Daily Market Report – March 31, 2026
Today's trading was a relief rally on uncertain foundations. The trigger was reports that Donald Trump was willing to end military action against Iran even if the Strait of Hormuz was not fully opened immediately; almost simultaneously, Iranian state media reported that President Massud Peseschkian was ready for a ceasefire, provided there were solid guarantees. In the stock markets, this prospect of a possible de-escalation was enough for a strong recovery: The S&P 500 (SP:SPX) rose by 2.91% to 6,528 points, the Nasdaq Composite (NASDAQ:IXIC) by 3.83% to 21,590 points, and the Dow Jones (DJ:DJI) by 2.49% to 46,341 points. In Europe, the Stoxx 600 (INDEX:STOXX) gained about 0.4%, while the Dax (XETR:DAX) closed 0.5% higher at 22,680 points.
The liquid Brent contract (TVC:UKOIL) for June fell by $3.42 to $103.97 per barrel at settlement, after fluctuating significantly during the day; the expiring May contract, on the other hand, closed 4.94% higher at $118.35, illustrating the enormous tension in the market. WTI (TVC:USOIL) declined by 1.46% to $101.38. Oil remains historically expensive: Reuters reports the largest monthly Brent increase since data collection began in 1988, while the Wall Street Journal mentions the sharpest quarterly rise since the Gulf War in 1990. Meanwhile, yields fell back slightly; the yield on ten-year U.S. Treasury bonds (TVC:US10Y) was around 4.31%, the dollar index (TVC:DXY) dropped by 0.59% to 99.96, while the yen rose to 158.82 per dollar.
Among the largest stocks in the world, it was precisely those titles that had borne the sell-off in recent weeks that led the recovery today. Nvidia (NASDAQ:NVDA) gained 5.6%, Alphabet (NASDAQ:GOOGL) 5.1%, and Meta Platforms (NASDAQ:META) 6.7%. The fact that the PHLX Semiconductor Index also rose by 6.24% underscores this pattern.