Market Summary U.S. stock markets closed higher on April 14, with the S&P 500 index gaining 1% as investors bet on a potential peace agreement. Among the top 20 stocks by trading volume, SanDisk hit a new record high, bringing its year-to-date surge to over 300%. Popular U.S.-listed Chinese stocks were mixed, with Webull rising 7.10% while Li Auto fell 2.24%.

Following the failure of peace negotiations, the U.S. Navy blockaded Iranian ports, pushing oil prices close to $100 per barrel. Spot gold declined 0.21% to $4,739.75 per ounce. U.S. natural gas futures settled lower. European stock markets pared earlier losses, led by gains in financial and oil producer sectors.

Macro Developments The United States and Iran are preparing for a new round of talks aimed at achieving a long-term ceasefire. Iran's president expressed readiness to continue negotiations within the framework of international law. Although the highest-level talks between the two nations in decades yielded no breakthrough, dialogue continues. A U.S. official confirmed that both sides remain in contact following discussions in Islamabad.

Former President Trump stated that 34 vessels passed through the Strait of Hormuz on April 12. A U.S. official noted the deployment of 16 warships to the Middle East. Iran's Islamic Revolutionary Guard Corps warned that it would adopt new combat tactics if conflicts persist. Hezbollah's leader rejected negotiations with Israel, vowing continued resistance.

The nominee for Federal Reserve Chair has submitted required financial disclosure documents ahead of confirmation hearings. The European Union plans to increase fuel subsidies in response to the oil price surge triggered by the Iran conflict. The White House announced that the U.S. faces a housing shortfall of 10 million units.

Corporate News Nvidia denied acquisition rumors, causing Dell and HP—which had surged during the trading session—to decline in after-hours trading. Dell and HP shares had rallied earlier on reports that Nvidia was in talks to acquire a major company. Former President Trump invited a DoorDash delivery driver to the White House to promote a proposed tip tax credit.

Lululemon is under investigation in Texas over "forever chemicals," with the company stating it has discontinued their use. Oracle's stock jumped 12%, leading a rebound in software shares. A judge dismissed a $10 billion defamation lawsuit filed by Trump against Rupert Murdoch and The Wall Street Journal.

The CEO of Goldman Sachs indicated that noise in the retail private credit sector will persist. IBM paid $17 million to settle a U.S. Department of Justice lawsuit regarding its DEI programs. A co-founder of Anthropic confirmed the company is in discussions with the Trump administration about next-generation AI models.

Oracle has been accused of targeting employees with stock options in recent layoffs. Questions arise over whether OpenAI is moving beyond Microsoft's influence, as a new alliance with Amazon heightens stakes. Sales at LVMH's largest division have declined due to the Middle East conflict. Goldman Sachs plans to issue investment-grade bonds to raise at least $5 billion.

Market Commentary A New York Fed report showed the Fed's paper losses on its bond holdings narrowed to $844.2 billion last year. The dollar index fell for a sixth consecutive day, with Trump stating Iran desires a deal. In commodities, oil prices rose, aluminum reached a four-year high, and gold edged down.

The S&P 500 erased losses incurred since the outbreak of the Iran conflict as earnings season commenced. While the U.S. blockade of Iranian ports boosted oil prices, expectations for peace talks limited gains. CBOT soybean futures closed lower on forecasts of increased U.S. planting acreage. U.S. Treasuries advanced, supported by a narrowing rise in oil prices.

A Federal Reserve official highlighted the resilience of U.S. consumers as key to the economy. The Bank of England governor stated global financial systems have absorbed the shock of the Iran war, though tighter financing conditions could increase pressure. European government bonds fell due to the U.S. blockade of the Strait of Hormuz.

A SpaceX IPO may pressure Tesla's stock price. A Danish study found that acetaminophen use during pregnancy does not cause autism. The Fed official also noted that worsening consumer sentiment would not be surprising. Citadel Securities suggested that receding risks of escalated conflict in Iran create rebound opportunities in equity and bond markets. The International Energy Agency indicated oil prices will soon reflect the severity of the crisis. The impact of the war on the U.S. economy will depend on its duration, according to a Fed official.