S&P 500, Nasdaq and Dow Jones Industrial Average opened higher on Monday putting a pause on a war-triggered selloff that led to the longest stretch of losses since 2022. This also comes after US President Donald Trump signals progress in US-Iran war talks.
Minutes into the trade, the Dow Jones Industrial Average rose 428.16 points or 0.95%, S&P 500 also rose over 0.91%, while Nasdaq was up 0.86%%. The markets on Monday are coming off a losing week. Last week the Dow Jones and Nasdaq had both entered correction territory.
“The United States of America is in serious discussions with A NEW, AND MORE REASONABLE, REGIME to end our Military Operations in Iran,” US President said in a post on Truth Social. However, he also added that if a peace deal is not reached 'shortly' and the Strait of Hormuz are not 'immediately' reopened, then the US will destroy Iran.
The US President further added, "This will be in retribution for our many soldiers, and others, that Iran has butchered and killed over the old regime's 47-year 'Reign of Terror'.
ALSO READ: 'Will Blow Up Electric Plants, Oil Wells, Kharg If Hormuz Stays Shut'
Walt Disney Co. and Salesforce Inc. rose nearly 2%, while JPMorgan Chase & Co., Visa Inc., Amazon.com Inc., Microsoft Corp. and Goldman Sachs Group Inc. were up nearly 1%. On the other hand, Apple Inc. and Cisco Systems Inc. were among the losers for the day.
As the US market opened, spot gold rose 0.93% to $4,416.86 an ounce. Even as stocks gained, crude prices rose higher, with the West Texas trading 1% higher at $101 per barrel. Brent crude futures were also up 1% at above $101 per barrel.
The Bloomberg Dollar Index rose 0.1%, with the British Pound falling 0.3% at $1.3223 and the Japanese yen was at 159.35 per dollar.
Bitcoin, the largest traded cryptocurrency was up 1.9% at $67,788.95.
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