Nasdaq Rebounds Despite Iran Strikes; Oil, Gas Prices Surge

New York stock markets unexpectedly held their ground on the first trading day following large-scale U.S. and Israeli military operations against Iran, though international oil and natural gas prices surged.

On Monday local time, the Dow Jones Industrial Average closed at 48,904.78, down 73.14 points (0.15%) from the previous session. The S&P 500 rose 2.74 points (0.04%) to 6,881.62, while the Nasdaq Composite gained 80.65 points (0.36%) to close at 22,748.86.

Among major technology stocks by market capitalization, Nvidia—which had plunged following its earnings report—rose 2.99% on bargain hunting. Apple gained 0.20%, Microsoft 1.48%, Meta 0.83%, and Tesla 0.20%. Amazon fell 0.77%, Alphabet declined 1.68%, Broadcom dropped 0.23%, and Walmart slid 0.66%.

Markets opened slightly lower amid escalating Middle East tensions from the massive U.S.-Israeli airstrikes that began on the 28th of last month and Iran's counterattack. However, stocks faced limited pressure as markets viewed the Iran uncertainty as having been resolved rather than intensified. Energy companies including ExxonMobil (up 1.13%) and Chevron (up 1.52%) closed higher, buoyed by surging oil prices.

In an interview with the New York Post, U.S. President Donald Trump said he is "not afraid of deploying ground troops" and "can deploy them if necessary." When asked about a Reuters/Ipsos poll showing 43% of Americans oppose the Iran strikes, Trump said, "I have to do the right thing," showing indifference to the numbers. "I don't think support is low, and it's not an important issue," Trump said. "We cannot allow a country run by crazy people like Iran to possess nuclear weapons." He added, "I believe people are deeply impressed by America's military action," and "if you do a real survey, there will be a so-called 'silent majority.'"

At a Medal of Honor ceremony at the White House in Washington, D.C., Trump delivered his first public remarks since the outbreak of the Iran war. "We expected the Iran war to take four to five weeks, but we have the capability to sustain it longer than that," he said. "It doesn't matter how long it takes. We currently have the most powerful and overwhelming military in the world and will win easily."

Unlike equities, international oil prices surged following Iran's blockade of the Strait of Hormuz. Brent crude futures for May delivery on the ICE Futures Exchange rose 6.7% to $77.74 per barrel. During intraday trading, Brent briefly spiked 13% to $82.37 per barrel, reaching its highest level since January of last year. West Texas Intermediate crude futures for April delivery on the New York Mercantile Exchange climbed 6.3% to $71.23 per barrel. WTI also surged more than 12% intraday to $75.33 per barrel, hitting its highest since June of last year.

In Qatar, state energy company QatarEnergy announced it had halted production at its Ras Laffan LNG facility due to a drone attack, sending natural gas prices in Asia and Europe soaring. According to Reuters, front-month natural gas futures on the Dutch TTF exchange jumped 40% to 44.51 euros per megawatt-hour. The JKM (Japan-Korea Marker), a benchmark for LNG prices in Northeast Asia, also rose approximately 40% to $15.068 per million BTU, according to S&P Global Platts data cited by Reuters.

U.S. Treasury prices fell on the day, with the 10-year Treasury yield rising above 4% during trading. Spot gold, considered a global safe-haven asset, edged higher, trading around $5,300 during the session.