Traders work at the New York Stock Exchange on March 9, 2026.
NYSE
He S&P 500 rebounded from earlier losses on Monday after President Donald Trump said the war with Iran could be coming to an end.
The broad market index rose 0.83% to close at 6,795.99, while the Dow Jones Industrial Average added 239.25 points, or 0.5%, to finish at 47,740.80. The blue-chip index is coming off its biggest weekly decline in almost a year. He Nasdaq Composite it jumped 1.38% and settled at 22,695.95. Those moves mark an impressive turnaround from losses seen earlier in the day. The Dow Jones was down nearly 900 points at its session low, and the S&P 500 and Nasdaq fell as much as 1.5% each.
On Monday, Trump told a CBS News reporter, who shared the comments in a post on X, that “the war is virtually complete.”
“They have no navy, no communications, no air force,” the president said, adding that the United States is “very far” from its initially stated timetable for the four- to five-week war.
Trump also said ships are moving through the key Strait of Hormuz passage and he is “thinking about seizing it.”
West Texas Intermediate Crude oil fell to $81 a barrel after the events. It surpassed $100 a barrel in overnight trading to reach more than $119, the first time it has surpassed this threshold since 2022, as investors reacted to the aftermath of the Russian invasion of Ukraine. International reference Brent Crude fell to almost $84 a barrel at its lowest level of the day. US oil prices started the year below $60 a barrel.
“Things seem to be going up and up,” said John Luke Tyner, portfolio manager and head of fixed income at Aptus Capital Advisors.
The broader market was also helped by a rise in semiconductor stocks. Broadcom advanced more than 4%, while Micron technology and Advanced microdevices increased 5% each. NVIDIA rose more than 2%.
Oil prices rose after major producers in the Middle East cut production due to the closure of the Strait of Hormuz. Kuwait announced cuts but did not say to what extent, while Iraq reportedly saw its production fall by 70%.
Energy ministers from the Group of Seven countries (namely Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) plan to meet virtually on Tuesday morning to discuss the possible release of oil reserves. The group’s finance ministers met on Monday to discuss the release, although no decision was made.
Many on Wall Street saw oil’s $100 level as a breaking point for the economy unless the war is resolved quickly and prices retreat. Trump posted Sunday night that an increase in “near-term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
Discussing the recent increases in oil prices, Tyner said, “I don’t think this little blip has been bad enough or long enough to really upset the apple cart as far as growth and profits are concerned.”
“I imagine that unless a lot of infrastructure is ruined, oil will come back and normalize between $65 and $75.” [a barrel]which is a happy medium for everyone,” Tyner continued.
— CNBC’s Eamon Javers and Spencer Kimball contributed reporting.
