MARKET SNAPSHOT
Stocks rose and oil prices dropped after President Trump said the U.S. will postpone strikes on Iranian energy infrastructure for five days, and that the two countries are in talks over a potential deal to end the war. Treasury yields declined and the U.S. dollar weakened as markets digested Trump's decision. Gold and silver prices both settled lower on the day.
MARKET WRAPS
EQUITIES
Stocks rallied Monday after President Trump said the U.S. will postpone strikes on Iranian energy infrastructure for five days, and that the two countries are in talks over a potential deal to end the war.
The Dow Jones Industrial Average rose 1.4%, the S&P 500 increased 1.2%, and the Nasdaq composite added 1.4%.
All 11 S&P sectors were in the green, with consumer and travel stocks particularly strong. United Airlines and American Airlines both rose more than 3.5%, and Norwegian Cruise Line surged 6.2%.
The moves presented a stark change from the tone over the weekend, when Trump had set a deadline for Tehran to reopen the Strait of Hormuz by Monday evening, threatening to "obliterate" Iran's power plants if this didn't happen.
Markets in Asia slumped earlier Monday. Sentiment was decidedly downbeat as the trading week got underway in Asia, which is particularly vulnerable to energy market turmoil as it imports the bulk of its power needs.
China's Shanghai Composite Index ended 3.6% lower, posting its largest daily percentage fall since April last year. The Shenzhen Composite Index dropped 4.2%, and the ChiNext Price Index fell 3.5%.
Hong Kong's Hang Seng Index closed 3.5% lower.
Japan's Nikkei Stock Average ended 3.5% lower thanks to metals and chip stocks.
South Korea's Kospi dropped 6.5%, led by broad sell-offs among shipbuilding and chip stocks.
Australia's S&P/ASX 200 Index fell 0.7%, with the heavyweight materials sector again leading losses amid widespread weakness, including in gold, iron-ore and lithium stocks.
New Zealand's S&P/NZX 50 Index also declined 0.7%.
COMMODITIES
Oil futures fell, with Brent settling under $100 a barrel as President Trump postponed threatened attacks on Iranian energy infrastructure, citing positive dialogue with Iran. Iran's denial it's in talks with the U.S. tempered early losses.
"The markets continue to interpret the conflicting headlines as an indication that we are closer to an end than we were on Friday, but apprehension remains high," said Arlan Suderman of StoneX.
Parties to the conflict are operating on both the battleground front and the public opinion front, he said.
"This is all part of what we call the 'fog of war' when one has to take everything one hears with a grain of salt, focusing on actual developments."
WTI settled down 10% at $88.13 a barrel and Brent fell 11% to $99.94, their lowest closes since March 11.
Silver futures have finished in the negative for nine consecutive sessions, the longest losing streak since May 2022, when silver finished lower for 10 consecutive sessions.
Silver has shed over 22% in that time period, with money moving away from precious metals and toward energy commodities. But some analysts are maintaining a positive view on precious metals even with this pullback.
"Gold and silver have now had their much-needed wash-out after their stellar performances of the past few months," said Rhona O'Connell of StoneX.
Front-month silver closed down 0.4% to $69.049 a troy ounce, and gold closed down 3.6% to $4,404.10/oz.
TODAY'S TOP HEADLINES
Trump Touts Cease-Fire Talks. Iran Denies Them. Stocks Rise.
Stocks rallied Monday after President Donald Trump said the U.S. will postpone strikes against Iran's energy infrastructure for the next five days following discussions between the two countries.
The pair had "very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East," Trump wrote on Truth Social, his social-media platform. They will continue those talks throughout the week. Trump later told media that Iran had "called" to negotiate and that the two nations had many points of agreement.
Iran's state-run Mizan news agency denied that talks between Washington and Tehran were ongoing, citing the Iranian foreign ministry. Trump's announcement was part of "efforts to lower energy prices and buy time for implementing his military plans," the ministry said.
U.S. Energy Secretary Wright Says Oil Price Rise Hasn't Destroyed Demand
U.S. Energy Secretary Chris Wright said Monday that while oil prices have risen as a result of the war in the Middle East, they haven't gone high enough to generate significant demand destruction.
"Obviously we have impacted energy flows and other critical material flows coming out of the Strait of Hormuz," he said at S&P Global's CERAWeek event. "But this a conflict that we simply couldn't kick down the road."
The rise in prices was a signal to producers that can do it to produce more oil, he said. But "prices have not risen high enough yet to drive meaningful demand destruction."
Fed's Miran Still Backs Rate Cuts Despite Surging Oil Prices
Federal Reserve Gov. Stephen Miran reaffirmed his preference for four interest rate cuts this year in support of the labor market despite rising oil prices.
"We shouldn't be making policy based on short-term headlines," he said in an interview with Bloomberg TV Monday.
Miran dissented against the Fed's March decision to hold interest rates steady in favor of a quarter-point cut. The Fed's target range for the federal-funds rate is 3.50% to 3.75%.
Estée Lauder in Talks to Acquire Spain's Puig to Create Global Beauty Giant
Estée Lauder is in talks to acquire Spanish beauty group Puig Brands, a deal that would combine two of the world's biggest beauty companies.
Estée Lauder confirmed the discussions Monday, following a report by The Wall Street Journal. The talks are continuing, and there is no guarantee an agreement will be reached, the company said.
Toyota to Invest $1 Billion in Kentucky, Indiana Operations
Toyota Motor will invest $1 billion in its Kentucky and Indiana manufacturing operations as part of the company's pledge to invest up to $10 billion in the U.S.
The investment includes $800 million to prepare its Kentucky plant for Toyota's second battery electric vehicle, as well as to increase capacity for Camry and RAV4 assembly lines, the Japanese automaker said Monday.
It also will put $200 million toward two plants in Indiana to boost capacity for its Grand Highlander sport-utility vehicle, the company said.
Expected Major Events for Tuesday
00:30/JPN: Mar Japan Flash Manufacturing PMI
02:00/SKA: Feb Department store sales
03:30/THA: Feb Trade data
05:00/JPN: Feb Steel Production
05:30/JPN: Feb Tokyo area department store sales
05:30/JPN: Feb Nationwide department store sales
08:00/TAI: Feb Industrial output
08:59/SKA: Mar Consumer Sentiment Index
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
March 23, 2026 16:46 ET (20:46 GMT)
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