Financial Markets Wall Street
Ed Curran works on the floor at the New York Stock Exchange in New York, Tuesday, April 7, 2026.
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Oil prices plunged below $100 a barrel and Asia markets and U.S. stock futures jumped after the U.S. and Iran agreed to a two-week ceasefire that includes the reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 rose 4.8% and South Korea’s Kospi gained 5.6%. Futures for the S&P 500 advanced 2.3%. Futures for U.S. crude oil sank 14.3% to $96.83 a barrel and Brent crude oil, the international standard, dropped 13.3% to $94.74. The dramatic moves in prices are just the latest swings to hit financial markets since late February because of constantly shifting signals about when the conflict may end.
Oil prices plunged below $95 per barrel, and stock markets surged worldwide after President Donald Trump pulled back from his threat of devastating attacks against Iran. The S&P 500 leaped 2.5% Wednesday after Trump announced a two-week ceasefire. The Dow Jones Industrial Average soared 1,325 points, and the Nasdaq composite rallied 2.8%. To be sure, stock prices are still below where they were before the war. And oil prices are still higher because the threat remains that the war could continue. Prices for both stocks and oil pared big moves as trading progressed Wednesday.
The S&P 500 leaped 2.5% Wednesday after President Trump announced a two-week ceasefire.
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