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The stock market has held up better than expected during the escalating conflict with Iran, President Donald Trump said over the weekend, warning that a dramatic downturn could still happen under one specific scenario: nuclear escalation.
“The stock market has not gone down very much at all. It’s gone down a little bit, much less than I thought,” Trump told Fox News on Sunday. He added that energy prices have also remained relatively stable so far, despite rising tensions in the Middle East.
Trump: “You want to see a stock market go down? Let a couple nuclear bombs be dropped on us or frankly any place else, and then you’ll see a stock market that goes down. So the stock market has not gone very much at all. It’s gone down a little bit. Much less than I thought. And… pic.twitter.com/uu5FAtALzo
— Aaron Rupar (@atrupar) April 12, 2026
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Despite the market’s resilience, Trump made clear what he believes would trigger a far more severe reaction.
“You want to see a stock market go down, let a couple of nuclear bombs be dropped on us, or frankly, any place else,” he told Fox News. “Then you’ll see a stock market that goes down.” He argued that preventing Iran from obtaining nuclear weapons is essential not just for security reasons, but also for economic stability.
Trump also addressed gas prices, saying they have held up better than expected so far. “Frankly, the gas hasn’t gone up as much as I thought,” he said, adding that while prices could stay the same or even move slightly higher in the short term, “eventually it’s going to be lower” once the situation stabilizes.
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Trump also pointed to recent market milestones as a sign of economic strength, saying, “The Dow hit 50,000.” He added that it was “supposed to be in four or five years,” but happened much sooner under his watch. “It hit 50,000 in my first year here,” he said.
Trump repeatedly emphasized that Iran’s nuclear ambitions remain the central sticking point in negotiations. “They want to have nuclear weapons,” he said. “It’s not going to happen.”
The U.S. began enforcing a blockade of Iranian ports on Monday, half an hour after the markets opened and the S&P 500 finished 1.02% higher, its highest close since before the conflict on Feb. 28. The Nasdaq Composite gained 1.23%, while the Dow Jones Industrial Average climbed 0.63%, recovering from earlier losses of more than 400 points.
