Stocks Climb, Oil Wavers as Trump Weighs War Exit: Markets Wrap
(Bloomberg) — Wall Street is ending a volatile March with gains in stocks and bonds on a news report that President Donald Trump would be willing to end the war in Iran even with the Strait of Hormuz largely closed. Oil wavered.
The S&P 500 climbed about 1%, recovering some ground after a selloff that put the gauge on course for its worst month since 2022. Brent, which has soared about 50% since the start of the conflict, hovered near $107. While crude prices remain elevated, their retreat from multiyear highs extended an advance in Treasuries. The dollar declined and gold rose.
The Wall Street Journal reported that Trump and his aides assessed that a mission to reopen the Strait of Hormuz would push the war beyond his timeline of four-to-six weeks. Separately, Trump told the New York Post that the key waterway would open “automatically” after the US leaves.
“Sometimes the headlines make you scratch your head,” said Bespoke Investment Group strategists. “If the US just walked away from the Middle East with the Strait still blockaded, energy markets would likely remain incredibly supply-constrained, keeping prices high. Maybe the market expects that if the US pulls back, the Strait would reopen.”
The war is entering its second month, with Iranian threats of retaliation continuing to keep the Strait of Hormuz effectively shut. Trump lashed out at allies for not supporting the US war in Iran, arguing Washington will not fight for their interests as they struggle to get jet fuel.
Trump told countries seeking the fuel to just “take it,” arguing the US had already weakened Iran enough.
On the economic front, data showed consumer confidence unexpectedly rose in March on slightly more upbeat views of business and labor-market conditions. Job openings fell and hiring slowed in February, pointing to cooler labor demand before the war.
“There do appear to be some early signs of stabilization in both consumer confidence and job openings after a clear fourth-quarter downtrend,” said Bret Kenwell at eToro. “While that doesn’t yet signal a meaningful rebound, it may suggest the consumer and labor backdrop are no longer deteriorating at the same pace.”
Ultimately, both investors and consumers need to see notable de-escalation in the Middle East and some relief at the gas pump before confidence can rebound significantly, he added.
From here, Kenwell noted investors will look to Friday’s jobs report in hopes that it can offer signs of some stabilization in the labor market.
US employment probably rebounded in March after one of the biggest pullbacks in payrolls since the pandemic. Economists estimate 65,000 jobs were added following a 92,000 decline, according the median forecast in a Bloomberg survey. The jobless rate is seen holding steady at 4.4%.
Corporate Highlights:
Nvidia Corp. is taking a $2 billion stake in Marvell Technology Inc. and is opening up its system to allow Marvell to integrate custom artificial intelligence chips and networking equipment on the platform. CoreWeave Inc. has raised $8.5 billion from a group of banks and investors to help finance an expansion of its cloud computing capacity in what the company says is the largest chip-backed debt deal of its kind. Eli Lilly & Co. agreed to buy sleep drug maker Centessa Pharmaceuticals Plc in a deal worth up to $7.8 billion, a sign the weight-loss medication giant is looking to bulk up its treatment pipeline for other conditions. Biogen Inc. has agreed to acquire Apellis Pharmaceuticals Inc. for $5.6 billion, expanding its treatments in immunology and rare diseases in one of the company’s largest-ever acquisitions. Unilever Plc agreed to combine its food business with spice maker McCormick & Co. in a $44.8 billion deal that will create a global seasonings, sauces and condiments company. Amgen Inc.’s drug Tavneos, used to treat a severe form of blood vessel inflammation, has been tied to serious liver injuries and eight deaths, the US Food and Drug Administration said. Some of the main moves in markets:
Stocks
The S&P 500 rose 1.2% as of 12 p.m. New York time The Nasdaq 100 rose 1.4% The Dow Jones Industrial Average rose 0.9% The Stoxx Europe 600 rose 0.4% The MSCI World Index rose 1% Currencies
The Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.4% to $1.1516 The British pound was little changed at $1.3184 The Japanese yen rose 0.4% to 159.09 per dollar Cryptocurrencies
Bitcoin rose 0.1% to $66,668.57 Ether rose 1.5% to $2,053.19 Bonds
The yield on 10-year Treasuries declined two basis points to 4.32% Germany’s 10-year yield declined three basis points to 3.00% Britain’s 10-year yield declined two basis points to 4.92% Commodities
West Texas Intermediate crude rose 1.6% to $104.52 a barrel Spot gold rose 2.2% to $4,611.03 an ounce ©2026 Bloomberg L.P.
