The New York Stock Exchange started strong on the 25th (local time) despite mixed signals.
Although the consumer confidence index, which showed signs of a decline in consumer sentiment, put downward pressure on the market, it maintained upward momentum thanks to gains in both transaction volume and price in the dwellings market index.
As of 10:30 a.m. on the New York Stock Exchange (NYSE) that day, the blue-chip group Dow Jones Industrial Average rose by 39.46 points (0.09%) to record 42,622.78.
The large-cap benchmark Standard & Poor's (S&P) 500 index increased by 13.32 points (0.23%) to 5,780.89, while the technology-focused Nasdaq Composite Index showed an increase of 51.67 points (0.28%) to 18,240.26.
The volatility index (VIX), compiled by the Chicago Board Options Exchange (Cboe), indicated a decrease of 0.11 points (0.63%) to 17.37 compared to the previous day.
The three major indexes closed the previous day with two consecutive days of gains. Optimism spread as news emerged that the Donald Trump administration may reduce the targets and scope of mutual tariffs scheduled to be imposed on the 2nd of next month, leading the market to rise sharply.
That day, the Conference Board (CB), a U.S. nonprofit private economic research organization, disclosed that the March consumer confidence index stood at 92.9, indicating that consumer optimism regarding the economy has sharply declined for four consecutive months.
However, the Standard & Poor's (S&P) CoreLogic Case-Shiller index for U.S. dwelling prices in January was 323.54, up 4.08% compared to the same period last year. The U.S. Department of Commerce announced that sales of new dwellings in February were at an annualized rate of 676,000, an increase of 1.8% compared to the revised figure of 664,000 for the previous month, but fell short of market expectations (680,000).
Among the large technology group known as the 'Magnificent 7' (M7), Microsoft, Apple, Alphabet (Google's parent company), Amazon, and Meta (Facebook's parent company) opened higher, while Nvidia saw a decline of over 1%, and Tesla remained flat.
Shares jumped by more than 10% on the news that Trump Media & Technology, the parent company of the social media platform Truth Social established by President Trump, plans to launch a digital asset-based exchange-traded fund (ETF) in partnership with cryptocurrency exchange Crypto.com.
Meanwhile, shares of Oklo, a small modular reactor (SMR) specialist backed by OpenAI Chief Executive Officer (CEO) Sam Altman, surged 13.81% ahead of its earnings announcement but dropped by more than 6% that day. This was interpreted as a result of reporting a significant per-share loss of $0.74 for the 2024 fiscal year, along with the expectation of substantial financial losses in the near future.
On the other hand, European stocks are also showing strength that day. The pan-European index STOXX 600 is up 0.68%, the German DAX index is up 0.86%, and the British FTSE index is up 0.55%.
International oil prices are also on the rise. The price of West Texas Intermediate (WTI) for May delivery is trading at $69.27 per barrel, an increase of 0.22% compared to the previous session, while the price of Brent crude for May delivery, the global benchmark, is trading at $73.28 per barrel, an increase of 0.38%.