【US Stock Market Open】Pakistan Says Ready to Host US-Iran Talks　Dow Falls 338 Points, Nasdaq Down 0.6%　Oil Price Rebounds 4% (Continuous Update)

Although Tesp delayed the final ultimatum by 5 days, sporadic attacks continue to occur between Israel and Iran. The Pakistani Prime Minister stated willingness to host US-Iran talks to resolve ongoing conflicts. Oil prices continue to rise, with NYMEX crude at $92.13, up 4.5%, and Brent May futures at $103.52, up 3.6%. Gold prices are soft, with spot gold down 1.1% at $4,358.

Amid the “Rashomon” of US-Iran negotiations, US stocks declined on Tuesday, with the Dow down 338 points to 45,869, the S&P 500 down 35 points to 6,545, and the Nasdaq down 137 points or 0.6% to 21,814.

According to Israeli media Ynet, citing local officials, the US has set April 9 as the target date to end the Iran conflict, leaving over half a month for fighting and negotiations. Washington is striving to end hostilities by the end of April.

Reports indicate that if the conflict concludes around April 9 as scheduled, Trump plans to visit Israel around May 14, the day of Israeli independence. Currently, countries like Pakistan are actively mediating, attempting to arrange indirect US-Iran communication, possibly initial contacts this week in Pakistan, though neither side has officially confirmed.

Additionally, according to CCTV citing Russian media, Omani journalist and international relations researcher Salem Al-Jahuri confirmed on BBC Arabic that the US is pressuring Gulf countries to pay huge sums for US involvement in Iran conflicts.

The report mentions that US President Donald Trump has demanded large “protection fees” from Arab allies—either $5 trillion (about HKD 39 trillion) to prolong the conflict or $2.5 trillion (about HKD 19.5 trillion) to end it—claiming this as compensation for “achieved results.” The US dollar index is controlled, rising 0.2% to 99.34; US long-term bond yields have rebounded to 4.374%.

Hong Kong stocks and ADR markets are continuously updated. See next page for details.

Market Trends:

【18:00】【Iran Crisis】Is there a glimmer of hope for US-Iran war? Rumors of Trump offering sky-high protection fees: $2.5 trillion to end the war

【16:00】【Iran Crisis】US sets April 9 as “End of War” date; Iran continues to deny

【14:00】Dow futures down 258 points to 46,264; S&P futures down 38 points to 6,596; Nasdaq futures down 150 points or 0.6% to 24,258.

【14:00】Oil prices rebound, NYMEX crude at $91.6, up nearly 4%; Brent at $103.4, up 3.4%. Gold remains soft, NY gold down 0.9% at $4,400; spot gold down 1.1% at $4,357.

【14:00】【Iran Crisis】Standard Chartered: Short-term gold prices likely to fluctuate amid Middle East conflict; target end-2023 at $6,250

【13:23】【AI+OpenAI】OpenAI reportedly offers generous terms to private equity firms, with a 17.5% guaranteed return to compete in enterprise AI market

【13:08】【OnlyFans】Billionaire owner Leonid Radvinsky of OnlyFans passes away from cancer at age 43

【12:34】【Gold Price Trend】Gold continues to decline after nine consecutive drops; local gold price per tael falls below HKD 40,000

【12:15】【Switch 2】Nintendo plans to cut Switch 2 production by about 33% this quarter; reduction may continue into April

【11:51】【Gold Price Trend】Gold plunges over 20% from high, entering bear market; Morgan Stanley: funds flowing from safe-haven assets into stocks, a bullish signal for US equities

【11:19】【Iran Crisis】Sanae Takashi orders assessment of oil-related supply chains to respond to crisis; Ministry of Finance reportedly consulting market on possible intervention in crude oil futures

【10:36】【AI+Investing】BlackRock CEO: AI wave may exacerbate wealth inequality; investors should hedge impacts through stock holdings

【08:37】【AI+OpenAI】OpenAI states reliance on Microsoft in investor documents poses risks—what other risks exist?

【08:08】【Iran Crisis】Federal Reserve official Daly: US economy faces at least two scenarios; Fed needs to stay flexible to manage risks

【07:48】【AI+Apple】Apple’s annual Worldwide Developers Conference WWDC26 scheduled for June 8, expected to unveil a series of AI features

【06:32】【Iran Crisis】Iranian Parliament Speaker denies negotiations with Trump; UK destroyer “HMS Dragon” arrives in Mediterranean (ongoing updates)

Below $1: US stock market conditions on March 23====

Monday: Trump comments still questioned; Dow halves gains to 631 points, oil down 10%

US President Trump claims negotiations with Iran have paused attacks on power plants, boosting oil prices and stocks. Dow rose 1,134 points to a high of 46,712; S&P up 2.2% to 6,651; Nasdaq up 2.5% to 22,189. Closing gains narrowed: Dow up 631 points to 46,208; S&P up 1.1% to 6,581; Nasdaq up 1.4% to 21,946.

See US stock market close:

+10

+9

Oil prices once fell 14.1%, closing down 10%, NYMEX crude at $88.13, Brent at $100.5. Spot gold once dropped 7%, hitting $4,099.18, closing down 1.9% at $4,407.18.

Macquarie global FX and rates strategist Thierry Wizman said, “We remain cautious about early reports and tweets claiming breakthroughs,” believing war is unlikely to extend beyond April as Iran’s threat may weaken, but large-scale military action probably won’t end this week.

Trump posted on Truth Social that negotiations with Iran over the past two days went smoothly, and he has instructed the US military to suspend all attacks on Iran’s power plants and energy infrastructure for five days, contingent on ongoing talks and discussions.

Trump later said that multiple agreements had been reached in negotiations, including discussions about Iran’s leadership candidates, and claimed Iran agreed to abandon nuclear weapons. However, he also warned that if talks break down, bombing will continue.

Iran’s Tasnim News Agency later quoted sources saying the US and Iran have not engaged in negotiations and are not currently talking. It also indicated US attacks continue, and the Strait of Hormuz will not return to pre-conflict conditions. Another agency, Mehr, cited Iran’s Foreign Ministry stating Trump’s comments aim to lower energy prices and buy time for military plans.

Iran’s Foreign Ministry responded that there are initiatives to ease tensions, but Iran’s stance is that the US should be the dialogue partner, as Iran is not the one provoking war.

Trump further responded that negotiations took place on the evening of Sunday (22nd), emphasizing Iran’s urgent desire for an agreement, and expressed confusion over why Iranian media refutes his statements.

T. Rowe Price noted that after Iran was attacked, gold prices initially surged as a typical safe-haven move, but the rally was short-lived as markets quickly reinterpreted the event as a geopolitical risk. Investors did not see it as a sustained geopolitical shock but rather as inflation driven by energy prices. This shift pushed real yields higher, strengthened the dollar, and dampened gold’s appeal.

Gold had already gained significantly before the event, limiting further safe-haven inflows. The outlook suggests gold prices will continue to be influenced by macro and geopolitical factors. In the short term, real yields and central bank policies will be key, along with energy prices and the dollar. The bank still views gold as a strategic asset rather than a short-term trading tool. Structural demand from central banks and uncertain policy outlooks support gold, even though short-term prices may remain volatile.

Hong Kong stocks and ADR markets are continuously updated. See next page for details.

Market Trends:

【22:15】Trump: If US-Iran talks break down, bombing will continue; Dow rebounds 890 points, oil down 10%

【21:30】Trump delays final ultimatum by 5 days, says negotiations with Iran ongoing; Dow up 744 points, oil down 8%

【20:10】Iran denies negotiations; Dow futures narrow gains; oil down 5%

【19:10】Trump: Progress in Iran talks, final ultimatum delayed 5 days; Dow futures up 1,207 points, Nasdaq futures up 2.2%, oil plunges 10%

【14:13】Dow futures down 200 points to 45,693; S&P futures down 37 points to 6,521; Nasdaq futures down 167 points or 0.7% to 23,934.

【14:13】NYMEX crude up 0.8% at $98.97; Brent up 0.6% at $112.85.

【14:13】【Gold Trend】Spot gold drops below $4,300, erasing this year’s gains; local gold price per tael down HKD 1,000, back below HKD 40,000

【13:25】【Oil Market】Goldman warns of “largest supply shock in history,” raises Brent crude forecast for 2026 to $85

【13:15】【Iran Crisis】IEA chief: Over 40 Middle East energy assets “severely damaged”; conflict impact comparable to two oil crises in the 1970s plus 2022 Russia-Ukraine crisis

【11:40】【Yen Trend】Yen against HKD hits 4.9; Japanese officials reiterate “export tactics”: ready to take all necessary measures against exchange rate fluctuations

【11:21】【Iran Crisis】Japan and South Korea stocks suffer “Black Monday”; Korean stocks fall 5%, trigger sixth “Sidecar” mechanism this year; Nikkei drops over 2,600 points

【10:56】【AI+Chips】Elon Musk: Terafab project to be based in Austin, operated jointly by Tesla and SpaceX

【07:30】【Iran Crisis】Final ultimatum countdown: Trump and Iran threaten to strike civilian infrastructure; oil volatile (ongoing updates)

【07:30】【Market Outlook】Focus on Middle East conflict, watch Fed officials’ comments; US March manufacturing PMI to be released Tuesday

【07:30】Iran conflict escalates; Trump says “I don’t want a ceasefire” on Friday; energy prices fluctuate; Dow drops over 600 points at one point; US 6-month bond yield hits high; market expects 40% chance of rate hike in September. Dow closes down 443 points at 45,577; S&P down 1.51%; Nasdaq down 2.01%.

See US stock market close:

+10

+9

Last week’s US stock market activity, details at: US Market Close | Trump says no ceasefire, Dow drops 443 points, US 6-month bond yield hits high, 40% chance of rate hike in September