The three major U.S. stock indexes opened higher on expectations that the Strait of Hormuz will reopen.
As of 10:38 a.m. on the 16th local time, the Dow Jones Industrial Average was up 431.98 points, or 0.93%, at 46990.45 on the New York Stock Exchange. The Standard & Poor's (S&P) 500 index rose 70.10 points, or 1.06%, to 6702.29, and the Nasdaq composite gained 276.85 points, or 1.25%, to 22382.21.
Investor sentiment appeared to improve as oil prices stabilized on hopes of reopening the Strait of Hormuz. Ship-tracking data indicated that over the weekend, vessels from some countries, including India and Pakistan, passed through the strait. Iran Foreign Affairs Minister Abbas Araghchi said in an interview with the semi-official outlet SSN TV that it is closed only to "enemies and those who support their attacks."
Technology stocks were broadly higher on Wall Street. Meta rose 2.47% after a report said it plans to cut more than 20% of its workforce related to artificial intelligence (AI). Meta said the report was unconfirmed and speculative. Nvidia climbed nearly 2% on expectations ahead of its annual developer conference.
All sectors advanced on the day. AI infrastructure corporations Nevious Group jumped 13.55% on news it signed a $27 billion deal with Meta.
Micron rose more than 4% after announcing it will build a second memory chip manufacturing plant in Taiwan. Strategy gained 4.07% in tandem with the rise in bitcoin prices. Circle also rose 6.60%.
European stocks also rose across the board. The Euro Stoxx 50 index was up 0.63% from the previous close at 5752.36. The U.K.'s FTSE 100 and Germany's DAX gained 1.11% and 0.89%, respectively, while France's CAC 40 rose 0.54% from the previous close.
International oil prices fell. At the same time, front-month West Texas Intermediate (WTI) for April 2026 delivery was down 4.64% at $94.13 a Barrel.