries. The Iranian Foreign Minister claimed the Iranian people are more united than ever. Explosions were heard in the skies over Tehran, though Israel denied conducting an airstrike on Iran. The Israeli military reported intercepting rockets from Lebanon during the talks. A Somali official stated restrictions would be placed on vessels associated with Israel passing through the Bab el-Mandeb strait. Russia reiterated that one branch of the Nord Stream pipeline remains technically capable of supplying gas to Europe.
OpenAI released GPT-5.5, moving a step closer to developing a super AI application. Intel's stock surged in after-hours trading following a strong earnings outlook, indicating its AI-related investments are paying off. Strong demand for AI CPUs fueled growth: Intel's Q1 revenue exceeded expectations, sending its after-hours stock price up 16%. Trump said he is considering a U.S. government acquisition of Spirit Airlines. Nike announced plans to cut 1,400 corporate positions, primarily in the technology department. Regeneron reached a drug pricing agreement with the Trump administration, agreeing to provide a new gene therapy for deafness free of charge. American Express reported Q1 profits above expectations, with consumer spending growth hitting a three-year high. Two departments at Amazon are eliminating traditional job titles, adopting "Builder" as a new designation. Ubisoft officially announced a remastered version of "Assassin's Creed: Black Flag" will be released on July 9. Texas Instruments' stock surged 18%, potentially marking its best single-day performance since 2000. Meta announced internally a 10% workforce reduction to improve efficiency and offset high AI expenditures. Microsoft offered a voluntary retirement program to approximately 7% of its U.S. workforce, requiring a combined total of age and years of service of at least 70. During the Iran conflict, Pimco provided over $10 billion in loans to the Gulf region through private transactions.
In the U.S. bond market, Treasury prices fluctuated lower while oil prices held onto intraday gains. Energy trader Andurand reportedly lost 52% in the first two weeks of the month due to oil bets. Trump's eagerness to extricate the U.S. from the Iran conflict suggests any new nuclear agreement may be less binding than the previous version. Analysis considered how Kevin Warsh might "break the mold" if he were to lead the Federal Reserve. Uncertainty in the Middle East weighed on copper prices, pulling them back from multi-week highs. Stalled U.S.-Iran negotiations put pressure on the Mexican Peso. UBS stated technology stocks have been the core driver of the equity market rebound since the conflict began. European Central Bank Governing Council member Joachim Nagel suggested Trump's criticism of the Fed has triggered risk-averse behavior.
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