US Stock Market Today: S&P 500 Gains as Oil Drops Below $100 as Trump Signals Possible End to Iran Conflict

US stocks moved higher on Wednesday as oil prices eased and traders watched fresh signals on the Middle East conflict. The move came as President Donald Trump said a halt to attacks on Iran would depend on the reopening of the Strait of Hormuz, while Iran rejected his claim that it had asked for a ceasefire. 

At the same time, economic data showed US retail sales rebounded in February, adding another support point for equities.

US Stocks Rise as Oil Pulls Back

The S&P 500 rose 0.7% by 10:09 a.m. in New York, while the NASDAQ 100 gained 1% and the Dow Jones Industrial Average added 0.6%. In Europe, the Stoxx Europe 600 climbed 2.1%, and the MSCI World Index advanced 1.4%. 

The gains extended the previous session’s rebound as traders responded to lower crude prices and hopes that fighting in the Middle East may not last as long as feared.

Moreover, Oil moved lower during the session. West Texas Intermediate fell 2.3% to $99.02 a barrel, while Brent also dropped and briefly traded below $100 earlier in the day. The pullback in energy prices reduced some pressure on global risk assets, even though the Strait of Hormuz remained central to the conflict. Gold moved in the opposite direction, rising 1.6% to $4,743.60 an ounce as demand for defensive assets remained in place.

Trump Comments and Hormuz Focus Shape Market Mood

Trump said on April 1 that the US would only consider a ceasefire after the Strait of Hormuz is “open, free, and clear.” He also said Iran had asked for a ceasefire. Iran’s foreign ministry denied this claim and called it false. The exchange kept focus on the waterway, which is one of the world’s most important routes for crude shipments.

Market participants also reacted to Trump’s previous statement that the conflict could end in “two to three weeks.” This message helped drive a broad rally in equities and a drop in oil prices, though caution remained because fighting had not stopped and the status of Hormuz was still unresolved. 

The International Energy Agency said Middle East supply disruptions were set to rise further in April, showing that pressure on energy flows had not fully eased.

Data Supports Equities While Bond Moves Stay Limited

Fresh US data added support to stocks. Retail sales rose 0.6% in February after a 0.1% decline in January, helped by stronger spending on cars, clothing, and personal care products. The numbers suggested consumer demand held up before the latest oil shock began to affect households more directly.

Meanwhile, bond moves were modest. The yield on the 10-year Treasury rose one basis point to 4.33%, while Britain’s 10-year yield fell five basis points to 4.86% and Germany’s 10-year yield was little changed at 3.00%. 

In currencies, the Bloomberg Dollar Spot Index slipped 0.3%, the euro rose 0.5% to $1.1609, and the pound gained 0.7% to $1.3315. Bitcoin was little changed near $68,131, while Ether added 0.5% to $2,117.29. The mixed moves showed that traders were still balancing relief with caution.

Sector Moves Show Relief but Not Full Confidence

Technology shares helped lead the advance. Chip-related stocks extended their rebound, and broader growth shares outperformed as the NASDAQ 100 rose faster than the Dow. At the same time, energy shares came under pressure as crude prices fell, while miners gained support from another rise in gold prices.

Not all stocks joined the rally. Nike fell sharply after giving a weak outlook, showing that company-specific guidance still mattered even during a broad market move. 

Analysts also warned that the rally may reflect short covering and position unwinding rather than a full shift in sentiment. As one market view put it, “traders need to look at crude prices — not headlines.” This kept oil at the center of the market story.

Corporate announcements also remained in focus:

• SpaceX has confidentially filed for an initial public offering, positioning itself ahead of major AI rivals in the race to tap public markets. 

• OpenAI completed a $122 billion funding round at an $852 billion valuation.

• Microsoft is in exclusive talks with Chevron and Engine No. 1 on a long-term West Texas energy project.

• Anthropic accidentally released source code tied to its Claude AI agent.

• Nike shares fell after the company issued a weak outlook.

• Sandisk rose strongly as chipmakers extended their rebound.

• AngloGold Ashanti and Newmont advanced as gold prices climbed for a fourth straight day. 

Overall, markets remained focused on two drivers: easing oil prices and shifting signals on the Middle East conflict. Stocks extended their rebound as crude pulled back, but traders still watched the Strait of Hormuz and official statements from Washington and Tehran for the next move. Economic data also gave equities support, although caution remained across bonds, currencies, and commodities.

Also Read: US Stock Market Today: S&P 500 Rebounds as Powell Calms Inflation Fears and Oil Stays Elevated