Nasdaq Surpasses 25,000 Mark; Apple Soars 3%, Oil Prices Dip

New York stocks continued their record-setting run on the 1st (local time). The S&P 500, a benchmark for large-cap stocks, closed up 0.29% at 7230.12, extending its gains from the previous day to reach a new all-time high. The Nasdaq Composite, heavily weighted with tech stocks, finished trading up 0.89% at 25,114.44. This marks the first time the Nasdaq has closed above the 25,000-point level.

Apple showed strong performance following robust earnings. Its stock price climbed 3.24%. Apple announced that both its revenue and profit for the second fiscal quarter (January-March) surpassed market expectations. Previously, Amazon, Meta, Microsoft, and Alphabet, which reported their first-quarter results on the 29th of last month, also posted earnings that exceeded market forecasts. These four companies announced a combined investment of $725 billion (approximately 1,100 trillion won) in AI infrastructure. David Krakauer commented that the market's current positive momentum could be sustained long-term, with profit growth potential in both the U.S. and abroad providing momentum for stock prices. He added that there would be winners and losers among tech stocks, as not all AI-related capital expenditures will yield results.

Expectations of easing Middle East tensions emerged following Iran's submission of a new proposal. Iran's state-run IRNA news agency reported that Iran had conveyed a new negotiation proposal to the U.S. through mediator Pakistan. In line with expectations of reduced tensions in the Middle East, international oil prices saw a decline. June futures for West Texas Intermediate (WTI) crude oil fell 2.98% from the previous trading day to settle at $101.94 per barrel. July futures for Brent crude dropped 2.0% to $108.17 per barrel. U.S. President Donald Trump mentioned having had discussions with Iran and told reporters regarding the current situation, "I can tell you we are not happy.".

International oil prices fell on the same day. Spirit Airlines suspended operations around 3 a.m. the following day. Reports emerged that Spirit Airlines, despite discussing a rescue plan with the U.S. administration, faced difficulties in securing the necessary funds to maintain operations, leading to a stock price drop of over 25%.

Treasury yields declined. The 10-year Treasury yield traded down 2.0 basis points from the previous trading day at 4.371%. The 2-year Treasury yield fell 0.5 basis points to 3.880%. The U.S. dollar, measured against a basket of six major currencies, rose 0.13% from the previous trading day to trade at 98.23.