Alphabet, Meta, Amazon, Nvidia lead tech rally after Trump announces ceasefire with Iran
Why it matters: U.S. stocks, including tech giants and chipmakers, rallied by up to 10% after Trump's ceasefire with Iran.
- Alphabet, Meta, Amazon, and Nvidia led a tech rally, with chipmakers like Taiwan Semiconductor Manufacturing Co. gaining 7% and ASML, Applied Materials, and Micron popping 9%.
- President Trump announced a two-week ceasefire with Iran, backing down from his prior threat of a civilization's demise, stating the U.S. received a proposal and negotiations would continue.
- Bitcoin spiked over $72K following Trump's ceasefire announcement, according to Decrypt, after previously threatening support when Trump issued threats.
- MarketWatch Bulletins and Globe and Mail Business highlight that questions remain about the markets despite the truce, with the latter noting Trump's tendency to 'chicken out'.
- Financial Times reports Trump stated the US and Iran will 'dig up and remove' nuclear material, adding a specific detail to the negotiations.
- Ship traffic through the Strait of Hormuz has not returned to pre-war levels, and Saudi Arabia's east-west pipeline was hit by a drone hours after Trump's Truth Social post, indicating continued instability.
U.S. stocks, led by tech giants like Alphabet, Meta, Amazon, and Nvidia, surged after President Trump announced a two-week ceasefire with Iran, causing Bitcoin to spike over $72K. This rally occurred despite lingering concerns about Strait of Hormuz traffic and a drone attack on Saudi Arabia's pipeline hours after Trump's announcement, with some sources noting Trump's history of backing down.
