Main US indexes advance; Nasdaq out front, up ~1.2%
All S&P 500 sector rise; Tech leads
Dollar down; US crude falls >5%; gold ~flat; bitcoin rallies ~3%
US 10-Year Treasury yield falls to ~4.22%
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US STOCKS END BROADLY GREEN ON IRAN OPTIMISM, TECH RALLY
Wall Street ended broadly higher on Monday on optimism that the U.S. will be able to open the Strait of Hormuz and ease pressure on oil prices, while Meta gained after a report that the company will shed 20% or more of its workers.
Oil prices slid about 3% on Monday after some vessels sailed through the critical Strait of Hormuz, even as U.S. allies rebuffed President Donald Trump's call for help in unblocking the strait.
“It's not wide open, but the fear of the Strait being shut down has passed,” Louis Navellier, chief investment officer at Navellier & Associates, said in a note. “In the meantime, the US has decimated their military capabilities. The Iran situation has become much less threatening.”
The head of the IEA also suggested more reserves could be released to stem the rising costs caused by the Iran war.
The Federal Reserve is expected to keep rates unchanged when it concludes its two-day meeting on Wednesday and traders will be watching any comments from Chair Jerome Powell over how high oil prices will impact monetary policy in the coming months.
Fed policymakers are also due to update their economic and interest rate projections.
Tech .SPLRCT, up about 1.4%, posted the biggest rise among S&P 500 .SPX sectors on Monday. Under the surface, chip stocks .SOX were strong. The SOX rallied about 2%.
Meta META.O ended up 2% after Reuters reported that the social media platform plans to shrink its workforce to offset costly artificial-intelligence infrastructure bets and prepare for greater efficiency brought about by AI-assisted workers.
Here is Monday’s closing market snapshot:
(Karen Brettell)
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EARLIER ON LIVE MARKETS:
US EARNINGS ESTIMATES HOLDING UP, BUT EYES ON OIL IMPACT CLICK HERE
BOND INVESTORS UNLIKELY TO GET GOOD NEWS FROM FED CLICK HERE
MARKETS ARE WATCHING THE WRONG RISK, MORGAN STANLEY SAYS CLICK HERE
CREDIT MARKETS FLASH CAUTION, NOT CAPITULATION CLICK HERE
WELLS FARGO FLAGS ENERGY SHOCKS COULD PRESSURE RETAIL DEMAND CLICK HERE
US STOCKS CLIMB WITH MIDDLE EAST, FED IN FOCUS CLICK HERE
SPRING EQUINOX, 200-DMA IN FOCUS AS S&P 500 SELLOFF EXTENDS CLICK HERE
RISK REWARD SHIFTS AGAINST THE DOLLAR - BARCLAYS CLICK HERE
PUTTING ON A BRAVE FACE CLICK HERE
ONE BARREL AFTER ANOTHER CLICK HERE
EUROPEAN EQUITIES MOSTLY LOWER, ENERGY STOCKS GAIN CLICK HERE
EUROPE BEFORE THE BELL: STOCK FUTURES EDGE UP, UNICREDIT MAKES COMMERZBANK BID CLICK HERE
DRAWING TO A STRAIT IS ALWAYS A RISKY PLAY CLICK HERE
Monitor https://tmsnrt.rs/4bnuvcY
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