The Dow staged an over 600-point reversal today, erasing a triple-digit loss to add 302 points amid renewed ceasefire optimism between the U.S. and Iran. Reports indicated "the door is not closed yet" as Egypt, Pakistan, and Turkey mediate peace talks. The Nasdaq and S&P 500 also rallied, with the tech-heavy index nabbing a ninth-straight gain -- its longest win streak since December 2023.
Today's advance comes after failed negotiations over the weekend resulted in a U.S. naval blockade of the Strait of Hormuz. Elsewhere, existing home sales for March fell 3.6% to nine-month lows, and the Cboe Volatility Index (VIX) marked its eighth loss in the last 10 sessions.
Oil Prices Elevated, But Off Highs
Oil prices settled higher on Monday, after the U.S. started its naval blockade of the Strait of Hormuz. Front month, May-dated West Texas Intermediate (WTI) added 2.6% to finish at $99.08 per barrel, but pared sharper gains from the morning.
Gold prices finished lower as investors monitored a resilient dollar. April-dated gold fell 0.7% to finish at $4,752.20 an ounce.
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