The three major indexes on the New York stock market started higher on expectations that the Strait of Hormuz will reopen.
As of 10:38 a.m. on the 16th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average was up 431.98 points, or 0.93%, at 46,990.45. The Standard & Poor's (S&P) 500 was up 70.10 points, or 1.06%, at 6,702.29, and the Nasdaq composite was up 276.85 points, or 1.25%, at 22,382.21.
Investor sentiment appeared to improve as oil prices stabilized on hopes that the Strait of Hormuz will reopen. According to vessel data, ships from some countries, including India and Pakistan, passed through the Strait of Hormuz over the weekend. Minister Abbas Araghchi of Iran's Foreign Ministry said in an interview with the semi-official outlet SSN TV that it is closed only to "enemies and those who support their attacks."
Tech stocks were broadly strong on Wall Street. Meta rose 2.47% after reports said it plans to cut more than 20% of its workforce related to artificial intelligence (AI). Meta said the reports were unconfirmed speculation. Nvidia gained nearly 2% on expectations ahead of its annual developer conference.
All sectors advanced on the day. AI infrastructure corporations Nevius Group jumped 13.55% on news that it signed a $27 billion deal with Meta.
Micron rose more than 4% after announcing it will build a second memory chip fabrication plant in Taiwan. Stratety climbed 4.07% in tandem with the rise in bitcoin prices. Circle also gained 6.60%.
European stocks also rose across the board. The Euro Stoxx 50 was up 0.63% from the previous close at 5,752.36. The U.K.'s FTSE 100 and Germany's DAX rose 1.11% and 0.89%, respectively, while France's CAC 40 added 0.54% from the prior close.
International oil prices fell. At the same time, West Texas Intermediate (WTI) for April 2026 delivery, the front-month contract, was down 4.64% at $94.13 per Barrel.