Stock Market Today: Live Updates on March 16, 2026
Wall Street Rallies As Oil Prices Recede Amid Geopolitical Tensions
Stocks surged on Monday morning as investors sought to recover from a week of losses while closely monitoring escalating geopolitical developments surrounding the U.S.-Iran conflict. Oil prices moderated after a recent spike, offering some relief to markets concerned about supply disruptions.
Market Performance
The Dow Jones Industrial Average bounced back significantly, rising 422 points or 0.9% to start the trading week. The S&P 500 also showed strength with a 1.1% gain, while the tech-heavy Nasdaq Composite was up 1.3%. These gains marked a rebound after the S&P 500 endured its third consecutive weekly decline last week, closing at its lowest level for the year on Friday.
Key Movers
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Meta shares climbed over 2% following reports—described as "speculative" by the company—that it plans to lay off more than 20% of its workforce to manage its large AI investment plans. This potential restructuring echoes ongoing sector-wide shifts as tech giants recalibrate for future growth.
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Nvidia shares rose by more than 1% ahead of its annual GTC conference, kicking off Monday. The company remains a bellwether for the AI hardware industry.
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Nebius, a Dutch AI infrastructure firm, saw a 13% jump in its shares after announcing a $27 billion AI infrastructure deal with Meta, highlighted by a commitment to provide $12 billion in capacity across multiple sites. This follows Nebius’s recent partnership with Nvidia, signaling growing momentum in AI infrastructure investments.
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Best Buy experienced a dip in investor sentiment as Loop Capital lowered its price target from $85 to $75, cautioning that elevated gas prices could weigh on consumer spending and retail valuation, even as maintaining a "buy" rating. Best Buy shares have declined 6% year-to-date.
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Upstart Holdings received an upgrade from BTIG, moving from neutral to buy with a price target of $43, reflecting an anticipated 63% upside. The upgrade was fueled by Upstart’s recent submission of an application to establish an insured national bank, a move seen as mitigating risks related to private credit exposure.
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In commodities, Micron Technology stock rose 4% following announcements of a second manufacturing plant in Taiwan intended to boost supply of advanced DRAM products.
Energy & Geopolitical Developments
Oil prices, which surged above $100 per barrel last week due to halted traffic in the strategic Strait of Hormuz amid Iran-related conflicts, saw a pullback this Monday. West Texas Intermediate (WTI) crude dropped about 3% to just below $95 a barrel, while Brent crude fell over 1% to around $101 per barrel during trading.
Treasury Secretary Scott Bessent confirmed in an interview with CNBC that the U.S. is allowing Iranian oil tankers to transit the Strait of Hormuz as efforts continue to mitigate supply disruptions. Furthermore, reports from The Wall Street Journal indicate that the U.S. plans to soon announce a coalition of countries committed to escorting ships through the Strait.
Earlier last week, former President Donald Trump ordered retaliatory strikes on Iranian military sites on Kharg Island in response to escalating tensions. Although these strikes did not target oil infrastructure, Trump indicated that such targets remain on the table if Iran continues to block shipping lanes.
Speaking on NBC, Trump suggested that Iran seeks a deal, but he is not yet prepared to finalize an agreement. Market analysts like Wharton’s Jeremy Siegel noted on CNBC’s Squawk Box that markets generally believe the U.S. holds the upper hand in negotiations and anticipate a possible deal soon, despite ongoing uncertainties.
Asia-Pacific Market Overview
Markets in Asia-Pacific closed mixed on Monday. The Hang Seng index in Hong Kong rose 1.45%, benefiting from stronger-than-expected retail sales and industrial output in China. The CSI 300 index was flat, reflecting steady consumption and production, buoyed by robust foreign demand.
Japan’s Nikkei 225 edged down slightly by 0.13%, while South Korea’s Kospi gained 1.14%. Australia’s S&P/ASX 200 fell 0.39%, reflecting uneven investor responses amid the broader geopolitical and economic landscape.
Outlook
Despite the geopolitical risks and recent market volatility, U.S. equities have shown resilience, with the S&P 500 trading just 5% below its all-time high. Analysts like Ed Yardeni of Yardeni Research attribute this strength to optimistic earnings per share estimates for 2026 and 2027, although some caution that the risks of a prolonged conflict and disruption at the Strait of Hormuz remain significant.
Investors will continue to closely watch developments in the Strait of Hormuz, diplomatic negotiations, and corporate earnings as the week progresses.
For continued live updates on the stock market and geopolitical events, stay tuned to our coverage.