Stocks rose on Monday, while oil prices pulled back as Wall Street tried to recover from another losing week, with investors monitoring the latest developments of the Iran war.
The Dow Jones Industrials came off its peaks of the morning, but still gains 389.79 points to 46,957.26
The S&P 500 index recovered 67.72 points, or 1.2%, to 6,709.25.
The NASDAQ grabbed 280.59 points, or 1.3%, to 32,832.02.
Meta shares gained more than 2% on a report — which the company has called “speculative” — that it is planning to lay off more than 20% of its workforce. Additionally, Nvidia shares rose more than 2% ahead of its GTC conference, which begins Monday.
Oil prices rallied last week, with Brent crude settling above $100 per barrel for the first time since 2022. Crude soared as traffic in the Strait of Hormuz, a critical shipping route, has been effectively halted since the war began.
In Monday trading, WTI crude traded 4% lower at just below $95 a barrel. It traded above $100 per barrel overnight. Brent crude fell more than 1% to around $101 a barrel.
President Donald Trump ordered on Friday strikes on Iran military assets located on Kharg Island. While the attack didn’t impact oil infrastructure, Trump said the U.S. would consider hitting those structures if Iran continues to block the Strait.
Trump also told NBC over the weekend that Iran wants to make a deal, but he is not ready yet.
Prices for the 10-year Treasury climbed, lowering yields to 4.24% from Friday’s 4.29%. Treasury prices and yields move in opposite directions.
Oil prices slumped $3.22 to $95.49 U.S. a barrel.
Gold prices sank $70.40 to $4,991.30 U.S. an ounce.
