Trump says U.S.-Iran hostilities over; Nasdaq, Bitcoin jump
Trump told Congress on May 1 that U.S.-Iran hostilities have “terminated,” resetting the War Powers clock; the Nasdaq closed at a record 25,114 and Bitcoin rose about 2.5% to $78,311.
On May 1, President Donald Trump wrote to House Speaker Mike Johnson and Senate President pro tempore Chuck Grassley that U.S. military hostilities with Iran “have terminated,” a declaration the White House says resets the 60-day clock under the War Powers Resolution.
The strikes that began Feb. 28, coordinated with Israeli forces, targeted Iranian nuclear sites, missile programs, military infrastructure and leadership locations. Trump notified Congress on March 2, which started the War Powers countdown. A ceasefire took effect on April 7 and has been extended; there have been no direct exchanges of fire since then. U.S. naval forces continue to restrict Iranian oil exports.
The administration contends no new congressional authorization is required for the current U.S. military posture. Defense Secretary Pete Hegseth told senators the ceasefire effectively pauses the 60-day clock. Democrats challenged that view, with Sen. Tim Kaine arguing that the naval blockade and other measures amount to ongoing hostilities. Senate Republicans blocked Democratic efforts to force an authorization vote, and Congress adjourned without taking action.
Trump said Iran delivered a new proposal through Pakistani mediators but he was not satisfied, describing Iran’s leadership as “very disjointed” and “fractured.” He laid out two paths: a negotiated settlement or renewed military action, adding he would “prefer not” to choose military force “on a human basis.”
Markets reacted to the reduced geopolitical risk and a strong corporate earnings season. The Nasdaq Composite rose 222 points to a record-close of 25,114. The S&P 500 gained 21 points to 7,230, while the Dow Jones Industrial Average fell 153 points to 49,499. More than 80% of S&P 500 companies reporting this quarter beat earnings estimates.
Bitcoin climbed about 2.52% to roughly $78,311 and Ethereum rose about 1.88% to $2,303. Brent crude traded near $108 per barrel and West Texas Intermediate around $99.55, down roughly 2.6% on the day. Gold remained in the $4,580 to $4,636 per ounce range and silver traded near $72 to $75 per ounce.
Economic data showed the U.S. economy grew at a 2.0% annualized rate in the first quarter of 2026, up from 0.5% in the prior quarter. The Federal Reserve kept its target federal funds rate at 3.50% to 3.75%, citing uncertainty related to Middle East developments and inflation above its 2% goal.
The administration’s declaration restarts the War Powers countdown but does not formally end the broader standoff. Officials say the pause preserves options for continued diplomacy while keeping the option of renewed military action if negotiations fail. The ceasefire remains fragile, the naval restrictions limiting Iranian oil exports continue, and mediators are conducting talks by phone.
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