The S&P 500 Index closed up 0.80% on Wednesday, marking a new all-time high, while the Dow Jones Industrial Average dipped 0.15% amid concerns over U.S. metals tariffs. The Nasdaq 100 also achieved a record high, rising 1.40%. This market optimism was influenced by a potential extension of a U.S.-Iran ceasefire, which could delay ongoing geopolitical tensions.
In economic news, the April Empire manufacturing survey reported a five-month high of 11.0, surpassing expectations of 0.0. However, the NAHB housing market index fell to a seven-month low of 34, below expectations of 37. Additionally, U.S. MBA mortgage applications rose by 1.8% in the week ending April 10, with the average 30-year fixed mortgage rate decreasing to 6.42% from 6.51%.
In global markets, the Euro Stoxx 50 fell by 0.74%, while China’s Shanghai Composite and Japan’s Nikkei 225 posted minor gains. In energy, WTI crude oil prices remained stable as the U.S. military continued its naval blockade of the Strait of Hormuz, where about 20% of the world’s oil transits.
