Both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are up by over 1% on Monday as cooling oil prices fuel investor optimism.
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Trade QQQ with leverageCrude oil futures (CL) are down by 2.8% amid reports that the U.S. is gathering several countries to form the “Hormuz Coalition.” The group would escort tankers traveling through the Strait of Hormuz, with President Trump requesting warships, drones, and other military equipment. The participating countries could be announced as soon as this week, according to the Wall Street Journal.
U.S.-China Hold ‘Very Good’ Trade Meeting
Elsewhere, Treasury Secretary Scott Bessent met with Chinese Vice Premier He Lifeng in Paris to discuss trade over the weekend, with the former describing the gathering as “very good.” However, both Bessent and President Trump noted that the Trump-Xi summit, scheduled for March 31 to April 2, could be delayed due to the U.S.-Iran war.
Trump called on China to join the coalition, although the country has yet to issue a response. Bessent stressed that any delay to the summit would be solely due to the war rather than trade disagreements.