US stocks opened higher on March 16, with the Dow Jones rising 575 points. Meta Platforms and Nvidia shares climbed over 2%. Easing oil prices and developments in the Iran conflict lifted sentiment.
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US stocks opened higher on Monday, March 16, as easing oil prices helped lift sentiment on Wall Street, with investors continuing to track developments around the Iran conflict and potential supply disruptions in global energy markets.
The Dow Jones Industrial Average rose about 575 points, or 1.2%, at the open. The S&P 500 gained 1.3%, while the Nasdaq Composite advanced 1.4%, as markets attempted to rebound after a third straight week of losses.
Among individual stocks, Meta Platforms climbed more than 2% following a report suggesting the company could cut over 20% of its workforce, a claim the firm has described as “speculative.” Nvidia shares also rose more than 2% ahead of its much-anticipated GTC conference starting Monday.
The rebound comes after the S&P 500 ended last week at its lowest level of the year, weighed down by surging oil prices and escalating tensions in the West Asia.
Crude prices, which had rallied sharply last week, pulled back in early Monday trade. US benchmark WTI crude fell about 4% to below $95 per barrel after briefly topping $100 overnight, while Brent crude slipped around 2% to near $101 a barrel.
Oil prices eased after US Treasury Secretary Scott Bessent said Washington is allowing Iranian oil tankers to pass through the Strait of Hormuz. A Wall Street Journal report also indicated that the US is preparing to announce a multinational coalition to escort ships through the key shipping route.
Wall Street is also closely watching developments in the Strait of Hormuz as the West Asia conflict enters its third week. Several tankers reportedly transited the waterway over the weekend, raising hopes that the crucial oil supply corridor could gradually reopen.
At the same time, President Donald Trump urged allies to support US efforts to break Iran’s blockade of the strait, warning that NATO could face a “very bad future” if members fail to assist.
