Markets At the close on April 17th, the Nasdaq and S&P 500 indices reached new all-time highs for the second consecutive day. Among the top 20 US stocks by turnover on April 17th, a chipmaker hit a record high, with analysts suggesting a surge in CPU demand will be beneficial. Most popular US-listed Chinese stocks advanced; an e-commerce giant rose 4.01%, while a semiconductor foundry fell 3.16%. Brent crude oil prices approached $100 per barrel amid uncertain US-Iran negotiations and the continued blockade of the Strait of Hormuz. Precious metals gave up early gains intraday, with gold finishing slightly lower and silver, platinum, and palladium weakening. European equities pared their gains as losses in airline stocks offset advances in media and tech shares.

Macro A former US president expressed optimism about reaching a deal with Iran and stated that Israel and Lebanon had agreed to a 10-day ceasefire, which would include the group Hezbollah. The former president again complained about a European nation, stating support would not continue. The former president remarked that gasoline prices were "not high," even as his economic approval rating hit a new low for his tenure. The US stated that the ceasefire between Israel and Lebanon could be extended. US officials reported that since the initiation of blockade enforcement actions against Iran, 14 vessels have turned around rather than attempting to pass through. The US Senate overturned a mining ban, providing a significant boost to a billionaire family's interests in Chile. The US Trade Representative is scheduled to visit Mexico for talks, accelerating preparations for the review of the regional trade agreement. A bill aimed at limiting the war powers of the former president was rejected by the US House of Representatives. The former president's energy chief convened a meeting with oil company CEOs, pressuring them to increase production to curb prices. Iran's Foreign Ministry welcomed the achievement of a ceasefire in Lebanon. The Speaker of Iran's Parliament stated that Iran would approach the Israel-Lebanon ceasefire with caution. Iran's President said that repeated US violations of agreements have led to a complete loss of trust among the Iranian people. An Iranian representative asserted that stability in the Strait of Hormuz is contingent upon respect for Iran's rights. The Speaker of Iran's Parliament claimed that frequent US breaches of agreements hinder regional peace efforts. Iran responded to increased US economic sanctions, labeling them "economic terrorism." Officials from Gulf nations and Europe believe US-Iran negotiations could take six months and called for an extension of the ceasefire. Following the former US president's announcement of the Israel-Lebanon ceasefire, the Israeli military conducted large-scale airstrikes in southern Lebanon. The Israeli military stated the ceasefire had entered its implementation phase but that forces would remain stationed in southern Lebanon. The Israeli military reported targeting multiple rocket launchers belonging to the Lebanese group Hezbollah. Israel's Prime Minister said Israeli forces would remain in southern Lebanon during the 10-day ceasefire period. Israel's Prime Minister stated there is an opportunity to reach a peace agreement with Lebanon. The Israeli Prime Minister said any peace agreement "must include the disarmament of Hezbollah." Hezbollah stated it would respect the temporary ceasefire, provided Israel ceases hostile actions. A Hezbollah member said adherence to the ceasefire depends on Israel stopping hostile operations. Russia's Foreign Ministry declared the US blockade of the Strait of Hormuz "illegal." A Russian foreign ministry spokeswoman accused Japan of slandering neighbors to justify its own remilitarization.

Companies A streaming giant reported first-quarter profits exceeding expectations, but its weak second-quarter guidance led to an 8% after-hours drop. An AI research company comprehensively upgraded its AI coding tool, intensifying competition in the AI programming assistant space. The White House plans to grant major federal agencies access to an AI model from a competitor. An AI research company launched an AI model for drug discovery, challenging a tech giant. Banks are tightening financing arrangements, putting greater pressure on private credit funds. A major film studio committed to a minimum 45-day theatrical window before releasing movies on streaming platforms. A chipmaker hired a veteran executive from a South Korean tech conglomerate to expand its foundry customer base. The UK's AI Minister strongly criticized an AI company's decision to pause a major project. An aerospace company introduced a new satellite platform, anticipating delivery of 26 units by 2026. A tire manufacturer activated a Middle East crisis response plan and raised tire prices. The CEO of a film studio bypassed an antitrust hearing, lobbying theater owners directly regarding a potential merger with another studio. A Norwegian energy firm expects first-quarter profits to exceed $400 million, buoyed by a 33% rise in oil prices. Registration data for an electric vehicle maker's pickup truck showed purchases by the CEO's other companies accounted for over 18%. An AI company released an updated version of its flagship model, which reportedly lags behind a competitor in cybersecurity applications.

Commentary An asset management firm warned of a mispricing in expectations for European Central Bank interest rates, with markets pricing only a 12% chance of a hike. Research indicates predictions from sports betting platforms on corporate earnings may be more accurate than those from Wall Street analysts. In New York forex trading, the US Dollar Index ended an eight-day losing streak as traders assessed the prospects for US-Iran talks. Commodities Summary: Oil prices advanced, copper edged higher, while gold surrendered its gains. A European Central Bank Governing Council member suggested falling energy prices might negate the need for further interest rate hikes. The head of the International Energy Agency stated it would take at least two years for oil and gas production to recover fully. Reports indicated the US informed Europe of potential delays in delivering some weapons due to inventory depletion related to the Iran conflict. US stocks surged to new highs without a significant prior downturn, a historic rally that is challenging conventional market wisdom. A European Central Bank Governing Council member said policy options should remain open ahead of the April meeting. US Treasuries declined, pressured by rising oil prices, leading to a steepening yield curve. US manufacturing output rebounded in the first quarter, with growth extending beyond the AI sector. The Iran conflict intensifies pressure ahead of midterm elections, prompting the former president to campaign in western swing states focusing on economic policies. A Federal Reserve Governor stated he sees no reason to delay interest rate cuts. A New York Fed President cited uncertainty as preventing clear interest rate guidance but expects rates to be lowered over the longer term. Hopes for US-Iran peace reassured markets, leading traders to cautiously re-enter bets against volatility.