Source: Sharecast
As of 1430 GMT, the Dow Jones Industrial Average was up 1.14% at 47,089.64, while the S&P 500 advanced 1.26% to 6,715.76 and the Nasdaq Composite came out of the gate 1.47% firmer at 22,430.61.
The Dow opened 531.17 points higher on Monday, more than reversing losses recorded in the previous session.
Major indices traded higher at the open as markets looked to steady themselves following another brutal week, which saw the S&P 500 log its third straight weekly decline and finish at its lowest level of the year, with investors keeping a close eye on oil markets and developments in the escalating US/Israel–Iran conflict.
Oil remained a central focus after both West Texas Intermediate and Brent crude traded above $100 a barrel for the first time since 2022, driven by the effective shutdown of traffic through the Strait of Hormuz, a key global shipping route.
However, oil prices headed south after treasury secretary Scott Bessent said that the US was allowing Iranian oil tankers to pass through the Strait of Hormuz. West Texas Intermediate was trading 5.60% lower at $93.18 per barrel early on Monday, while Brent crude was down 3.02% at $100.06 a barrel.
The moves come after Donald Trump ordered strikes on Iranian military assets on Kharg Island. While the attacks did not target oil infrastructure, Trump warned the US could consider doing so if Iran continues to block the strait. He also claimed that Tehran "wants to make a deal", but that he was "not ready yet".
Sentiment was also given a slight boost by a Wall Street Journal report that suggested the US was preparing to announce a multinational coalition to escort commercial vessels through the strait.
Alongside geopolitical tensions and the oil prices, traders will also turn their attention to the Federal Reserve this week, with the central bank set to announce the outcome of its second policy meeting of the year on Wednesday - though it was not expected to make any changes to current interest rates.
On the macro front, the New York Federal Reserve's Empire State manufacturing index fell to -0.2 in March, down from 7.1 in February and well below expectations of a softer decline to 3.2. New orders increased from 5.8 to 6.4, while shipments declined from -1 to -6.9 and unfilled orders rose from 9.1 to 10.8.
Elsewhere, capacity utilisation stood at 76.3% in February, according to the Federal Reserve, unchanged month-on-month, while industrial production increased by 1.4% in February.
Finally, the National Association of Home Builders' housing market index ticked up to 38 in March, up from 37 in both January and December and ahead of forecasts for another reading of 37. Sales conditions increased one point to 42, while sales expectations in the next six months rose two points to 49, and traffic of prospective buyers advanced by three points to 25.
In the corporate space, discount retailer Dollar Tree swung back to profit in the fourth quarter on the back of increased sales and improved margins, but failed to satisfy investors with its full-year guidance.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Boeing Co. (BA) $209.89 2.51%
Unitedhealth Group Inc. (UNH) $282.09 1.78%
Verizon Communications Inc. (VZ) $51.38 1.48%
3M Co. (MMM) $150.96 1.25%
Cisco Systems Inc. (CSCO) $78.33 0.82%
McDonald's Corp. (MCD) $326.46 0.79%
Visa Inc. (V) $307.14 0.21%
JP Morgan Chase & Co. (JPM) $283.44 0.19%
Travelers Company Inc. (TRV) $302.49 0.16%
Procter & Gamble Co. (PG) $150.65 0.10%
Dow Jones - Fallers
Salesforce.Com Inc. (CRM) $192.83 -3.24%
Apple Inc. (AAPL) $250.12 -3.11%
Intel Corp. (INTC) $45.77 -2.60%
Dow Chemical Co. (DOW) $36.62 -2.55%
Microsoft Corp. (MSFT) $395.55 -2.21%
Caterpillar Inc. (CAT) $693.99 -0.96%
Amgen Inc. (AMGN) $366.21 -0.89%
Goldman Sachs Group Inc. (GS) $782.21 -0.67%
American Express Co. (AXP) $299.96 -0.64%
International Business Machines Corporation (CDI) (IBM) $246.28 -0.57%
S&P 500 - Risers
Helmerich & Payne Inc. (HP) $35.65 5.32%
International Paper Co. (IP) $37.25 4.49%
Estee Lauder Co. Inc. (EL) $87.88 4.26%
Wynn Resorts Ltd. (WYNN) $100.43 3.85%
Bath & Body Works, Inc. (BBWI) $19.50 3.83%
Gartner Inc. (IT) $166.74 3.83%
Apache Corp. (APA) $34.47 3.80%
Micron Technology Inc. (MU) $426.13 3.42%
Western Digital Corp. (WDC) $272.29 3.22%
CenturyLink Inc. (LUMN) $6.64 3.11%
S&P 500 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $535.72 -16.06%
Adobe Systems Inc. (ADBE) $249.32 -9.40%
DENTSPLY Sirona Inc. (XRAY) $11.54 -8.12%
Mosaic Company (MOS) $29.31 -6.54%
Meta Platforms Inc. (META) $613.71 -5.35%
Ipg Photonics Corp. (IPGP) $110.95 -5.22%
Broadcom Inc. (AVGO) $322.16 -4.92%
Advanced Micro Devices Inc. (AMD) $193.39 -4.83%
Freeport-McMoRan Inc (FCX) $56.38 -4.78%
CF Industries Holdings Inc. (CF) $129.57 -4.73%
Nasdaq 100 - Risers
Wynn Resorts Ltd. (WYNN) $100.43 3.85%
Micron Technology Inc. (MU) $426.13 3.42%
Western Digital Corp. (WDC) $272.29 3.22%
Costco Wholesale Corp. (COST) $1,008.43 2.27%
T-Mobile Us, Inc. (TMUS) $217.39 1.96%
Liberty Global plc Series C (LBTYK) $11.91 1.88%
Liberty Global plc Series A (LBTYA) $12.18 1.42%
Seagate Technology Plc (STX) $383.71 1.16%
Cisco Systems Inc. (CSCO) $78.33 0.82%
Vodafone Group Plc ADS (VOD) $14.41 0.63%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $2.97 -18.16%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $535.72 -16.06%
Adobe Systems Inc. (ADBE) $249.32 -9.40%
DENTSPLY Sirona Inc. (XRAY) $11.54 -8.12%
Meta Platforms Inc. (META) $613.71 -5.35%
Broadcom Inc. (AVGO) $322.16 -4.92%
Synopsys Inc. (SNPS) $412.63 -4.57%
Microchip Technology Inc. (MCHP) $61.94 -4.56%
Workday, Inc. (WDAY) $133.09 -4.10%
American Airlines Group (AAL) $10.30 -4.09%