LIVE MARKETS-US stocks end higher as dramatic reversals ripple across markets

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US STOCKS END HIGHER AS DRAMATIC REVERSALS RIPPLE ACROSS MARKETS

After coming under heavy downside pressure at the open on Monday, U.S. stocks staged a dramatic reversal after U.S. President Donald Trump told CBS in an interview he thinks the war against Iran "is very complete" and that Washington was "very far ahead" of his initial four- to five-week estimated time frame, according to a CBS reporter on X.

Indeed, all three major U.S. indexes tumbled around 1.5% or more in early trading, before then paring losses. Ultimately, the main indexes scored positive closes, with the Nasdaq Composite .IXIC, up about 1.4%, posting the biggest gain.

Meanwhile, NYMEX crude futures CLc1 are posting a spectacular retreat off the day's high. After jumping to $119.48, which was the highest level since 2022, in the wake of Russia's invasion of Ukraine, the futures are now around $85.00, putting them down more than 4% on the day. That's a far cry from the more than 31% surge seen at the day's high. Sources are saying the Trump administration is weighing further easing of Russian oil sanctions amid the Middle East crisis.

Traders are also watching the Cboe Volatility Index .VIX, which amid building uncertainty, hit 35.30 early on Monday, or its highest level since April 2025. The VIX has since reversed below 26.00.

Additionally, the U.S. 10-year Treasury yield US10YT=RR, which hit 4.216% earlier, has now reversed to around 4.11%.

Most S&P 500 .SPX sectors ended green with Tech .SPLRCT and Communication Services .SPLRCL both rising more than 1%, while just Financials .SPSY and Energy .SPNY closed down.

Under the surface, biotech .NBI and chips .SOX were outperformers.

Here is a snapshot of where markets stood just shortly after 4 p.m. ET:

(Terence Gabriel)

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EARLIER ON LIVE MARKETS:

IRAN RISKS TO US STOCKS ARE CONCENTRATED - RBC CLICK HERE

MIGHT SURGING OIL PRICES BOX IN THE FED? CLICK HERE

YARDENI WARNS MIDDLE EAST CONFLICT RAISES STOCK MARKET MELTDOWN RISK CLICK HERE

PRASAD'S EXIT A WIN FOR BIOTECHS, BUT DON'T CELEBRATE YET CLICK HERE

THE IMPACT OF SURGING OIL AND OTHER CHANGES ON S&P 500 EARNINGS CLICK HERE

WALL STREET SINKS AS OIL SOARS CLICK HERE

US STOCK FUTURES SLIDE ON MIDEAST FEARS; S&P 500 EYES SUPPORT CLICK HERE

JPMORGAN TURNS NEGATIVE ON METALS AND MINING CLICK HERE

CARBON TRADING REFORM PUTS 20 BLN-EURO UTILITY WINDFALLS AT RISK - CITI CLICK HERE

MS SEES PAIN NOW, GAINS LATER CLICK HERE

SELLOFF SPREADS TO EUROPE: 94% OF THE STOXX DOWN CLICK HERE

EUROPE BEFORE THE BELL: FUTURES DOWN SHARPLY ON OIL PRICE SURGE CLICK HERE

BETTER FILL THE CAR UP, LIKE RIGHT NOW CLICK HERE

(Terence Gabriel is a Reuters market analyst. The views expressed are his own)