Stocks are making history today, as Wall Street celebrates Iran's reopening of the Strait of Hormuz. The country's Foreign Minister Seyed Abbas shared on social media that "the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire." Though President Donald Trump noted the current blockade on Iranian ports will remain in effect, oil prices were last seen 10.8% lower.
In response, the Dow Jones Industrial Average (DJI) is up 986 points this afternoon. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) nabbed new record highs, the latter hurtling toward a 13-day win streak, its longest since 1992. All three major indexes are comfortably headed for third-straight weekly wins.
Strategy Inc (MSTR) stock is getting blitzed in the options pits, with 728,000 calls changing hands midday, volume that's six times the average intraday amount and more than triple the number of puts traded. The April 170 call expiring today is the most popular, while the 175-strike in the same series is also getting attention. MSTR is 11.9% higher to trade at $166.64 at last glance, with the crypto miner enjoying Bitcoin's (BTC.X) resurgence to two-month highs. The shares are now above their year-to-date breakeven level, but shed 47% in the last 12 months.
United Airlines Holdings Inc (UAL) stock is one of the better names on Wall Street today, up 8.8% to trade at $103.42 at last glance. Airline and travel stocks across the board are reacting positively to the Strait of Hormuz reopening. Despite today's pop, United Airline stock is 7% lower in 2026, but boasts a 56.8% year-over-year gain. The airliner will also report earnings next week.
Unsurprisingly, oil and gas stock Diamondback Energy Inc (FANG) is headed in the opposite direction, last seen down 6.9% to trade at $173.71. The sharp pullback in oil prices has been exacerbated by two FANG price-target cuts from Morgan Stanley (MS) and Citigroup (C) to $224 and $225, respectively. Diamondback stock is up 15.9% in 2026 now and is testing its 80-day moving average.
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