US stocks rose Monday as Wall Street balanced relief over an oil pullback with continued concern about the Strait of Hormuz disruption, while also looking ahead to Nvidia’s annual GTC conference and this week’s Federal Reserve decision. The market’s tone improved as several tankers successfully transited the waterway over the weekend, feeding hopes that a broader reopening of Hormuz could ease pressure on global crude supply.
By the afternoon session, the Dow Jones Industrial Average (^DJI) was at 46,948.71, up 390.24 points or 0.84%. The S&P 500 (^GSPC) gained 0.99%, while the Nasdaq Composite (^IXIC) climbed 1.18%, leading the three major indexes as investors rotated back into technology and AI-linked shares.
Wall Street rises as oil pulls back from above $100
The market’s rebound came after a sharp move in energy prices earlier in the day. Futures for West Texas Intermediate crude (CL=F) and Brent crude (BZ=F) both topped $100 a barrel for the first time since 2022 before retreating. At last check, WTI traded around $95, down 4.89%, while Brent held above $101, down 2.52%.
That reversal helped steady sentiment. Investors had been worried that any prolonged blockage in the Strait of Hormuz would send energy costs even higher and complicate the inflation outlook just as the Fed heads into a key policy week. The possibility of smoother tanker traffic gave traders a reason to step back into equities, even if the geopolitical backdrop remains highly unstable.
Markets also continued to monitor fresh pressure from President Trump on US allies to help break Iran’s blockade of Hormuz. Trump warned NATO faced a “very bad future” if allies did not support action, adding another layer of uncertainty to an already fragile energy and geopolitical picture.
Fed meeting now carries even more weight
The Federal Reserve begins its two-day policy meeting this week, and officials are widely expected to leave interest rates unchanged on Wednesday. Still, the oil shock has raised the stakes. Higher crude prices can feed into transportation, manufacturing, and consumer costs, making it harder for policymakers to feel confident that inflation is under control.
That risk has deepened Wall Street’s debate over the path of interest rates. Investors are now watching closely for any indication from Fed Chair Jerome Powell about whether energy-driven inflation could delay future easing. The market had already been uncertain about the timing of rate cuts, and the war-related jump in oil prices has made that picture even murkier.
Nvidia GTC puts AI trade back in focus
On the corporate front, Nvidia (NVDA) was squarely in focus as its annual GTC event kicked off Monday. CEO Jensen Huang’s keynote speech is one of the week’s biggest market events, with traders looking for updates on AI chips, data-center demand, and the next phase of spending tied to artificial intelligence.
The Nasdaq’s leadership on Monday reflected that renewed appetite for growth and semiconductor exposure. Investors looking for official conference updates can follow them through Nvidia’s GTC event page, which remains a closely watched source for AI infrastructure announcements.
Individual stock movers stand out
Several names posted strong moves across the session. Circle Internet Group (CRCL) jumped to 126.09, up 10.71 points or 9.28%, as stablecoin adoption strengthened and expectations for near-term Fed cuts faded. Analysts pointed to USDC circulation surpassing $79 billion in March, helping support the company’s reserve-income story.
Dollar Tree (DLTR) rose to 114.56, up 7.10 points or 6.61%, after reporting quarterly earnings of $2.56 per share, ahead of the $2.52 analysts expected. Revenue came in at $5.45 billion, just below estimates of $5.46 billion. The company said higher-income households were its fastest-growing customer group, a notable sign of consumer trade-down behavior. For 2026, Dollar Tree guided adjusted earnings to $6.50 to $6.90 per share, versus Wall Street expectations around $6.63.
Micron Technology (MU) gained to 445.73, up 19.60 points or 4.60%, after announcing plans for a second chip facility in Taiwan. Investors were also preparing for Micron’s earnings due after the closing bell on Wednesday. Analysts are expecting revenue of about $19.3 billion and adjusted earnings of $8.66 per share, with the company continuing to benefit from the AI-driven demand boom in memory and high-bandwidth memory products.
In crypto, Bitcoin (BTC-USD) rose to 74,072.34, up 2,565.80 or 3.59%, reaching its highest level in about five weeks. The move helped lift related crypto stocks such as Coinbase, MicroStrategy, Robinhood, Riot Platforms, and Hut 8.
Broader market themes remain mixed
Elsewhere, the Dow Jones Transportation Average (^DJT) traded at 17,857.16, up 125.32 points or 0.71%, attempting a rebound after a punishing month. The group remains down nearly 9% month to date, with investors watching the 17,600 area around its 200-day moving average as an important support level.
Market strategists also noted that while the S&P 500 has shown resilience during global shocks, valuations remain historically elevated. Goldman Sachs warned that if oil stays high for too long, inflation spillovers could hit the bond market and pressure stocks through a broader equity re-rating. At the same time, earnings and corporate balance sheets have helped keep investors from turning decisively bearish.
Leadership inside the market also shifted through the session. Small caps initially led, but megacaps and semiconductor stocks later caught up, a sign that traders were still leaning toward larger, more defensive growth names rather than fully embracing a broad risk-on rally.
For Monday, though, the headline was simple: the Dow, S&P 500, and Nasdaq all rose as oil retreated from its highs, hopes for a Hormuz reopening stayed alive, and Nvidia’s AI event gave traders another reason to buy back into tech. Whether that strength lasts now depends on oil, the Fed, and how quickly geopolitical tension starts to cool.
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