Wall Street Stages Dramatic Comeback as Trump Signals Iran War May End Soon
U.S. stocks rallied sharply from steep morning losses after President Trump suggested the Iran conflict could be nearing its end, sending oil prices tumbling from above $100 a barrel. Hims & Hers Health surged over 40% on a landmark Novo Nordisk deal.
U.S. Markets Stage Sharp Reversal as Oil Plunges From $100 on Iran War Hopes
Wall Street staged a dramatic intraday reversal on Monday after President Trump suggested the U.S.-Iran war could be nearing its end, pulling all three major indices out of deep morning losses. The S&P 500 rose 0.83% to close at 6,795.99, the Nasdaq Composite climbed 1.38% to 22,695.95, and the Dow Jones Industrial Average gained 239 points, or 0.5%, to end at 47,740.80 — after falling as much as 886 points earlier in the session.
The wild swing was driven by oil prices, which had surged past $100 a barrel overnight as Iran's effective closure of the Strait of Hormuz threatened roughly one-fifth of global oil supply. Brent crude at one point topped $119 per barrel before reversing sharply after Trump said he was considering seizing control of the Strait. By the close, Brent had fallen more than 10% to $89.03 and U.S. crude dropped over 9% to $86.05.
The CBOE Volatility Index (VIX) spiked to 35.3, its highest level since April, reflecting the extreme uncertainty gripping markets. Global markets were hit hard earlier in the day, with Japan's Nikkei 225 falling more than 5% and South Korea's KOSPI dropping 6%. Analysts warned that oil prices could continue to climb if the Strait of Hormuz remains closed, with one describing the situation as a potentially 'game-changing and unprecedented' energy crisis.
Hims & Hers Health Surges Over 40% After Novo Nordisk Drops Lawsuit and Strikes GLP-1 Deal
Shares of Hims & Hers Health soared 40.72% to close at $22.15 on Monday after the telehealth company announced a landmark agreement with Novo Nordisk that ends their patent infringement dispute over compounded weight-loss drugs. Trading volume exploded to 168.1 million shares, roughly 557% above its three-month average of 25.6 million.
Under the terms of the deal, Novo Nordisk dropped its patent infringement lawsuit against Hims & Hers. In return, the telehealth platform will offer access to Novo's branded injectable and oral semaglutide products — sold as Ozempic and Wegovy — and will stop marketing compounded versions of GLP-1 medications on its platform.
Analysts responded positively to the agreement. Needham raised its price target on Hims & Hers to $30, while Citi lifted its target to $24, both citing the resolution of legal uncertainty and the potential for expanded access to branded GLP-1 treatments through the company's telehealth platform.
Xenon Pharmaceuticals Rockets Nearly 49% on Breakthrough Epilepsy Drug Data
Xenon Pharmaceuticals surged 48.81% on Monday after the company reported Phase 3 results for its epilepsy drug azetukalner that far exceeded analyst expectations. The X-TOLE2 trial met its primary endpoint, with patients receiving the 25 mg dose showing a 53.2% median reduction in monthly seizure frequency compared to just 10.4% for placebo — a result that analysts at Fierce Biotech described as having 'blown away' expectations.
The study also met its key secondary endpoint, known as Responder Rate 50. In the 25 mg group, 54.8% of participants experienced at least a 50% reduction in monthly focal onset seizures, compared to 37.6% in the 15 mg group and 20.8% in the placebo group. The strong dose-response relationship across both endpoints reinforced the drug's clinical profile.
Xenon plans to submit a New Drug Application to the U.S. Food and Drug Administration in the third quarter of 2026. If approved, azetukalner would become the only KV7 potassium channel opener available for epilepsy treatment, potentially opening a significant new market. Stifel analysts noted the results could lead investors to raise their peak sales assumptions for the drug.
Nvidia Gains Ahead of GTC Conference as CEO Promises to 'Surprise the World'
Nvidia shares rose 2.68% to close at $182.65 on Monday as investor anticipation builds ahead of the company's GTC 2026 conference, set to run from March 16 to 19. CEO Jensen Huang has publicly stated that Nvidia will 'surprise the world' with a new chip unveiling during his keynote address on March 16, which will focus on what he calls the 'Five Layers of AI': Energy, Chips, Infrastructure, Models, and Applications.
The conference is expected to showcase core technical details of Nvidia's next-generation GPU architectures, codenamed Rubin and Feynman. The Rubin platform, expected in the second half of 2026, represents the next evolution of Nvidia's AI accelerator lineup. Reports also suggest Nvidia has signed a $20 billion licensing deal with AI inference startup Groq, with the new chip incorporating Groq-developed technology to accelerate inference workloads.
Nvidia stock has had a slow start to 2026, down roughly 5% year-to-date, and analysts view GTC as a potential turning point. Multiple analyst firms have average price targets ranging from $255 to $271, suggesting significant upside if the conference successfully demonstrates continued sustainability of AI infrastructure demand.
Amazon's Zoox Expands Robotaxi Testing to Phoenix and Dallas
Amazon's autonomous vehicle subsidiary Zoox announced Monday that it is expanding robotaxi testing to Dallas and Phoenix, bringing its total U.S. test operations to 10 cities. The company will initially deploy a small fleet of retrofitted Toyota Highlander SUVs with human safety drivers to map the new areas before introducing its purpose-built, toaster-shaped autonomous vehicles.
The expansion includes new operational depots in both cities and a fleet operations facility, called a Fusion Center, in Scottsdale, Arizona, which is expected to create hundreds of jobs. Dallas and Phoenix were selected to expose Zoox's technology to more diverse weather conditions and sprawling street layouts compared to the dense urban environments where it currently operates.
Zoox has served more than 300,000 riders since launching in Las Vegas and San Francisco, and has opened a 220,000-square-foot factory in the San Francisco Bay Area with a target of producing 10,000 vehicles per year at full capacity. The expansion signals Amazon's push to compete with Alphabet-owned Waymo, which currently dominates the U.S. autonomous vehicle market.
What You Can Do
Track CPI and FOMC Decisions This Wednesday
Wednesday brings a critical double event: the Bureau of Labor Statistics releases the February Consumer Price Index report, followed by the Federal Open Market Committee's policy decision. Both could significantly move markets.
Watch Nvidia GTC 2026 Keynote on March 16
CEO Jensen Huang's keynote at the GPU Technology Conference could be a major catalyst for Nvidia stock and the broader AI sector, with new chip architectures expected to be unveiled.
Monitor Oil Prices and Strait of Hormuz Developments
With crude oil briefly surpassing $100 per barrel and the Strait of Hormuz effectively closed, energy prices remain a key risk factor for markets. Track real-time oil prices and geopolitical developments.
This content is for informational purposes only and does not constitute financial advice. Consult a qualified financial advisor before making investment decisions.