Market U.S. stocks closed mixed on April 28, with the S&P 500 and Nasdaq reaching new record highs. Among the top 20 stocks by trading volume, OpenAI's termination of its exclusive partnership with Microsoft drew attention. Popular Chinese ADRs were mixed: Hesai Technology rose 4.79%, while Atour Lifestyle fell 5.48%. Rising oil prices weighed on markets, leading to a broad decline in European equities. Spot gold dropped 0.58% to $4,681.53 per ounce. European markets closed lower as investors focused on corporate earnings and developments concerning Iran.
Macro The White House reported that former President Trump and his national security team held a meeting to discuss a new proposal from Iran. U.S. Secretary of State Marco Rubio stated that Washington cannot accept Iran maintaining control over the Strait of Hormuz. The suspect in the White House Correspondents' Dinner shooting incident made their first court appearance, charged with attempting to assassinate Trump. Former President Trump welcomed King Charles of the United Kingdom for a state visit at the White House. Two tankers linked to Iran, previously boarded and inspected by the U.S., appeared to have altered their course. The U.S. announced it will terminate additional offshore wind lease projects in exchange for fossil fuel investments. Trump suggested that ABC Television should fire late-night talk show host Jimmy Kimmel.
Corporate NVIDIA closed up 4%, achieving a new all-time high. Micron and SanDisk shares continued their upward trend, supported by expectations of sustained strong demand for memory chips. Accenture PLC announced it will roll out Copilot to all 743,000 employees, marking a significant milestone for Microsoft in enterprise AI adoption. The U.S. Supreme Court questioned Bayer regarding its failure to warn about risks associated with its Roundup product. Rogers Communications offered a buyout plan to half of its workforce, a cost-adjustment move amid slowing growth in the telecom sector. The EU issued AI competition compliance guidelines to Google, mandating open access to the Android system. OpenAI's $50 billion partnership with Amazon was finalized, completely removing any potential legal liability risk from Microsoft. Jury selection commenced in the lawsuit filed by Elon Musk against Sam Altman. Amazon secured exclusive rights to Oprah's podcast library, reinforcing its content-driven e-commerce strategy. Bridgewater founder Ray Dalio commented that, in a stagflationary environment, the Fed should not cut interest rates. Bobby Jain's hedge fund will return external capital and exclusively manage funds for his former employer, Millennium. A former Google DeepMind researcher founded an AI startup, securing a record $1.1 billion in seed funding to focus on developing superintelligence. A prominent analyst indicated that Qualcomm is collaborating with OpenAI on smartphone technology development.
Commentary Commodity Summary: Crude oil prices rose, gold declined, and tightening supply prospects pushed nickel prices higher. U.S. Stock Market: The S&P 500 index reached a new record high as investors prepared for earnings reports from major tech companies. Under current leadership, the Federal Reserve is expected to encourage a revival of steepening trades in the U.S. Treasury yield curve. FX Markets: The U.S. dollar weakened as negotiations between the U.S. and Iran reached a stalemate. Morgan Stanley warned that the current Fed leadership could introduce long-term structural change risks, increasing volatility in the U.S. Treasury market. The U.S. Treasury Secretary cautioned that companies cooperating with Iranian airlines face potential sanctions risks. U.S. Bond Market: Treasury prices faced pressure, with two auctions settling at yields above pre-auction levels amid rising oil prices. Crude Oil: WTI prices increased as the stalemate in U.S.-Iran talks kept the Strait of Hormuz largely closed. European Bond Market: European government bond prices fell as Brent crude oil surpassed $108 per barrel.
Comments