Updated 1 min read
US stocks were mixed on Monday after President Trump ordered a US blockade of the Strait of Hormuz following the collapse of US-Iran negotiations.
The Dow Jones Industrial Average (^DJI) led the retreat, down 0.3%, as surging oil prices revived concerns about inflation and risks to global growth. Meanwhile, the S&P 500 (^GSPC) gained 0.1% after trimming earlier losses. The tech-heavy Nasdaq Composite (^IXIC) rose 0.3% as software stocks jumped.
Trump’s move to block all maritime traffic through the Strait of Hormuz starting at 10 a.m. ET escalated already high tensions in the Middle East. Iran responded by vowing to target all Persian Gulf ports if its own energy hubs are threatened, calling the US move “an act of piracy.”
Oil prices jumped back above $100 a barrel on the threat to global energy flows, with the global benchmark Brent crude (BZ=F) rising 5%, while the US counterpart, West Texas Intermediate futures for May delivery (CL=F) rose about 5% to top $101 per barrel.
Closer to home, Goldman Sachs (GS) kicked off bank earnings with strong profits, though shares fell 2%. First quarter results from Bank of America (BAC), Wells Fargo (WFC), Citigroup (C), JPMorgan Chase (JPM), and Morgan Stanley (MS) will follow as the week progresses.
LIVE 9 updates
-
Trump threatens to destroy Iranian ships impeding blockade in the Strait of Hormuz
President Trump threatened to destroy Iranian ships in the Strait of Hormuz on Monday, just minutes after a US blockade was set to begin in the region.
“Iran’s Navy is laying at the bottom of the sea, completely obliterated – 158 ships,” wrote Trump on Monday morning.
He noted the US has not targeted a small number of what they call “fast attack ships”, because “we did not consider them much of a threat.”
“Warning: If any of these ships come anywhere close to our BLOCKADE, they will be immediately ELIMINATED, using the same system of kill that we use against the drug dealers on boats at Sea,” he added.
Over the weekend, Trump announced that the US would begin a blockade in the Strait of Hormuz on Monday at 10 a.m. ET, restricting vessels entering and leaving the critical waterway.
The move is intended to cut off Iran’s ability to export oil and reduce the country’s control over the passage.
Oil futures trimmed earlier gains but still remained above $100 per barrel on Monday.
-
Amazon is leading the ‘Magnificent 7’ rebound into major resistance
After more than a year of going nowhere, Amazon (AMZN) is finally pressing into a key test.
The stock has rallied to a key resistance level after its biggest three-day surge in five months, leading the “Magnificent Seven” stocks off the March 30 low.
Amazon is now running into a downtrend line drawn from the early November high and early January peak, while the $238–$240 area has repeatedly capped rallies since early 2025.
That leaves the stock at a decision point. With shares lower today, this may be the pause or pullback you’d expect at the resistance level. But if Amazon can push through $240, it would open the door to retest all-time highs near $255–$260.
On weakness, bulls want to see the $220–$225 area hold, which lines up with the 200-day moving average and recent support.
-
Stocks fall at the open as oil climbs on threat of US Hormuz blockade
Oil prices rose on Monday after US-Iran talks fell through, putting pressure on stocks to start the trading week.
The S&P 500 (^GSPC) and tech-heavy Nasdaq Composite (^IXIC) fell 0.3%, while the Dow Jones Industrial Average (^DJI) slid 0.7% in the first minutes of trading.
Oil was back above $100 per barrel, with Brent (BZ=F) trading at $101 per barrel and West Texas Intermediate (CL=F) trading at $103 per barrel.
Goldman Sachs (GS) shares fell more than 3% despite reporting a profit increase driven by equity trading in the first quarter. The earnings call with CEO David Solomon just started — you can listen to it live here.
-
Treasury yields jump as oil prices rise
Treasurys sold off on Monday as President Trump’s threat to block the Strait of Hormuz and new consumer price data released on Friday revived higher inflation expectations.
As oil prices surged on Monday, the 10-year yield (^TNX) climbed 3 basis points to 4.34%, while the longer-dated 30-year yield (^TYX) rose 2 basis points to 4.93%. Bond yields trade inversely to bond prices, meaning prices were lower on Monday.
The US dollar index (DX-Y.NYB) also climbed to nearly 99 as higher oil prices supported the notion that the Fed would hold or raise interest rates.
-
Goldman Sachs stock drops despite strong profits from stock trading, M&A surge
Goldman Sachs’ (GS) profits climbed in the first quarter, fueled by jumps in M&A dealmaking and record equity trading.
But the stock dropped 3% in premarket trading as intermediation revenue for fixed income, currencies, and commodities fell short of expectations.
Yahoo Finance’s David Hollerith reports:
-
Wary investors eye another escalation in Iran war
The prospect that the Iran war will reintensify after the failure of peace talks threatens to spark fresh volatility across global markets, after a week that saw a fragile ceasefire drive stocks up and oil down by the most this year.
From Bloomberg:
-
‘Not as bullish’: Big banks are entering Q1 earnings season on less certain footing than in January
Wall Street’s biggest banks are riding into the first quarter earnings season on far less certain ground than where they began 2026. This coming week, their ability to churn out more profits will once again be put to the test.
Yahoo Finance’s David Hollerith reports:
-
TSMC on track for fourth quarter of record profits ahead of earnings report
Reuters reports:
-
Oil prices pump after Trump announces Hormuz blockade
Bloomeberg reports:
