Dow jumps at the open as oil worries and tech gains collide Proactive uses images sourced from Shutterstock
Stocks opened the week in mixed fashion Monday as investors digested a flurry of geopolitical and economic news.
The Dow Jones jumped 555 points, or 1.2%, to 47,114, while the S&P 500 climbed 82 points, also up 1.2%, hitting 6,714. Meanwhile, tech-heavy Nasdaq slipped 207 points, down 0.9% to 22,105, and the Russell 2000 fell 9 points, or 0.4%, to 2,480.
Oil prices kicked off the day on a high note but pulled back slightly as traders weighed developments in the Middle East. Late Friday, Iran’s major export hub was bombed, and Tehran said the Strait of Hormuz could be used by countries beyond the US, Israel, and their allies—a move that leaves questions about enforcement.
At the same time, the International Energy Agency said some of its 400 million barrels in strategic reserves could be released immediately to Asia, which relies heavily on oil passing through the strait. “Overall, the bombing of Kharg Island—and the continued attacks between the parties—suggests the conflict is not close to an end,” said Ipek Ozkardeskaya, senior analyst at Swissquote.
Tech is grabbing attention too, with Nvidia NVDA kicking off its four-day GTC developer conference, and Nebius surging after announcing a five-year, $27 billion AI deal with Meta. On the flip side, Dollar Tree shares dipped following a downbeat sales forecast in its latest earnings update.
Investors are also eyeing US economic data due Monday, including the Empire State manufacturing survey and February industrial production. The week is packed on the policy front, with interest-rate announcements from the Federal Reserve on Wednesday, followed by the European Central Bank, Bank of England, and Bank of Japan on Thursday.
Wall Street is pointing cautiously higher. S&P 500 futures are up 0.7%, Nasdaq contracts gain 0.8%, and Dow futures add 0.5%. Not a rally. More a steadying of nerves.
The Iran War is three weeks old and shows no sign of ending. The Strait of Hormuz, through which roughly a fifth of the world’s traded oil passes, remains effectively shut. Brent crude is holding above $103 a barrel.
WTI is just below $97. Both benchmarks cracked $100.
Some tankers got through the Strait over the weekend. Markets noticed. Whether that optimism lasts is another question. President Trump is leaning hard on NATO allies to join a naval coalition to force the waterway open, warning of a “very bad future” for the alliance if they refuse.
Into this steps the Federal Reserve. Officials begin their two-day meeting today, with a rate decision due Wednesday. Nobody expects a move. Everyone expects Jerome Powell to be asked, repeatedly, what surging energy costs mean for inflation and whether the rate path has changed.