Stock Market Today, April 8: Oil Prices Plunge and Markets Rally on Iran Ceasefire
The S&P 500 (SNPINDEX:^GSPC) climbed 2.51% to 6,782.81, the Nasdaq Composite (NASDAQINDEX:^IXIC) advanced 2.80% to 22,634.99, and the Dow Jones Industrial Average (DJINDICES:^DJI) jumped 2.85% to 47,909.92 as stocks rebounded on news of an U.S.–Iran ceasefire.
Market movers
Mega-cap tech and AI leaders outperformed, with Meta Platforms (NASDAQ:META) rallying 6.5% to $612.42 on its Muse Spark AI debut. Semiconductor name ASML (NASDAQ:ASML) surged alongside tech stocks, with an additional boost from TD Cowen, which increased its price target.
Energy majors such as Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) lagged as crude prices tumbled. Airlines, including Delta Air Lines (NYSE:DAL) and United Airlines (NASDAQ:UAL) gained.
What this means for investors
Major indexes rallied on news of a two-week ceasefire in the Iran conflict. WTI Crude fell 15% to $96 a barrel after parties agreed to reopen the Strait of Hormuz for the first time since the war began over five weeks ago. Falling oil prices eased energy-driven inflation fears, and markets began to reassess the possibility of a rate cut this year.
The mood on Wall Street remained cautious, as this is only the start of the necessary negotiations that could drive a more permanent resolution. Even then, it will take time for the energy disruptions to normalize. For investors, it will be important to monitor developments in the Strait of Hormuz in the short term. Upcoming earnings reports and inflation data will provide further insight into the medium- and long-term impact of the war.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Chevron, and Meta Platforms. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
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