New York stocks opened higher across the board on the 17th (local time) on news that the Iranian government will fully open the Strait of Hormuz.
According to the New York Stock Exchange (NYSE), as of 9:31 a.m., the Dow Jones Industrial Average was up 498.49 points (1.09%) from the previous session at 49,108.93.
The Standard & Poor's (S&P) 500 index was at 7,088.13, up 43.71 points (0.67%) from the previous session, and the Nasdaq composite was at 24,337.56, up 212.07 (0.97%) in transaction.
The Russell 2000 index of small-cap stocks hit an intraday record high for the first time since the Iran war broke out.
By stock, Nvidia was up 1%, Apple 2.15%, Microsoft 1.02%, and Amazon.com 1.73%, with top market-cap names rising.
Ahead of the open, investor sentiment appeared to be buoyed after the Iranian government released that it would fully open the Strait of Hormuz. Iranian Foreign Minister Abbas Araghchi said on X (formerly Twitter) that "in accordance with the Lebanon cease-fire, commercial ship operations via the coordinated route already released by the Ports and Maritime Organization (PMO) of Iran will be fully open during the remainder of the cease-fire."
After the release, international oil prices plunged 10%. According to the New York Mercantile Exchange (CL), June-delivery West Texas Intermediate (WTI) futures were trading around $81, down about 10% from the prior session in transaction.
U.S. President Donald Trump also wrote on Truth Social, "Iran just released that it will fully open the Strait of Hormuz," adding, "Thank you!" However, in an additional post about 20 minutes later, Trump said, "Maritime blockade measures will remain fully in place until transactions between the United States and Iran are 100% complete," leaving uncertainty.