US close: Stocks rebound from six-month low as Iran strikes postponed

23rd Mar 2026 21:47

(Sharecast News) - US stocks rose strongly on Monday, rebounding from their lowest levels of the year, while oil prices slid amid hopes that the US and Iran could soon agree on an end to the war.

The Dow and Nasdaq both gained 1.4%, while the S&P 500 rose 1.2% after US president Donald Trump claimed to have had productive conversations with Iran. Three days of losses had sent the Dow to its lowest close since mid-October on Friday and the S&P 500 and Nasdaq to their lowest since early September.

Even though Trump's claims were refuted by senior official in Tehran, it was enough to push Brent crude down below the $100-a-barrel mark for the first time in nine days.

"There has been an abrupt change in the direction of markets this afternoon, with President Donald Trump hailing progress in talks with the Iranians to end the conflict in the Middle East," said Kathleen Brooks, research director at XTB. "Stocks are higher, oil has fallen back [...] and bonds are also in recovery mode, as markets price out the prospect of near term escalation in the conflict and instead price in the prospect of peace."

Brent crude was down nearly 11% at $99.94 a barrel by the close - the first time it has settled below $100 since 11 March - after Trump said the US was postponing "any and all" military strikes against Iranian energy infrastructure following "very good and productive conversations" about a resolution to the hostilities.

The developments calmed fears following a fraught weekend, with Iran threatening to "irreversibly destroy" energy infrastructure across the Middle East after Donald Trump said the US would "obliterate" the country's power plants if it did not reopen the Strait of Hormuz within 48 hours.

Writing on Truth Social, Trump said: "Based on the tenor and tone of these in depth, detailed and constructive conversations, which will continue throughout the week, I have instructed the department of war to postpone any and all military strikes against Iranian power plants and energy infrastructure for a five day period, subject to the success of the ongoing meetings and discussions."

However, reports across Iranian media suggested that the country's foreign ministry were denying that any talks took place. The state-backed Fars news agency cited an unnamed Iranian security official who said Iran had "no direct or indirect contact with the US".

Dan Coatsworth, AJ Bell's head of markets, warned that "significant uncertainties" still exist for investors. "The Iranian regime has refuted the idea of dialogue with the US and, even assuming a deal can be agreed, questions of how and when the Strait of Hormuz will be unblocked and how quickly shipments through this strategically important body of water can get back to pre-war levels will remain."

In economic news, US construction spending fell 0.3% in January after increasing by 0.8% in December, coming in below the +0.1% consensus forecast, while the Chicago Fed National Activity Index came in at -0.11 in February, down from an 11-month high of +0.20 in January.

Estee Lauder drops on M&A speculation

Shares in Estee Lauder tanked 8% after the company confirmed that it is in talks with Spanish beauty company Puig about a potential merger. In a brief statement responding to press speculation, the US cosmetics firm said "no final decision has been made, and no agreement has been reached". Puig owns brands such as Charlotte Tilbury, Nina Ricci and Paco Rabanne, while Estee Lauder owns Clinique, La Mer, Aramis and Aveda, among others.

Travel stocks were making strong progress on hopes of lower fuel prices, with airlines American, JetBlue and Delta, and cruise operators Carnival and Norwegian putting in decent gains.

Banks were also performing well as the macro concerns eased slightly, with Goldman Sachs, Morgan Stanley, Bank of America and JPMorgan Chase & Co all rising strongly.

AI specialist Palantir Technologies rose strongly after the UK's Financial Conduct Authority awarded it a key contract. It is understood Palantir will investigate the watchdog's internal intelligence data in an effort to better tackle financial crime, including fraud, money laundering and insider trading.

Dow Jones - Risers

3M Co. (MMM) $146.56 3.80%

Home Depot Inc. (HD) $330.90 3.16%

Caterpillar Inc. (CAT) $701.70 3.06%

International Business Machines Corporation (CDI) (IBM) $248.44 2.76%

Goldman Sachs Group Inc. (GS) $831.27 2.18%

American Express Co. (AXP) $301.91 2.17%

Apple Inc. (AAPL) $251.49 1.80%

Chevron Corp. (CVX) $205.21 1.73%

Boeing Co. (BA) $198.41 1.69%

Merck & Co. Inc. (MRK) $115.68 1.31%

Dow Jones - Fallers

Intel Corp. (INTC) $44.01 -5.62%

Unitedhealth Group Inc. (UNH) $269.54 -2.20%

Dow Chemical Co. (DOW) $36.04 -1.66%

Walt Disney Co. (DIS) $97.95 -1.57%

Travelers Company Inc. (TRV) $295.52 -0.36%

Microsoft Corp. (MSFT) $383.00 -0.27%

Procter & Gamble Co. (PG) $143.99 -0.20%

Amgen Inc. (AMGN) $349.77 -0.12%

McDonald's Corp. (MCD) $308.47 -0.12%

Salesforce.Com Inc. (CRM) $195.18 -0.10%

S&P 500 - Risers

TripAdvisor Inc. (TRIP) $10.04 10.09%

FMC Corp. (FMC) $14.23 8.71%

Advance Auto Parts (AAP) $50.74 7.87%

Albemarle Corp. (ALB) $167.56 6.93%

Robert Half Inc. (RHI) $24.82 6.57%

Norwegian Cruise Line Holdings Ltd (NCLH) $20.12 6.17%

Mohawk Inds Inc. (MHK) $101.83 5.84%

Royal Caribbean Cr (RCL) $278.96 5.81%

Kohls Corp. (KSS) $13.15 5.79%

Schlumberger Ltd. (SLB) $49.25 5.62%

S&P 500 - Fallers

Micron Technology Inc. (MU) $404.35 -9.20%

Estee Lauder Co. Inc. (EL) $79.29 -7.72%

Seagate Technology Plc (STX) $404.02 -7.08%

Intel Corp. (INTC) $44.01 -5.62%

Sba Communications Corp. (SBAC) $171.98 -5.50%

Western Digital Corp. (WDC) $294.79 -5.15%

Centene Corp. (CNC) $32.81 -4.62%

Bath & Body Works, Inc. (BBWI) $18.57 -4.33%

Northrop Grumman Corp. (NOC) $680.00 -3.81%

CF Industries Holdings Inc. (CF) $120.18 -3.78%

Nasdaq 100 - Risers

Workday, Inc. (WDAY) $137.06 5.33%

Gen Digital Inc. (GEN) $21.02 3.85%

Intuit Inc. (INTU) $457.02 3.47%

Align Technology Inc. (ALGN) $180.86 3.32%

Liberty Global plc Series C (LBTYK) $11.86 3.31%

Cadence Design Systems Inc. (CDNS) $292.52 3.21%

Charter Communications Inc. (CHTR) $216.61 3.15%

Dollar Tree Inc (DLTR) $108.27 3.11%

Paypal Holdings Inc (PYPL) $45.49 3.06%

DENTSPLY Sirona Inc. (XRAY) $11.54 3.02%

Nasdaq 100 - Fallers

Qvc Group Inc Series A (QVCGA) $2.04 -27.66%

Micron Technology Inc. (MU) $404.35 -9.20%

Seagate Technology Plc (STX) $404.02 -7.08%

Intel Corp. (INTC) $44.01 -5.62%

Western Digital Corp. (WDC) $294.79 -5.15%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $516.11 -3.48%

QUALCOMM Inc. (QCOM) $128.35 -2.95%

Incyte Corp. (INCY) $90.45 -2.39%

Kraft Heinz Co. (KHC) $21.21 -2.35%

Baidu Inc. (BIDU) $114.53 -2.29%