TradingKey Today’s Market Recap: U.S. Stocks Gain on Iran Peace Oververtures; Oracle Jumps 12% Marking Best Day Since Sept; Software Sector Sees Across-the-Board Gains

TradingKey - The three major U.S. stock indices closed higher on Monday, ET, fueled by expectations of easing tensions in the Middle East. The S&P 500 rose 1.02% to close at 6,886, recovering all losses since the start of the U.S.-Iran war; the Nasdaq Composite gained 1.23% to end at 23,184, marking its ninth consecutive session of gains; the Dow Jones Industrial Average rose 0.63% to close at 48,218.

On the news front, as the U.S. military began blockading Iranian ports, President Trump stated that Iran had initiated contact seeking a deal. Rising market expectations for a U.S.-Iran agreement pushed market sentiment toward optimism.

In terms of individual stocks, storage chip maker SanDisk (SNDK) will be added to the Nasdaq 100 Index. It closed up 11.83% on Monday, bringing its year-to-date gains to 246%. Oracle (ORCL) shares surged 12%, marking their best single-day performance since last September and leading software stocks to recover some of their year-to-date losses, Adobe (ADBE) Salesforce (CRM) ServiceNow (NOW) each rose more than 5%. Software stocks have been under broad pressure this year due to the impact of AI.

On Monday, Goldman Sachs (GS) kicked off the Q2 earnings season, reporting record equities revenue, though its fixed income (FICC) business remained under pressure, with the stock closing down nearly 2%. The largest U.S. banks will release their financial reports throughout this week, and the performance of bank stocks is considered a barometer for the economy.

Market Headlines

The U.S. 'blockade order' on Iranian ports has taken effect. Trump stated that Iran called the U.S. side expressing a desire to reach an agreement, while threatening to destroy Iranian fast-attack craft. Iran warned that if the U.S. blockades the Strait of Hormuz, it will lose the Bab-el-Mandeb Strait. The Iranian military stated it would implement a "permanent mechanism for controlling the Strait of Hormuz," asserting that enemy vessels have no right to pass through the strait now or in the future. More than 15 U.S. warships are in position to support the blockade. On Monday, Trump stated that Iran will not be allowed to possess nuclear weapons and that there will never be a deal if the Iranian side does not agree. According to U.S. media reports, U.S. government officials are discussing potential dates and locations for face-to-face talks, with Geneva and Islamabad under consideration; the next round of direct negotiations could take place in Islamabad on the 16th.

Crude oil production recorded its largest single-month decline in history, as OPEC's March crude output plummeted by 7.88 million barrels per day (bpd), a drop exceeding the peak levels seen during the COVID-19 pandemic. Impacted by the blockade of the Strait of Hormuz, OPEC's daily crude oil production fell sharply by 7.88 million barrels in March, surpassing the record drop of 6.28 million barrels during the 2020 COVID-19 pandemic. Iraq saw the most drastic reduction, with daily output plunging by 2.56 million barrels to 1.63 million barrels. OPEC lowered its global oil demand forecast for the second quarter of this year by 500,000 bpd to 105.07 million bpd, while maintaining its full-year growth outlook.

Elon Musk's version of WeChat—the encrypted messaging app XChat—is set to officially launch on April 17. Four years in the making, XChat—the encrypted messaging app under the X platform and a "Western version of the Super App" designed to rival WeChat—is about to launch. The app features end-to-end encryption, no phone number requirement, built-in Grok AI, and support for Simplified Chinese, aiming to allow Western users to integrate social networking, communications, AI assistance, and even payments into a single gateway.

Goldman Sachs saw steady growth in Q1 revenue and net profit, with equity trading revenue breaking Wall Street records for two consecutive quarters, yet its shares declined. Goldman Sachs Group's equity trading desk broke Wall Street records for the second consecutive quarter, with intense market volatility triggered by the Iranian war serving as a key driver. Revenue for the equities division reached $5.33 billion in the first quarter, more than $1 billion higher than the previous record of $4.31 billion set in the fourth quarter of last year. However, revenue from other segments, such as fixed income, came in below expectations for the first quarter.

Top 10 Most Active Stocks

The following chart lists the ten most actively traded stocks in the market on Monday. With massive trading volumes and high liquidity, these assets have become key benchmarks for tracking global market dynamics.