U.S. Stocks Close | Dow Jones Falls 34 Points White House: U.S. Did Not Escort Oil Tankers Through the Strait of Hormuz Oil Prices Drop Over 11%

Market attention is on the latest developments in the Middle East situation, with oil prices fluctuating and remaining relatively weak, while the Dow turns lower.

U.S. Secretary of Energy Chris Wright posted on social media Tuesday that the U.S. Navy successfully escorted a tanker through the Strait of Hormuz, but the post was deleted shortly after. White House spokesperson Karoline Leavitt stated that the U.S. did not escort any ships.

Iran’s Islamic Revolutionary Guard Corps responded, claiming that the so-called U.S. military escort of the tanker is pure falsehood. Any actions by the U.S. and its allies will be blocked within Iran’s missile and drone range.

Markets are hopeful for an end to the U.S.-Iran conflict. NYMEX crude oil closed Tuesday at $83.45, down 11.94%; Brent crude also fell 11.28%, closing at $87.80.

The Dow initially rose 479 points but closed down 34 points at 47,706. The S&P 500 fell 0.21%, while the Nasdaq edged up 0.01%. The Golden Dragon Index, reflecting Chinese concept stocks, rose 1.96%.

U.S. Secretary of Defense Pete Hegseth said Tuesday was the most intense day of military action against Iran so far, with the most fighters and bombers deployed to strike Iran. Chairman of the Joint Chiefs of Staff General Caine said the U.S. is targeting Iranian mine-laying vessels.

Hegseth stated this was a precise, targeted strike rather than a prolonged “nation-building” campaign.

Following a drone attack on a UAE refinery, operations have been suspended. On Tuesday, energy ministers from seven countries (Canada, France, Germany, Italy, Japan, UK, and US) held a meeting to discuss releasing oil reserves. CNBC citing sources reports the U.S. considers a joint release of 300 to 400 million barrels of oil appropriate.

Amazon is returning to the bond market. Bloomberg reports the company plans to issue up to 11 tranches of bonds, ranging from 2 to 50 years. The longest tranche, maturing in 2076, is initially priced about 1.55 percentage points above U.S. Treasury yields.

The U.S. dollar index fell 0.3%, currently at 98.93; U.S. 10-year Treasury yields remain steady at 4.159%. Gold rebounded 1.9%, trading at $5,206 per ounce.

In focus stocks, memory chip stocks continued to rebound. Micron (MU) rose 3.5%, surpassing $400; SanDisk (SNDK) gained 5%.

Oracle (ORCL) will report earnings after market close.

Adam Hetts, head of the Global Multi-Asset Team at J.P. Morgan Asset Management, and portfolio manager Oliver Blackbourn said that supply disruptions, rising oil and natural gas prices, and the lack of a clear cooling path are increasing inflation risks and causing global market volatility. If the conflict persists, economic pressures could deepen; however, U.S. political considerations might quickly frame the situation as a “victory” or rapid resolution, leaving asset outlooks uncertain.

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Market Trends:

【21:30】Memory stocks rebound; Micron up 2%; Dow up 101 points; Nasdaq up 0.3%; oil prices retreat 8%

【18:00】Dow futures up 101 points; Nasdaq futures up 0.3%; oil prices retreat 7%; Oracle (ORCL) earnings announced after close

【12:43】Dow futures down 183 points, at 47,586; S&P futures down 24 points, at 6,777; Nasdaq futures down 84 points or 0.3%, at 24,906

【12:09】【Apple】Apple reduces reliance on China; India iPhone production now accounts for 25%

【11:00】AI + Defense | Anthropic files lawsuit demanding the U.S. Department of Defense withdraw blacklisting

【10:31】【Iran Crisis】Trump says the war will end soon; gold prices stabilize and rebound

【08:28】【Iran Crisis】Dozens of oil tankers have reached the strait attempting to break through; Iran issues further warnings; Trump at press conference: Iran’s war will end soon but no timeline promised (updating continuously)

【08:26】【AI + NVIDIA】NVIDIA reportedly plans to launch open-source AI platform “NemoClaw”

【08:00】【Apple】Apple reportedly delays the release of smart home display devices to wait for new Siri

$1 and below for March 9 U.S. stock market overview====

Monday: Trump: The war is nearly over; oil prices plunge; Dow surges 239 points

U.S. President Trump told foreign media that the war is almost over, describing it as very complete. Iran has no navy, no communications, no air force; their missiles are left with only a few scattered. Their drones are being destroyed everywhere, including their drone manufacturing plants.

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“If you look, they have nothing left. In military terms, there’s nothing remaining,” Trump said. “The U.S. can do many things in the Strait of Hormuz,” threatening Iran with consequences if they obstruct the waterway. “They’ve already shot all they can, they’d better not play any tricks, or it will be the end of their country… If they do anything bad, it will be Iran’s end. You will never hear that name again.” Trump also claimed the strait is currently open, with ships entering, but he is still “considering taking control.”

That same afternoon, the U.S. Department of Defense posted on X (formerly Twitter): “We are just getting started” and “We will not hold back.”

Following these statements, oil prices plummeted, and U.S. stocks rebounded. Brent crude fell 1.5% to $91.20; NYMEX crude dropped 3.4% to $88.

The Dow initially fell 886 points to a low of 46,615; the S&P 500 dropped 1.5% to 6,636; Nasdaq fell 1.5% to 22,061.

But by close, the Dow recovered 239 points to 47,740; the S&P 500 rose 0.8% to 6,795; Nasdaq gained 1.4% to 22,695.

Brent crude oil initially surged nearly 30%, approaching $120 per barrel. The G7 finance ministers held an emergency meeting to discuss coordinated release of strategic petroleum reserves via the International Energy Agency (IEA) to counter the spike after Gulf tensions.

French Finance Minister Roland Lescure said the G7 has not yet decided on releasing emergency oil reserves after the U.S.-Israel conflict.

After attending a virtual G7 finance ministers’ meeting in Brussels, Lescure told reporters, “Our consensus is to use all necessary means to stabilize the market, including possible release of reserves.” He added that governments are closely monitoring the situation, with no supply issues reported in Europe or the U.S.

Japanese Finance Minister Shunichi Suzuki said, “The IEA has called on countries to coordinate the release of oil reserves. Given the current situation, the G7 has agreed to continue closely monitoring energy markets and take necessary measures to support global energy supply, including releasing oil reserves.” He also mentioned that the OECD, World Bank, and IMF officials participated in the meeting. The G7 will soon hold a meeting of energy ministers to discuss further steps.

As of 2022 data, IEA member countries’ emergency oil reserves under OECD control are estimated at over 1.2 billion barrels, mostly crude oil. According to IEA regulations, all member countries must maintain emergency reserves equivalent to at least 90 days of net imports, sufficient to support at least three months of normal consumption.

Market stabilizes; the U.S. dollar index falls 0.1% to 98.877; U.S. 10-year Treasury yields decline to 4.107%.

Gold prices narrowed their decline to 0.6%, at $5,138; silver rose 2.5%, to $86.63.

The U.S. military continues to demonstrate force. According to BBC, U.S. B-52 and B-1 heavy bombers are stationed at Royal Air Force Fairford in the UK, with three B-52s landing in one day—the first appearance of B-52s in the UK since the conflict began.

The B-52 is a typical “forward-deployed” strategic bomber, signaling a large-scale air campaign or imminent escalation. As a heavily armed “old yellow cow,” once enemy air defenses are weakened, B-52s can deliver large amounts of conventional ground-attack munitions for sustained destruction of infrastructure, industrial targets, or large ground forces.

Additionally, U.S. markets will open one hour earlier at 9:30 p.m. Hong Kong time due to daylight saving time.

Swiss bank UBS notes that the oil market has entered a panic state, with prices soaring into triple digits, mainly driven by market sentiment, as the conflict itself has not seen any substantial changes. So far, supply disruptions are mainly due to cautious ships avoiding the Strait of Hormuz, causing trade blockages rather than military blockades. However, it is expected that in the coming week and beyond, Middle Eastern oil supply could face up to 75% shutdown.

The bank says it will continue to monitor the situation closely. Currently, there is no significant damage to energy infrastructure, and Iran’s military power appears to be weakening. A solution to ensure trade through the Strait of Hormuz remains feasible. Given the fog of war, they reaffirm a neutral stance on oil and natural gas, maintaining the expectation that energy prices will peak at current or slightly higher levels.

Hong Kong stocks and ADR markets are continuously updated. Details on the next page.

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▼Market Trends:

【18:20】Oil prices surge over 10%, breaking $100; Dow futures down 492 points; Nasdaq futures down 1.1%; markets open one hour earlier for summer time

【12:07】Dow futures down 1,006 points, at 46,511; S&P futures down 130 points, at 6,613; Nasdaq futures down 542 points or 2.2%, at 24,127

【12:07】【Iran Crisis】Iran conflict impacts financial markets; senior strategist Yardeni: probability of a market crash before year-end increases to 35%

【11:15】【Tencent】Reportedly planning to acquire Warner Bros. from Paramount, investing hundreds of millions USD

【10:33】【Iran Crisis】Oil prices break $100, with NYMEX crude up 30%; more Middle Eastern producers cut output

【10:20】【Iran Crisis】Oil prices surge, dragging down Asia-Pacific markets; “Black Monday” in Japan and South Korea, both down over 7%; South Korea reportedly considering oil price cap mechanism

【09:56】【Iran Crisis】JPMorgan estimates Middle Eastern oil capacity will decrease by 4 million barrels per day by next weekend

【09:50】【Iran Crisis】Schroders’ Alex Tedder: Oil may hit $100; “I won’t reduce energy stocks in the next two or three years”

【08:17】【Iran Crisis】Gold drops over 2%, testing $5,000; oil surge intensifies inflation concerns

【07:30】【Iran Crisis】Black Monday begins; oil prices up 20%, approaching $111; Trump: small price to pay; Dow futures plunge 1,112 points (updating continuously)

【07:30】【Global Outlook】Focus on Middle East conflict and U.S. inflation data; markets open one hour earlier for summer time

【07:30】Concerns over oil supply disruptions and worse-than-expected U.S. jobs data caused last Friday’s sharp decline; Dow once fell 945 points to 47,009; VIX volatility index surged 21.6% to 28.88. The Dow closed down 453 points; S&P down 1.33%; Nasdaq down 1.59%.

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Last week’s U.S. stock market activity, details at: 【Market Close】 Iran fires missiles at “Lincoln”; Brent surpasses $92; employment data weak; Dow drops 453 points; Nasdaq down 1.6%