Today’s Market Recap: Trump TACO Trade Resurges, US Stocks Open Low and Trend Higher, Iran Announces Drafting of Strait Passage Agreement

TradingKey - During the pre-market session on April 2, U.S. stocks opened lower as Donald Trump threatened further strikes on Iranian infrastructure. Subsequently, Iran announced it was drafting a strait passage agreement with Oman, prompting U.S. stocks to reverse their opening decline and briefly turn positive. By the close, the S&P 500 rose 0.11%, the Nasdaq added 0.18%, and the Dow edged down 0.13%.

This week, the Nasdaq Composite climbed 4.44%, the Dow Jones Industrial Average gained 2.96%, and the S&P 500 rose 3.36%, marking the first positive week since the conflict broke out in late February.

In individual stocks, low Earth orbit satellite communications company Globalstar surged 13% amid reports that Amazon is in acquisition talks, positioning it to compete directly with SpaceX.

The "Magnificent Seven" U.S. tech stocks saw mixed performance: Microsoft rose 1.11%, Google fell 0.54%, Amazon dropped 0.38%, and Meta declined 0.82%, while Apple gained 0.11% and Nvidia climbed 0.93%. Tesla fell over 5% as its Q1 deliveries missed expectations.

U.S. Treasury yields fell broadly this week, while the U.S. Dollar Index rose 0.45%, reversing yesterday's weakness to reclaim the 100 level.

In cryptocurrencies, Bitcoin at one point fell more than 4% from its daily high, dropping to $66,000 before rebounding; Ethereum similarly recovered after facing downward pressure.

In commodities, gold fell 1.84% and silver dropped by about 3%. Following the U.S. announcement of steel, aluminum, and copper tariffs, COMEX copper rallied 3.8% from its daily low. WTI crude oil surged nearly 15% at one point during the session.

Market Headlines

Trump has unilaterally claimed an "overwhelming victory" in the war against Iran. Trump claimed an "overwhelming victory" in the war against Iran and signaled that extremely intense strikes would be carried out over the next two to three weeks. Iran responded with a tough stance, warning that it would "leave no survivors" if U.S. forces launched a ground invasion and claiming to have hit advanced enemy aircraft. At the same time, Trump released video of a bridge bombing to bolster deterrence, while Iran countered that the U.S. and its allies know nothing of Iran's military capabilities, stating it would fight until the enemy surrenders.

Iran and Oman are drafting an agreement for the joint management of the Strait of Hormuz. Iran's Deputy Foreign Minister explicitly stated that vessel transit through the strait should be conducted under the joint supervision and coordination of Iran and Oman, with the arrangement aimed at ensuring safe navigation. The United Arab Emirates subsequently expressed its willingness to participate in securing the strait's shipping lanes.

Technology infrastructure is becoming the "new battlefield" of geopolitical conflict. Iran claimed on Thursday that it struck an Amazon cloud computing center in Bahrain during its 90th round of military operations, alleging the facility was linked to espionage; Amazon had already reported attacks on its data centers in Bahrain and other Gulf regions as early as the beginning of March. On Tuesday, Iran warned that it would strike 18 U.S. companies, including several tech giants, if its high-ranking commanders were assassinated.

Top Ten Most Active Stocks

The following chart lists the ten most actively traded stocks in the market today. Driven by massive trading volumes and high liquidity, these securities have become key benchmarks for tracking global market dynamics.