New York stock markets rose for a second straight day on expectations that the war between the U.S.-Israel alliance and Iran would end soon. Wall Street priced in optimism over a potential ceasefire ahead of President Donald Trump's nationally televised address scheduled for 9 p.m. local time on the 1st (10 a.m. Korea Standard Time on the 2nd).
The Dow Jones Industrial Average closed at 46,565.74, up 224.23 points (0.48%) from the previous session. The S&P 500 gained 46.80 points (0.72%) to finish at 6,575.32, while the Nasdaq Composite jumped 250.32 points (1.16%) to close at 21,840.95.
Among large-cap technology stocks, Nvidia rose 0.77%, Apple gained 0.73%, Amazon climbed 1.10%, Alphabet — Google's parent company — surged 3.42%, Broadcom added 1.29%, Meta — Facebook's parent company — rose 1.24%, and Tesla advanced 2.56%. Microsoft edged down 0.22% even amid the broader rally.
Semiconductor stocks led the day's gains. Intel soared 8.84% on news that it had repurchased its joint venture stake in an Ireland-based semiconductor fabrication plant after two years. Other memory chipmakers also surged in unison, with Micron up 8.88%, SanDisk gaining 9.03%, and Western Digital jumping 10.07%.
Markets opened strong after President Trump signaled he would end military operations within two to three weeks. Trump posted on his social network Truth Social, claiming that "Iran's New Regime President just asked the United States for a ceasefire." Trump described the person who requested the ceasefire as "far less radical and much smarter than his predecessors," writing, "When the Strait of Hormuz is open, free, and secured, we will consider it." He added, "Until then, we will totally devastate Iran," and stressed, "They are going back to the Stone Age." The previous day, during an executive order signing event at the White House in Washington, D.C., Trump had said, "All I have to do is leave Iran and we're going to be leaving soon," placing the timeline for ending military operations at "within two to three weeks."
Esmail Baghaei, spokesperson for Iran's Foreign Ministry, immediately denied the claim on state television, saying Trump's statement that "we asked for a ceasefire is false and baseless." However, the market placed greater trust in Trump's assertions. President Masoud Pezeshkian also signaled willingness to end the war in an open letter addressed to the American people, writing, "Continuing down the path of confrontation is more costly and meaningless than ever." Pezeshkian emphasized that "Iranians harbor no hostility toward any other country, including the United States, Europe, and our neighbors."
As ceasefire expectations grew, U.S. West Texas Intermediate crude futures for May delivery fell 1.24% from the previous session to close at $100.12 per barrel. Brent crude futures for June delivery dropped 2.7% to $101.16 per barrel.
Market attention is now squarely on Trump's nationally televised address regarding the Iran war. The president is scheduled to deliver a speech at 9 p.m. updating the public on the latest developments in the conflict with Iran.
