【US Stock Market Report】Iran Reportedly Rejects US Ceasefire Agreement, Iranian Nuclear Power Station Attacked Again; Brent Oil Surges Above 100 Mark; Dow Jones Up 333 Points (Continuous Updates)

Iran’s Fars News Agency quoted sources on Wednesday (25th) saying that Iran has stated it will reject the U.S. proposed ceasefire, continuing attacks on Israel and Gulf Arab countries. They also criticized President Trump’s approach of starting indirect negotiations during the current conflict as illogical and unfeasible. Iran emphasized that it is focused on achieving its goals, and only when these goals are met can the war end—not just a ceasefire. The news caused oil prices to fall slightly, with New York May futures down 4.1% to $88.59, and Brent May futures down 4% to $100.34.

Iranian state media Press TV cited reports from the Atomic Energy Organization of Iran, stating that the Bushehr nuclear power plant was attacked again on Tuesday at 9 p.m. local time. The plant was previously attacked in mid-March, but the International Atomic Energy Agency (IAEA) reported that the reactor itself was not damaged.

Although war negotiations remain uncertain, U.S. stocks opened higher on Wednesday. As of 12:49 a.m. Hong Kong time, the Dow was up 333 points at 46,457, the S&P 500 rose 44 points to 6,599, and the Nasdaq increased 1% to 21,970. Gold futures in New York rose 3.5% to $4,588, and spot gold increased 2% to $4,566.

Iran reiterated that non-hostile ships can pass safely through the Strait of Hormuz after coordination. Marine Traffic data shows that nine ships have passed through the Strait since Monday (23rd).

In focus stocks, Tesla released an official video revealing details about Optimus, including the development environment, reduction gearboxes, and dexterous hands. Tesla claims Optimus will fundamentally change the labor and manufacturing economy. Elon Musk said production of Optimus 3 is expected to start this summer, with mass production possible by 2027. Tesla (NASDAQ: TSLA) pre-market shares rose over 1%, currently at $389.14.

Memory chip stocks tumbled against the trend, with Micron (NASDAQ: MU) opening down 6% and SanDisk (NASDAQ: SNDK) dropping over 7%. The declines were mainly due to reports that South Korean semiconductor giant SK Hynix (KRX: 000660) plans to list in the U.S.

Foreign media reported that SK Hynix has submitted confidential filings to the U.S. Securities and Exchange Commission (SEC) and plans to issue American Depositary Receipts (ADRs) within the year. A SK Hynix spokesperson said that measures to enhance shareholder value, including issuing ADRs, are under review, but no final decision has been made.

Hong Kong stocks and ADR markets are continuously updated; see the next page for details.

Market Trends:

【22:40】Dow rises 371 points

【21:30】Brent crude drops 5%, falling below $100; Dow up 580 points, Nasdaq up 1.2%, Micron down 6%

【17:55】Iran war negotiations “warm up”; Dow futures up 365 points, Nasdaq futures up 1%, Brent crude down 4% below $100

【14:54】Dow futures up 339 points at 46,754; S&P futures up 42 points at 6,648; Nasdaq futures up 160 points or 0.7% at 24,374

【14:54】NY crude down 3.4% to $89.2; Brent crude down 4% to $100.3; Gold in NY up 3.3% to $4,578; spot gold up 1.7% to $4,549

【13:57】【AI+Sora】OpenAI suddenly halts Sora AI video generation, shocking the market. Disney finished a project meeting and was suddenly informed 30 minutes later, while OpenAI had promoted Sora the day before.

【13:52】【AI+IPO】SK Hynix plans to go public in the U.S. within the year, has submitted filings to the SEC, and is rumored to raise up to $10 billion.

【13:32】【US Market Analysis】U.S. proposes a ceasefire agreement with Iran; Dow futures up over 300 points. Analysis: Trump’s TACO, two major issues to watch in the future.

【11:01】【Iran Situation】JPMorgan’s Dimon: Long-term conflict could lead to lasting peace in the Middle East as regional powers’ interests align.

【10:48】【US-China Relations】Chinese investment firms are reportedly reconsidering reallocating assets to U.S. asset managers.

【10:26】【AI+Apple】Is Siri no longer just a voice assistant? Apple upgrades Siri to a chat robot with new “Ask Siri” features, expected to debut at WWDC in June.

【10:00】【Yen Trend】Yen to HKD at 4.93; Bank of Japan minutes show some members favor timely rate hikes to combat inflation.

【09:58】【US Rate Cuts】Federal Reserve Board member Bostic: Rates may need to stay unchanged “for some time” amid risks from Middle East tensions.

【09:39】【Gold Price Trend】Gold ends nine consecutive declines! Spot gold rises above $4,500, with daily gains of HKD 1,800 per tael.

【08:54】【ARM+Chips】Arm shares jump 8% after hours, plans to sell its own chips for the first time, expected to generate about $15 billion annually within five years. Meta is its first major customer.

【08:26】【IPO】SpaceX reportedly plans to file for an IPO as early as this week, potentially raising over $75 billion.

【08:23】【Iran Crisis】Trump: Iran will send a “big gift” today; Rubio and Vance involved in negotiations, on the condition that Iran “must not possess nuclear weapons” (ongoing updates).

【08:01】【AI+Amazon】Software stocks hit hard again; Amazon reportedly developing new AI agents to replace some departmental functions.

$1 or less for March 24 U.S. stock market overview====

Tuesday: US seeks talks with Iran on Thursday; Brent stabilizes, Dow narrows losses

Multiple U.S. media report that the U.S. is engaging with Iran on a ceasefire plan. Axios reports that the U.S. and mediators are discussing the possibility of high-level talks on Thursday, but are still awaiting Tehran’s response.

Market close updates:

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Iranian officials deny Trump’s claims of behind-the-scenes negotiations but confirm that the U.S. has sent messages and proposals.

Oil prices are cautious; Brent up 0.2% to $100.17, NY crude up 4.8% to $92.35.

Gold rebounds; spot gold up 1.6% to $4,475.51; silver remains relatively stable at $71.2194.

The U.S. dollar index rises 0.3% to 99.23; 10-year U.S. Treasury yield remains high at 4.36%.

U.S. stocks are slightly weaker; Dow once fell 438 points to 45,769, but closed down 84 points at 46,124; S&P down 0.4% to 6,556; Nasdaq down 0.8% to 21,761.

Trump has postponed the final ultimatum by five days, but sporadic attacks continue between Israel and Iran. Pakistan’s prime minister said he is willing to host U.S.-Iran talks to resolve ongoing conflicts.

Market sources indicate Iran has begun collecting tolls from some ships passing through the Strait of Hormuz, charged on a per-ship basis, with a maximum of $2 million per voyage—effectively an informal “toll” on this waterway. Some ships have paid, but the specific mechanism and currency used are unclear.

Iran’s Tasnim News Agency reported Tuesday that, after close coordination with authorities, a Thai-flagged ship successfully passed through the Strait of Hormuz.

Israeli media Ynet quoted officials saying the U.S. has set April 9 as the target date to end the Iran war, giving over half a month for fighting and negotiations. Washington is seeking to end hostilities by the end of April. If the conflict ends as scheduled around April 9, Trump plans to visit Israel around May 14, the day of its independence. Pakistan and other countries are actively mediating, trying to arrange indirect U.S.-Iran communication, possibly in Pakistan this week, though no official confirmation has been made.

Additionally, according to CCTV citing Russian media, Omani journalist and international relations researcher Salem Al-Jahuri confirmed on BBC Arabic that the U.S. is pressuring Gulf countries to pay huge sums for their involvement in Iran conflicts.

The report states Trump is demanding large “protection fees” from Arab allies—either $5 trillion (about HKD 39 trillion) to continue the conflict or $2.5 trillion (about HKD 19.5 trillion) to end it—claiming this as compensation for “achieved results.”

Hong Kong stocks and ADR markets are continuously updated; see the next page for details.

Market Trends:

【22:50】Iran collecting “toll fees” from ships passing through the Strait of Hormuz; Dow down 88 points, Nasdaq down 0.6%, oil rebounds 3%

【21:30】Pakistan ready to host U.S.-Iran talks; Dow down 338 points, Nasdaq down 0.6%, oil rebounds 4%

【18:00】【Iran Crisis】Is there hope for U.S.-Iran war? Rumors of Trump’s huge protection fee: $2.5 trillion to end the war

【16:00】【Iran Crisis】U.S. sets April 9 as “End of War” date; Iran continues to deny

【14:00】Dow futures down 258 points at 46,264; S&P futures down 38 points at 6,596; Nasdaq futures down 150 points or 0.6% at 24,258

【14:00】Oil prices rebound; NY crude at $91.6, up nearly 4%; Brent at $103.4, up 3.4%. Gold continues to weaken; NY spot gold down 0.9% to $4,400; spot gold at $4,357.

【14:00】【Iran Crisis】DBS: Short-term gold prices likely to fluctuate with Middle East conflict; maintains year-end target of $6,250

【13:23】【AI+OpenAI】OpenAI reportedly offers generous terms to private equity firms, with a 17.5% minimum return, competing for enterprise AI market

【13:08】【OnlyFans】Billionaire owner Leonid Radvinsky of OnlyFans dies of cancer at 43

【12:34】【Gold Price Trend】Gold continues its nine-day decline, with HKD 1,000 per tael drop from high levels, breaching HKD 40,000 per two

【12:15】【Switch 2】Nintendo plans to cut Switch 2 production by about 33% this quarter; reduction may continue into April

【11:51】【Gold Price Trend】Gold falls over 20% from high, entering a bear market; Morgan Stanley: funds are flowing from safe-haven assets into stocks, a positive sign for U.S. equities

【11:19】【Iran Crisis】Prime Minister Suga orders assessment of oil-related supply chains; Ministry of Finance reportedly consulting on possible intervention in crude futures

【10:36】【AI+Investing】BlackRock CEO: AI wave may exacerbate wealth inequality; investors should hedge risks through stock holdings

【08:37】【AI+OpenAI】OpenAI states dependence on Microsoft in investor documents poses risks; what other risks exist?

【08:08】【Iran Crisis】Federal Reserve official Daly: U.S. economy faces at least two scenarios; the Fed needs to stay flexible to manage risks

【07:48】【AI+Apple】Apple’s annual WWDC begins June 8, expected to unveil new AI features

【06:32】【Iran Crisis】Iranian Parliament Speaker denies negotiations with Trump; UK destroyer “Rong” arrives in Mediterranean (ongoing updates)

$1 or less for March 23 U.S. stock market overview====

Monday: Trump’s comments questioned; Dow halves gains to 631 points, oil down 10%

U.S. President Trump claimed negotiations with Iran have paused attacks on power plants, boosting stocks and easing oil prices. The Dow once rose 1,134 points to 46,712; the S&P gained 2.2% to 6,651; Nasdaq rose 2.5% to 22,189. But gains narrowed at close: Dow up 631 points at 46,208; S&P up 1.1% at 6,581; Nasdaq up 1.4% at 21,946.

Market close updates:

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Oil prices fell 14.1% during the day, closing down 10% at $88.13; Brent crude at $100.5. Gold dropped 7% to a low of $4,099.18, then closed down 1.9% at $4,407.18.

Macquarie’s global FX and rates strategist Thierry Wizman said, “We remain skeptical about the early ‘breakthrough’ news and tweets,” believing the war is unlikely to last beyond April, as Iran’s threat may weaken. However, large-scale military action is unlikely to end within this week.

Trump posted on Truth Social that negotiations with Iran went smoothly over the past two days, and he has instructed the U.S. military to suspend all attacks on Iran’s power plants and energy infrastructure for five days, contingent on successful ongoing talks.

He later said that the two sides had reached multiple agreements and discussed Iran’s leadership candidates, claiming Iran has agreed to give up nuclear weapons. But he also warned that if negotiations break down, bombing will continue.

Iran’s Tasnim News Agency later quoted sources saying the U.S. has not engaged in negotiations and that attacks continue, with the Strait of Hormuz unlikely to return to pre-conflict status. Mehr News Agency also cited Iran’s Foreign Ministry, stating Trump’s comments aim to lower energy prices and buy time for military plans.

Iran’s Foreign Ministry responded that there are some initiatives to ease tensions, but Iran’s stance is that the U.S. should be the dialogue partner, as Iran is not the one provoking war.

Trump further responded, saying negotiations took place on the evening of Sunday (22nd), emphasizing Iran’s eagerness to reach an agreement, and expressing confusion over why Iranian media refutes his statements.

T. Rowe Price noted that after Iran was attacked, gold initially surged as a safe haven but quickly reinterpreted the event as a geopolitical risk. Investors no longer see it as a sustained geopolitical shock but as inflation driven by energy prices. This shift has pushed real yields higher, strengthened the dollar, and weakened gold’s outlook.

Gold had already gained significantly before the incident, limiting further safe-haven inflows. The outlook for gold remains influenced by macro and geopolitical factors. In the short term, real yields and central bank policies are key, along with energy prices and dollar movements. The firm still views gold as a strategic asset rather than a short-term trading tool. Structural demand from central banks and policy uncertainty support gold, despite potential short-term volatility.