Stocks Climb, Oil Falls 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 fell.
The S&P 500 climbed about 1.5%, 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, dropped to around $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. It also said the president resolved that the US should instead focus on crippling Iran’s navy and missile stockpiles, then wind down current hostilities.
“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 closed. Defense Secretary Pete Hegseth said that diplomatic talks to end the conflict are “gaining strength” and the US military’s job is to maintain pressure and compel Tehran to make a deal.
Trump lashed out at allies for not supporting the war in Iran, arguing the US will not fight for their interests as they struggle to get jet fuel blocked from traveling through the vital waterway.
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 triggered additional uncertainty.
Corporate Highlights:
Nvidia Corp. said it has invested $2 billion in Marvell Technology Inc. as part of an agreement to collaborate on silicon photonics technology, an effort to make AI services more affordable amid historic investments in the new technology. 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. Some of the main moves in markets:
Stocks
The S&P 500 rose 1.4% as of 10:16 a.m. New York time The Nasdaq 100 rose 1.6% The Dow Jones Industrial Average rose 1.1% The Stoxx Europe 600 rose 0.9% The MSCI World Index rose 1.3% Currencies
The Bloomberg Dollar Spot Index fell 0.4% The euro rose 0.5% to $1.1525 The British pound rose 0.5% to $1.3251 The Japanese yen rose 0.3% to 159.18 per dollar Cryptocurrencies
Bitcoin rose 1.1% to $67,355.79 Ether rose 2.9% to $2,080.67 Bonds
The yield on 10-year Treasuries declined four basis points to 4.31% Germany’s 10-year yield declined one basis point to 3.02% Britain’s 10-year yield declined four basis points to 4.89% Commodities
West Texas Intermediate crude fell 0.4% to $102.45 a barrel Spot gold rose 2.2% to $4,608.14 an ounce ©2026 Bloomberg L.P.
