[New York Stock Market Briefing] Rebound on Trump’s ‘Iran war near end’ remarks…SanDisk surges 12%

All three major U.S. stock indexes in New York close higher

Oil pulls back into the $80s after G7 news on releasing strategic reserves

Trump: “The war is winding down…progress is ahead of expectations”

All three major U.S. stock indexes in New York closed higher, as the surge in global oil prices showed signs of easing and comments from U.S. President Donald Trump suggesting the war with Iran is nearing its end helped lift sentiment.

On the 9th (local time), at the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose 239.25 points (0.50%) from the previous session to finish at 47,740.80. The Standard & Poor’s (S&P) 500 gained 55.97 points (0.83%) to 6,795.99, while the tech-heavy Nasdaq advanced 308.27 points (1.38%) to close at 22,695.95.

Global oil prices, which at one point during the session jumped as high as $119 a barrel on fears of supply disruptions after Iran effectively moved to block the Strait of Hormuz, pared gains as major economies discussed a coordinated response. Finance ministers from the Group of Seven (G7) held a video meeting, led by chair France, to discuss oil-market conditions and countermeasures amid the Middle East war. The ministers later said in a statement that they were “ready to take necessary measures, including the release of strategic reserves.”

Trump’s remarks that an end to the war is imminent also helped improve investor sentiment. In a phone interview with CBS News, Trump said he believes “the war is entering its final phase,” according to a reporter’s post on X (formerly Twitter).

Trump added that “they (the Iranian forces) have no navy or communications, and no air force either,” stressing that the battlefield situation is “far” ahead of the initially expected timeline of 4–5 weeks.

John Luke Tyner, head of fixed income at Aptus Capital Advisors, said “this oil spike was not severe or long-lasting enough to materially affect corporate growth and earnings,” adding, “unless a serious problem emerges in key infrastructure, oil will soon normalize and return to the $65–$75 per barrel range.”

On the news, easing concerns over supply-chain disruptions sparked a sharp rebound in semiconductors. The Philadelphia Semiconductor Index jumped 3.93%. Shares rose broadly, led by SanDisk (11.64%), the largest U.S. NAND memory maker, along with Western Digital (6.85%), Lam Research (5.93%), Micron Technology (5.14%), ASML (5.0%), and Intel (4.97%).

All mega-cap tech companies with market capitalizations above $1 trillion were higher. Nvidia and Alphabet posted gains in the 2% range, while Broadcom rose in the 4% range.

According to the CME FedWatch Tool, fed funds futures priced a 59.5% probability that the policy rate will be held steady through June. Inflation concerns driven by the oil surge reinforced expectations for a hold.

The Cboe Volatility Index (VIX) fell 3.99 points (13.53%) from the previous session to 25.50.

By Ko Jeong-sam, Hankyung.com reporter jsk@hankyung.com