On [Date], the S&P 500 Index rose by 1.33%, the Dow Jones Industrial Average increased by 1.10%, and the Nasdaq 100 Index gained 1.45% amid reports that President Trump may consider ending the US military campaign against Iran, even if the Strait of Hormuz remains closed. The June E-mini S&P futures saw a rise of 1.48%, while Nasdaq futures climbed 1.59%.
Further supporting the market, the 10-year T-note yield fell to a one-week low of 4.30%, easing inflation concerns as WTI crude oil prices declined from a three-week high. Meanwhile, China’s March manufacturing PMI improved to 50.4, surpassing expectations of 50.1, suggesting stronger economic prospects. Crude oil prices remain under pressure due to geopolitical tensions, with Goldman Sachs warning prices could exceed $150 a barrel if flows through the Strait of Hormuz remain obstructed.
In corporate news, Apellis Pharmaceuticals soared over 136% following its acquisition by Biogen for $5.6 billion, while Centessa Pharmaceuticals jumped over 45% after a deal with Eli Lilly. Conversely, Phreesia dropped more than 23% after revising its revenue forecast downward.
