The US stock market concluded the trading day on a positive note, despite the turbulence sparked by the US President’s recent remarks, suggesting that Iran could be swiftly incapacitated if an agreement isn’t reached soon.
The tech-focused Nasdaq Composite Index and the broader S&P 500 both saw gains of 0.5%, while the industrial powerhouse Dow Jones advanced by 0.4%, having started the day in the red.
During a press conference on Monday night, the President’s comments led to a brief spike in oil prices, pushing them close to $112 a barrel. However, prices eventually settled back around $110. This fluctuation buoyed ExxonMobil, which enjoyed a 1.7% increase.
Memory chip manufacturers were among the day’s winners. Micron Technology rose 3.5%, while Sandisk and Western Digital gained 3.3% and 3.1%, respectively.
In contrast, Tesla faced headwinds, dropping 2.2% after an optimistic start to the trading day. The company reported disappointing delivery figures last week, resulting in a more than 5% decline on Thursday.
Similarly, investment giant Invesco saw its shares tumble by 5.3% following BlackRock’s announcement of plans to launch an alternative to the popular QQQ Trust ETF.
Japanese payment service Paypay experienced a significant decline, falling 10.4% despite receiving positive initial assessments from multiple banks. Launched by SoftBank, the company made its US stock market debut in March.
On a brighter note, mobile advertising technology firm Applovin’ surged by 6.8% following encouraging comments from analysts on Wall Street. This rise comes after the company faced a nearly 40% decline since the start of the year.
