TradingKey Daily Market Briefing: U.S.-Iran Tensions Remain Uncertain, Three Major U.S. Indices Close Lower

TradingKey - Major U.S. stock indices retreated collectively as prospects for U.S.-Iran negotiations remained unclear and concerns grew over the potential extension of a ceasefire. The Nasdaq Composite ended its 13-session winning streak, closing down 0.26% at 24,404.393 points, pulling back from record highs alongside the S&P 500. The S&P 500 fell 0.24% to 7,109.14, while the Dow dipped 0.01% to 49,442.56.

The semiconductor index rose for a 14th consecutive trading session, marking its longest winning streak in over a decade. Shares of Marvell Technology climbed nearly 6% following reports that the company is in talks with Google to collaborate on the development of AI chips.

As tensions flared again regarding passage through the Strait of Hormuz, airline and cruise stocks trended lower while fertilizer stocks rebounded. Norwegian Cruise Line fell nearly 3.5%, and American Airlines dropped over 4%. Drone manufacturer Aevex closed up more than 20% on its second day of trading.

The intraday decline in U.S. Treasury prices moderated, with yields briefly turning lower after an initial rise. The U.S. Dollar Index struggled to rebound and turned lower during the session, failing to move further away from its one-and-a-half-month low. Bitcoin reclaimed the $76,000 level intraday, rising nearly 4% from its daily low.

Precious metals retreated, with gold falling nearly 2% intraday before paring losses to close down a slight 0.25%. Spot silver slumped over 2.6% at one point before recouping more than half of those losses to end 1.35% lower.

Market Headlines

Warsh pledges strict independence for monetary policy at hearing, stating Fed independence depends on its own discipline. In opening remarks released ahead of the hearing, Fed Chair nominee Kevin Warsh pledged to ensure strict independence in the implementation of monetary policy. He argued that politicians expressing views on interest rates do not pose a true threat to the Fed; rather, the central bank's own discipline and rigor are key to maintaining its independent status. Warsh warned against the expansion of the Fed's functional boundaries, stating it should 'stay in its lane.' He further emphasized that 'inflation is a choice' and that price stability is the Fed's 'talisman,' asserting that the Fed bears full responsibility for it, 'with no excuses and no shirking.'

A powerful magnitude 7.7 earthquake has occurred off the coast of northeastern Japan. The magnitude of the earthquake off the coast of northeastern Japan was upgraded from 7.4 to 7.7, with a focal depth of 20 kilometers. The Meteorological Agency issued a tsunami warning, with waves of up to 3 meters expected to reach Hokkaido and Iwate Prefecture. Media outlets urged residents to 'remember the 2011 Great Earthquake' and evacuate immediately. A 0.8-meter tsunami has already been observed at Kuji Port in Iwate Prefecture. Services on the Tohoku Shinkansen have been suspended, and safety checks are underway at several nuclear power plants and nuclear fuel processing facilities near the epicenter.

Apple announced Tim Cook will step down as CEO on September 1 to become Executive Chairman, while hardware chief John Ternus will succeed him as CEO; shares fell 0.6% in short-term trading. An internal Apple memo dated April 20 revealed that current CEO Tim Cook will transition to the role of Executive Chairman effective September 1, with Senior Vice President of Hardware Engineering John Ternus officially succeeding him as CEO. Cook stated that it is the 'right time' for the transition and that he will work closely with Ternus throughout the summer to ensure a smooth handover. This marks Apple's most significant executive change in over a decade; shares fell 0.6% shortly after the announcement.

Trump says a ceasefire extension is 'highly unlikely' if no deal is reached in U.S.-Iran talks on the 21st; Iran has not confirmed attendance as both sides remain deadlocked. Trump announced U.S.-Iran talks for the 21st and warned that a ceasefire extension is 'highly unlikely' if no agreement is reached. Iran has not confirmed its participation, with Iranian media stating that the decision not to attend remains unchanged. The ongoing U.S. naval blockade is cited as a key obstacle. Tehran views U.S. media reports as a potential ruse and is prepared for renewed military confrontation.

Iran reiterates its refusal to negotiate under threat; Trump insists on maintaining the blockade but expresses willingness to meet Iranian leaders; Vance to travel to Pakistan. Iran's Foreign Minister stated that next steps will be determined after a comprehensive assessment, while the Supreme Leader reaffirmed three fundamental positions including war reparations. The Speaker of the Parliament declared that negotiations under the shadow of threats are unacceptable. Trump emphasized that the naval blockade on Iran will not be lifted before a deal is reached, arguing that Israel 'never persuaded' him to go to war with Iran. Reports suggested Vice President Vance would postpone talks until Tuesday, contradicting Trump's earlier statements. According to a senior Iranian official, Pakistan is actively mediating to urge the U.S. to lift the blockade to ensure Iran's participation. Trump added that he is willing to meet with high-level Iranian leadership if there is a breakthrough, noting that Vance and the U.S. delegation would arrive in Islamabad 'within hours.'

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