Rising for a second day on hopes for an Iran war end… Micron jumps 9% [New York stock market briefing]

U.S. stocks extended their rally for a second straight session as investors bet that the U.S.-Iran conflict will soon be brought to a close.

In trading on the New York Stock Exchange on the 1st (local time), the Dow Jones Industrial Average rose 224.23 points (0.48%) from the previous session to end at 46,565.74. The S&P 500 gained 46.80 points (0.72%) to 6,575.32, while the tech-heavy Nasdaq Composite jumped 250.32 points (1.16%) to close at 21,840.95. All three benchmarks posted gains for a second consecutive session.

Investor sentiment improved after U.S. President Donald Trump suggested military operations could end within two to three weeks, stoking expectations of a ceasefire and an end to the war.

In a post on social media platform Truth Social, Trump claimed, "The president of Iran’s new regime has just asked the United States for a ceasefire." On the previous evening, he also said, "We will be leaving soon," and cited a concrete timeline of "within 2–3 weeks" as the end point for military operations against Iran.

Iran’s foreign ministry said Trump’s claim that Iran had requested a ceasefire was false, but markets grew more optimistic that some form of solution would emerge within weeks.

President Masoud Pezeshkian, in an open letter addressed to Americans, signaled a desire to end the war, saying that "continuing down the path of confrontation is more costly and more meaningless than ever."

Semiconductors led the advance. Intel surged 8.8% on reports it had repurchased, after two years, the stake in a joint venture (JV) tied to a semiconductor manufacturing plant in Ireland.

Memory chipmakers also rallied across the board, including Western Digital (10.1%), SanDisk (9.0%) and Micron Technology (8.9%).

Oil prices fell on ceasefire hopes. Brent crude futures for June delivery settled at $101.16 a barrel, down 2.7% from the previous session. Further declines were limited, however, as uncertainty over a potential continued blockade of the Strait of Hormuz and lingering concerns about tensions remained.

Meanwhile, with Trump scheduled to deliver an address at 9 p.m. (10 a.m. Korea time on the 2nd) to update the public on the latest developments in the Iran war, investors are watching closely for what message he will deliver.

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