Oil whipsawed, with WTI briefly topping $119 before plunging toward the low $80s as Trump said the Iran war could end soon.
- On Monday, Wall Street staged a sharp rebound amid volatile oil prices and developments related to the Iran war.
- Semiconductor stocks led the rebound, with Broadcom, Micron, AMD and Nvidia posting strong gains.
- Investors await key catalysts, including NFIB data, existing home sales, and earnings from Oracle and Adobe.
U.S. stock futures traded lower late Monday after a dramatic rebound on Wall Street, as traders weighed fresh developments in the Iran conflict and wild swings in oil prices.
As of 8.33 p.m. ET, Nasdaq 100 and S&P 500 futures were down about 0.4%, while Dow futures were down 0.3%.
On Stocktwits, retail sentiment toward the SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust (QQQ) was ‘bearish’ amid ‘high’ message volume, while sentiment toward the SPDR Dow Jones Industrial Average ETF Trust (DIA) was ‘neutral’ amid ‘high’ message volume.
US Market Drivers
Markets reacted to ongoing geopolitical developments after U.S. President Donald Trump suggested the war with Iran could be nearing its end, even as investors weighed the economic fallout from sharp swings in oil prices.
In the prior session, major indexes closed higher after staging a sharp rebound from intraday losses:
| Index | Move | Close |
| Dow Jones Industrial Average | 0.50% | 47,740.80 |
| S&P 500 | 0.83% | 6,795.99 |
| Nasdaq Composite | 1.38% | 22,695.95 |
Sentiment improved after Trump told CBS News that the war was “very complete, pretty much,” adding that military operations were “very far” ahead of the previously expected four- to five-week timeline. The president also said ships were moving through the Strait of Hormuz and that he was “thinking about” taking control of the key shipping passage.
Oil markets experienced dramatic swings throughout the session. West Texas Intermediate crude briefly surged above $119 per barrel overnight amid fears that disruptions around the Strait of Hormuz could choke off global supply, before tumbling toward the low $80s after Trump’s comments eased some geopolitical concerns. Brent crude also pulled back to around $84 a barrel.
By the end of the day, crude prices retreated sharply as traders weighed the outcome of a virtual meeting on Tuesday with energy ministers from the Group of Seven nations, including the U.S., Canada, France, Germany, Italy, Japan and the United Kingdom, to discuss potentially releasing strategic oil reserves.
Technology stocks also helped drive the late-session rebound. Semiconductor shares led gains, with Broadcom, while Micron Technology and Advanced Micro Devices climbing roughly 5% each. Nvidia rose nearly 3%.
The dramatic turnaround marked the scale of intraday volatility in equity markets. The Kobeissi Letter said on X that certain S&P 500 options surged more than 24,000% within minutes after Trump’s remarks, and investors were “witnessing historic volatility.”
Trending Stocks To Watch On NYSE, Nasdaq
Zevra Therapeutics (ZVRA): Shares jumped 17% in after-hours trading after the company reported fourth-quarter revenue of $34.1 million, beating analyst estimates of $28.05 million, driven largely by sales of its Niemann-Pick disease treatment MIPLYFFA.
Sellas Life Sciences (SLS): The stock rose 2% in extended trading as investors await the final readout from its late-stage AML trial, while CEO Angelos Stergiou highlighted that the company’s GPS immunotherapy will target leukemia regardless of genetic mutations.
Relmada Therapeutics (RLMD): Shares fell 4% after-hours after the company announced a $160 million private investment in public equity financing and provided updates on its Phase 2 trial of bladder cancer treatment NDV-01.
United States Oil Fund (USO): The oil ETF gained 2% in extended trading as crude markets remained volatile following Trump’s comments suggesting the Iran conflict could be nearing an end.
Casey’s General Stores (CASY): Shares slipped 2% after-hours on reporting quarterly results with revenue missing estimates, even as it beat earnings expectations and raised its fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) growth outlook.
How Global Markets Are Performing Today
In broader markets, the yield on the benchmark 10-year U.S. Treasury note was around 4.13%, little changed after rising as high as 4.21% earlier in Monday’s session. Gold traded near $5,135 an ounce.
Asian markets opened higher on Tuesday. The MSCI's broadest index outside Japan rose about 0.7%, with stocks in Australia and Japan posting gains.
Among the catalysts for the day are the NFIB Small Business Optimism Index for February and existing home sales data. Earnings from Oracle are due Tuesday, and Adobe is scheduled to report Thursday.
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