U.S. stock indices closed with gains exceeding 1%, with the S&P 500 and Nasdaq Composite reaching new record highs. As of the close on April 17, the S&P 500 rose 1.2% to 7,126.06 points; the Nasdaq Composite increased 1.52% to 24,468.48 points; and the Dow Jones Industrial Average climbed 1.79% to 49,447.43 points. The Nasdaq has now advanced for 13 consecutive trading days, matching its longest winning streak since 1992.
Major technology stocks broadly advanced. NVDA 3xLongSG261006 rose 1.68%, Google gained 1.68%, Apple increased 2.59%, Microsoft was up 0.6%, Amazon rose 0.34%, Meta climbed 1.73%, and Tesla jumped 3.01%. Airline and cruise line stocks led the gains, with American Airlines rising 4.16%, United Airlines up 7.12%, Royal Caribbean Cruises gaining 7.34%, and Carnival Corporation advancing 6.99%. Lithium mining concept stocks and the petrochemical sector generally declined. BP fell over 6%, TotalEnergies and Shell dropped more than 4%, ExxonMobil declined 3.65%, Chevron decreased 2.21%, and Dow Inc. plunged 10.82%.
Popular U.S.-listed Chinese stocks were mixed. Kingsoft Cloud rose over 5%, Zhihu gained more than 3%, Alibaba increased 1.75%, Futu Holdings rose 1.13%, Pinduoduo was up 1.04%, JD.com advanced 0.86%, and Baidu gained 0.88%. NetEase fell 0.15%, Li Auto declined 0.7%, Bilibili dropped 0.4%, and NIO decreased 0.73%.
Amid Middle East tensions, gold and silver prices surged. Spot gold rose 1.05% to $4,837.49 per ounce; COMEX gold futures increased 0.85% to $4,849.40 per ounce; spot silver jumped 3.09% to $80.779 per ounce; and COMEX silver futures climbed 3.09% to $81.720 per ounce.
International oil prices fell sharply. WTI crude for May delivery fell $10.84, or 11.45%, to settle at $83.85 per barrel. Brent crude for June delivery dropped $9.01, or 9.07%, to settle at $90.38 per barrel.
According to reports, on the afternoon of April 17 local time, Iran's Foreign Minister stated on social media that, in light of the ceasefire between Lebanon and Israel, Iran was opening the Strait of Hormuz to all commercial vessels during the ceasefire period. However, subsequent reports highlighted discrepancies between the parties. Early on April 18, the Speaker of the Iranian Parliament stated on social media that seven statements made by the U.S. President within one hour were "all untrue." On April 17, an Iranian Foreign Ministry spokesperson stated that transferring enriched uranium to the U.S. was "absolutely not an option," and Iran rejects any agreement involving the transfer of enriched uranium abroad.
Looking ahead, Matt Powers, Managing Partner at Powers Advisory Group, suggested that markets may have found a short-term bottom, but the overall trend remains highly dependent on external factors. Powers cautioned that the current market remains a typical "headline-driven market." Oil price movements, the pace of Federal Reserve policy, and changes in geopolitical situations could all rapidly alter market sentiment. Powers noted that the swift recovery in U.S. stocks indicates that the underlying market trend remains solid, "reflecting considerable resilience in the market." Powers emphasized that for the market to sustain its rally, broader participation from more sectors and individual stocks is needed to improve market breadth. Furthermore, corporate earnings performance will be a key factor supporting the market trend.
Strategists at UBS also indicated that U.S. stocks still have room to rise over the next year, supported by strong corporate profit growth and a robust U.S. economy. A UBS analyst pointed out that since the onset of the Iran conflict, they have advised investors to prepare for a medium-term equity rally. They maintain that from the current level of the S&P 500, there is still strong potential for stock gains for the remainder of the year, noting that corporate earnings reported so far show little negative impact from the Iran conflict.