Updated April 2, 2026, 10:49 a.m. ET
The stock market initially plummeted and oil prices surged April 2 in the wake of President Donald Trump’s national address of the ongoing war in Iran.
Nasdaq futures saw the largest drop at 1.9% as of 9:30 a.m., according to CNBC. The S&P 500 was down 1.5%, with the Dow Jones Industrial Average just behind at 1.4%. By 10:30 a.m. though the S&P 500 had clawed back to about even on the day and the Dow Jones to down 0.12% and Nasdaq down 0.16%.
Stock prices contrasted with crude oil, as West Texas Intermediate was up 13% to more than $113 per barrel, CNBC said. The figure continues an upward climb from a month ago, when the price of $76.91 per barrel was the highest since 2024.
The latest numbers come after Trump’s April 1 speech, in which he indicated the war with Iran would be ending soon following additional strikes on the region. He initially said the war, launched Feb. 28 when the U.S. and Israel attacked Iran, would take four to five weeks before expanding the timeline to “several” weeks.
“I can say tonight that we are on track to complete all of America’s military objectives shortly,” the president said. “We’re going to hit them extremely hard over the next two to three weeks. We’re going to bring them back to the Stone Ages where they belong.”
But as gas prices exceed $4 per gallon in some places, and experts warn of a possible global recession from the war, investors continue to be skeptical of the stock market until the conflict officially comes to an end.
