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[US Stock Market] Iran claims nuclear facilities were bombed by the US and Israel, Dow drops 500 points, oil rises 2%, gold jumps 3%, US bond yields hit 4.46% (( ongoing updates)
U.S. President Trump said he would extend the bombing of Iranian power plants by another 10 days, but this did not ease market concerns. Instead, worries that the conflict could drag on and impact oil supplies have intensified the global economic shock, with attention turning to whether global central banks could fall into an interest-rate-hiking cycle. The yield on U.S. 10-year Treasuries was 4.46% (or 4.46 basis points per year), the highest level in more than 8 months. The yield on 20-year Treasuries rose even further, crossing above 5%, the first time since last July.
Iran said nuclear facilities were hit in U.S.-Israeli airstrikes, including a nuclear facility with a heavy-water reactor, as well as a production plant that processes uranium material—“yellowcake.” Preliminary investigations show the incident caused no leakage of any radioactive materials to outside the complex.
Also, according to reports from Iranian media, Israel and the U.S. attacked Iran’s Khondab nuclear facility, where a heavy-water research reactor inside the facility was hit by an airstrike.
Mehr News Agency reported that on Friday (27th), the U.S. and Israel bombed Iran’s Khuzestan Steel Plant and Isfahan Mubarak Steel Plant, and the power plant supporting Mubarak Steel Plant was also targeted.
U.S. stocks’ midday losses widened. As of 1:00 p.m. Hong Kong time, the Dow Jones was at 45,459 points, down 500 points; the S&P 500 was at 6,407 points, down 1.1%; and the Nasdaq was at 21,080 points, down 1.5%.
Oil prices continued rising. New York-traded crude oil rose 3.6% to $97.91; Brent May futures rose 2.4% to $110.57; and June futures rose 2.1% to $104.02.
Gold prices rose more than 3%. New York-traded gold futures were at $4,543, up 3%; spot gold was at $4,512, up 3%.
Funds continued flowing into the U.S. dollar as a safe-haven. The U.S. Dollar Index broke through the 100 level. LGT Royal Bank (Asia) pointed out that tactically, it is maintaining a neutral stance on the dollar. On the one hand, given that the U.S. is the world’s largest net energy exporter, it benefits from more favorable trade terms under the current energy crisis. On the other hand, it also reflects the dollar’s defensive asset status during market volatility. Given the current inflation situation, we believe the Fed’s room to cut rates is more limited than in the past. In the bank’s baseline scenario, we expect at most one rate cut in 2026, lower than the previously expected 1 to 2 cuts.
The bank expects that within 6 to 12 months, assuming energy transport through the Strait of Hormuz gradually returns to normal, the market will gradually revert to the trend of diversifying allocations away from the dollar. This will exert mild downward pressure on the dollar, causing it to weaken versus some major currencies. The outlook reflects that the market remains uncertain about U.S. policy and fiscal sustainability, while other economies such as Australia and China have relatively improved prospects. However, upside risks for the dollar still exist, and the longer energy supply disruptions last, the more obvious the risk becomes.
Hong Kong stocks and ADR market updates continue—see the next page for details
In-session trend:
【18:29】Trump extends the deadline of his final ultimatum by 10 days—Dow futures down 67 points, Nasdaq futures down 0.2%; U.S. dollar and U.S. long-term yields rise together
【15:11】Dow futures rise 177 points to 46,407; S&P futures rise 29 points to 6,554; Nasdaq futures rise 111 points or 0.5% to 23,905.
【15:11】Oil prices show individual moves. New York crude oil falls 0.3% to $94.24; Brent futures rise nearly 0.1% to $108.11. Gold rises more than 1%. New York gold futures are $4,487, up 1.8%; spot gold is $4,451, up 1.7%.
【13:25】【AI + memory】Google releases new technology TurboQuant to scramble storage and chip stocks; JPMorgan describes it as “another DeepSeek moment.” Analysis: Beneficial for cloud service giants
【11:26】【U.S. banknotes】Trump signs to put his signature on the new U.S. bill, breaking the 165-year tradition of U.S. presidents
【11:15】【Japanese yen trend】Japanese yen at 4.91 per Hong Kong dollar. Japan’s Finance Minister Katsuyama Akiyama suggests it will intervene in the FX market
【10:56】【AAPL】Apple rarely hands out bonuses to iPhone hardware designers—preventing staff from being poached by OpenAI, etc.
【10:49】【U.S. interest rates】Fed Vice Chair Jefferson: The impact of rising energy prices on inflation remains limited; the current rate stance is appropriate
【10:24】【AI + OpenAI】OpenAI’s U.S. advertising revenue for 6 weeks has already exceeded $100 million; expansion to more countries in the coming weeks
【10:07】【Gold price trend】Gold recovers part of its losses. Trump again postpones the deadline for reaching an agreement with Iran. Turkey’s central bank sells more than $8 billion in gold, intensifying downward pressure on gold prices
【10:06】【Iran crisis】Trump: Extend the deadline for negotiations to April 6. “The Iranian representatives politely ask for 7 days, and I give them 10 days.” (continuously updated)
【09:59】【NFLX】Netflix raises the monthly fees for all U.S. subscribers; the increase is up to more than 12%
【09:28】【New stock IPO】Anthropic reportedly considers listing as early as October; may raise more than $60 billion
【08:47】【New stock IPO】SpaceX reportedly to hold an investor briefing in April; intends to allocate up to 30% of IPO shares to retail investors
【08:16】【AI + Siri】Apple’s “big redesign” for Siri. Apple reportedly plans to open Siri to external AI assistants
$1 and below is the U.S. stock market situation for March 26 ===
Thursday: Trump extends bombing of Iranian power plants by 10 days—oil prices are a roller coaster
U.S. President Trump wrote on the social platform Truth Social, saying, “At the request of the Iranian government, please have this statement represent that the destruction window of the power plant is paused for 10 days, until Monday, April 6, 2026, 8:00 p.m. Eastern Time. Talks are ongoing. Despite false-news media and others spreading contrary false reports, the talks are going very smoothly.”
Brent crude futures at one point wiped out a 7% gain; however, since the message still implies the Strait of Hormuz faces another 10-day blockade, oil prices surged again by 5% to $107.
Live watch: U.S. stock close
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With ongoing inflation worries, U.S. 10-year Treasury yields rose to 4.412%, up 0.079%. The U.S. Dollar Index rose 0.3% to 99.93.
At the close, the Dow Jones fell 469 points to 45,960. The S&P fell 1.7% to 6,477; the Nasdaq fell 2.4% to 21,408.
In a cabinet meeting, Trump said the U.S. would continue to strike them until Iran reaches an agreement to end the conflict. He confirmed that the U.S. still plans to keep the Iran war going for only four to six weeks.
Trump revealed that the “gift” sent by