Sentiment grew bullish after President Donald Trump reportedly told aides he was open to ending the war against Iran, even if the Strait of Hormuz was not yet fully reopened. Meanwhile, unconfirmed reports stated that Iranian President Masoud Pezeshkian was also willing to end the conflict. Stocks popped in response, with the Dow settling 1,125 point higher for its best single-day percentage win since May 2025, while the S&P 500 and Nasdaq snapped a three-day losing streak.
A rebound in technology stocks also assisted today's surge, with the Technology Select Sector SPDR ETF (XLK) finishing the session up 4.2%. Nevertheless, the Dow and S&P 500 logged their worst quarters since September 2022, with the former also suffering its worst monthly loss since then, too. The Nasdaq saw its worst month and quarter since March 2025, while the SPX saw its worst monthly outcome in 12 months as well.
Gold Suffers Worst Month Since 2013
Brent crude nabbed its biggest surge since 1988 in March, as traders eyed Iran's attack on a Kuwaiti oil tanker amid peace deal uncertainty. Front-month May-dated West Texas Intermediate (WTI) crude futures fell on the day, shedding 1.5% to finish at $101.38 per barrel. For the month, WTI added rose 51% to nab its best since May 2020, with crude adding 76.4% for the quarter.
Gold futures logged a modest win for the session. April-dated gold futures added 2% to finish at $4,678.60 an ounce for the day. Gold dropped 10% in March, marking its worst monthly loss since 2013, but for the quarter it gained more than 7%.
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