23/04/2026
Boosted by a series of strong corporate earnings reports and the positive impact of U.S. President Trump extending the ceasefire agreement with Iran, market risk appetite rebounded significantly, driving U.S. stocks to an all-time high. Prior to this, market risk appetite had been sluggish for two consecutive days, and at the same time, the price of Bitcoin also rose in tandem with the stock market recovery.
Specifically, the S&P 500 Index rose 1% on the day, continuing its upward momentum since the start of the month and on track to post its best monthly performance since 2020. In terms of sectors, chipmakers’ stocks performed particularly brightly, climbing for 16 consecutive trading days, setting the longest winning streak in the sector’s history. At the individual stock level, Boeing’s stock price surged due to strong first-quarter delivery performance; Tesla soared in late trading, mainly because its first-quarter earnings exceeded market expectations. The financial report showed that its adjusted earnings per share and net profit both increased year-on-year, and the positive free cash flow even exceeded Wall Street’s expectations; Texas Instruments also gave a strong outlook for the current quarter’s performance, further boosting market confidence.
Trump’s extension of the U.S.-Iran ceasefire agreement this time means he has abandoned his previous threat to resume bombing Iran if no agreement is reached by the Wednesday deadline. It is reported that the conflict has caused thousands of deaths and previously led to a sharp rise in global energy prices. If bombing resumes, it will worsen the regional situation again. It is worth noting that the extended ceasefire is not open-ended; Trump only gave Iran a short window of 3 to 5 days to put forward a unified plan, and U.S. negotiators still believe that an agreement between the two sides is possible.
Currently, the market’s top concern is whether the U.S. and Iran can finally reach an agreement. Although the ceasefire agreement has been extended, regional tensions remain high: Iran has implemented strict controls over the Strait of Hormuz, having repeatedly hindered the passage of trade routes and opened fire on relevant ships. The Islamic Revolutionary Guard Corps stated that it has the right to control the passage of the strait during wartime and ban U.S. and European-related ships from passing; while the United States has refused to lift the blockade on Iranian-related ships, and there are still obvious differences in the positions of the two sides. Affected by geopolitical tensions, international oil prices have remained at a high level. The price of London Brent crude oil futures recently hit a intraday high of more than $101 per barrel, with a closing price close to $102 per barrel.
Despite the lingering geopolitical risks in the Middle East, strong corporate earnings, the recovery of artificial intelligence-related trade, and the resilience shown by the overall economy have continued to support the stock market. Data compiled by Bloomberg shows that nearly 80% of the S&P 500 constituent companies that have released their first-quarter results have exceeded analysts’ earnings expectations. This ratio highlights the profitability resilience of U.S. companies and has become one of the core drivers of the stock market’s rise. Other data shows that the first-quarter earnings growth rate of S&P 500 constituents is expected to far exceed market expectations, further consolidating market optimism.
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