MARKET SNAPSHOT
U.S. stocks posted modest gains with the S&P 500 and Nasdaq composite setting fresh record highs for the second straight session. Oil futures settled higher after U.S. officials indicated a tightening of the blockade of ships in and out of Iranian ports. Treasury yields drifted higher as investors weighed the next move in interest rates. Both gold and silver futures finished the day lower. The U.S. dollar strengthened slightly.
MARKET WRAPS
EQUITIES
U.S. stocks scored two more records Thursday, with the S&P 500 and Nasdaq composite both closing at their second straight all-time high.
Investors are growing increasingly confident that the U.S. and Iran will eventually reach a peace deal, and have been encouraged by signs that a second round of talks is taking shape. President Trump said the U.S. might hold discussions with Iran this weekend. "We're very close to making a deal," he told reporters.
Stocks moved slightly higher in midday trading and held onto the gains. The Nasdaq composite rose 0.4%, its 12th straight day of gains. The last time it rose so many times consecutively was 2009. The S&P 500 rose 0.3%, while the Dow Jones Industrial Average added 0.2%.
Earlier Thursday, stocks in Asia broadly rose as investors remained hopeful that the U.S. and Iran would reach a peace deal soon, allowing the Strait of Hormuz to reopen its oil-shipping lane.
Japan's Nikkei Stock Average closed 2.4% higher at a record 59518.34, recouping losses from the Iran war and fears of an energy shortage.
South Korea's Kospi rose 2.2% to 6226.05, also nearing pre-conflict levels, while Taiwan's Taiex ended at a record high, led by TSMC ahead of earnings. Markets tracked a surge in U.S. tech stocks overnight that sent the S&P 500 and Nasdaq composite to records.
China's Shanghai Composite Index closed 0.7% higher after Beijing reported 5% GDP growth for the first quarter, up from 4.5% growth in the fourth-quarter. The Shenzhen Composite Index increased 1.8%. The Nasdaq-like ChiNext Price Index rose 3.2% to the highest level in almost 11 years.
Hong Kong's Hang Seng Index increased 1.7%.
Australia's S&P/ASX 200 Index fell 0.3%.
New Zealand's S&P/NZX 50 Index declined 0.1%.
COMMODITIES
Oil futures settled higher after U.S. officials indicated a tightening of the blockade of ships in and out of Iranian ports, while the market holds out hopes for a U.S. deal with Iran which President Trump said is close.
Trump also said Israel and Lebanon agreed to a 10-day cease-fire and that he has invited their leaders to hold peace talks at the White House.
"As of right now, the temperature has been turned down," Mizuho's Robert Yawger said. But while the U.S. blockade has gone three days without incident, "as many as 10 million to 13 million barrels a day of oil and 20% of global LNG remain shut in the Persian Gulf, with crude oil responding accordingly as the global oil market gets tighter every day."
WTI settled up 3.7% at $94.69 a barrel and Brent rose 4.7% to $99.39.
Both gold and silver futures finished the day lower, with front-month gold closing down 0.3% to $4,785.40 a troy ounce while silver fell 1.1% to $78.606/oz.
While down Thursday, support is seen longer-term for precious metals as a resolution to the war in Iran looks possible.
"The movement in gold has been supported by a context in which investors are seeking a balance between risk assets and safe-haven instruments," said Antonio Di Giacomo of XS.com.
He added that gold has shown resilience in higher volatility trading in recent weeks, but the attitude towards precious metals remains more leaning towards speculation than being a safe-haven choice.
TODAY'S TOP HEADLINES
Fed's Williams: Middle East Conflict Has Added to Economic Risks
NEW YORK-New York Fed President John Williams said Thursday that the Fed's current interest-rate setting is calibrated well for an economy that is facing additional risks from the conflict in the Middle East.
Speaking in Midtown Manhattan on Thursday morning, Williams said the Iran war has presented the economy with new and unpredictable challenges. Its effects could resolve later this year if supply disruptions in the energy market resolve relatively soon, Williams said. But he also warned that the conflict could lead to a more difficult dynamic in which prices are rising at the same time that the economy is slowing.
"This has begun to play out already," Williams said.
U.S. Industrial Production Fell in March
U.S. industrial production fell in March, according to data published by the Federal Reserve.
Production fell by 0.5% last month, after increasing by an upwardly revised 0.7% in February. Analysts polled by The Wall Street Journal expected the reading to remain unchanged.
Manufacturing activity ticked down by 0.1%, and output from utilities decreased by 2.3%. Mining output fell by 1.2%.
Netflix Chair Reed Hastings to Leave Board in June
Netflix Chairman and co-founder Reed Hastings will step down from the company's board after his term expires in June, the streaming giant said Thursday.
Netflix said Hastings has decided not stand for re-election to its board so he can focus on philanthropy and other pursuits.
Hastings's departure marks an end of an era for Netflix, which under his leadership transformed from a DVD-by-mail business to a juggernaut in subscription video streaming that disrupted Hollywood. Netflix shares dropped more than 9% in after-hours trading.
Ford Will Partner More With Chinese Automakers Overseas
Ford Motor plans to expand partnerships with Chinese manufacturers abroad, while also opening the door to one day allowing Chinese cars in the U.S.
Chief Executive Jim Farley said the U.S. and automakers need a plan to protect American jobs before Chinese auto imports and production arrive, but Ford must tie-up with Chinese manufacturers overseas to maintain a global edge.
"They're really leading the world in many ways when you look at the technology and the cost and the speed of what they're doing, " he said.
Cutting Prices on Doritos Has Paid Off, PepsiCo Says
PepsiCo slashed prices on its signature snacks earlier this year, and there are signs it has helped the business.
The food and beverage giant on Thursday said revenue climbed 8.5% to $19.44 billion in the latest quarter, topping Wall Street forecasts. On an organic basis, revenue was up 2.6%.
In February, PepsiCo said it would cut prices on some of its chips and snacks by as much as 15%, in a bid to woo cost-conscious consumers back to snacks like Lay's potato chips and Doritos. The company found affordability was a big reason why consumers held back from purchases. In some markets, the price of some large bags of chips cost well over $6.
General Motors Is Still Making Cars for the U.S. Halfway Around the World
SEOUL-After President Trump's auto tariffs took effect a year ago, General Motors pledged about $5 billion in new U.S. investments to boost domestic production to more than two million vehicles a year. Chief Executive Mary Barra has praised Trump's levies as a tool to level the playing field.
But the tariff math still works for GM to build plenty of vehicles halfway around the world in South Korea.
The biggest U.S. automaker by sales volume has greenlighted roughly $600 million in new investments to bring Korean production back to full capacity of nearly half a million vehicles. Roughly 90% of the Chevrolet and Buick subcompact sport-utility vehicles made in South Korea get exported to the U.S., analysts say.
Chip Maker TSMC Is More Bullish Than Ever on AI, Despite Iran War
Taiwan Semiconductor Manufacturing signaled confidence in global demand for artificial intelligence despite the war in Iran, raising its forecast for revenue and playing down the risk of supply-chain disruptions.
TSMC, a contract chip maker for clients such as Nvidia and Apple, projected that its capital expenditures for the year would hit the higher end of the $52 billion to $56 billion range projected in January. The company said it expected revenue to grow more than 30% this year in dollar terms, from an earlier estimate of around 30%.
TSMC's chief executive, C.C. Wei, said the company had double-checked with customers about AI demand and they reassured the chip maker that it was still strong. That led TSMC to accelerate investments such as building more clean rooms, he said.
Expected Major Events for Friday
00:30/SIN: Mar Merchandise Trade, incl non-oil domestic exports (NODX)
04:00/MAL: Mar CPI
04:01/MAL: 1Q Advance GDP
07:30/THA: Weekly International Reserves
09:59/CHN: Mar FDI Foreign Direct Investment
All times in GMT. Powered by Onclusive and Dow Jones.
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(END) Dow Jones Newswires
April 16, 2026 16:55 ET (20:55 GMT)
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