US Stocks Surge Amid Hopes for Middle East Conflict Resolution
US stock markets experienced significant gains as reports suggested potential de-escalation in the Middle East conflict, leading to a decline in oil prices.
US stock markets experienced significant gains as reports suggested potential de-escalation in the Middle East conflict, leading to a decline in oil prices. The S&P 500 rose approximately 2.5%, marking its largest advance since May.
The Nasdaq 100 increased by 3%, while the Dow Jones Industrial Average climbed 2.1%. Concurrently, US crude oil prices fell to $100 per barrel, extending an advance in Treasuries. The dollar declined, and gold prices rose.
President Donald Trump indicated a willingness to exit the conflict even with the Strait of Hormuz largely closed. He stated that the US is "not going to be there too much longer," adding that the waterway would open "automatically" after the US leaves.
On the economic front, consumer confidence unexpectedly rose in March, reflecting slightly more upbeat views of business and labor-market conditions. However, job openings fell, and hiring slowed in February, pointing to cooler labor demand before the conflict.
In corporate developments, Nvidia Corp. announced a $2 billion stake in Marvell Technology Inc., aiming to integrate custom artificial intelligence chips and networking equipment on its platform. Additionally, Eli Lilly & Co. agreed to acquire sleep drug maker Centessa Pharmaceuticals Plc in a deal worth up to $7.8 billion, signaling an expansion of its treatment pipeline.