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A broad-based rally powered the S&P 500’s rebound on Monday, with all 11 sectors trading in the green.The index rose about 2%, supported by strong market breadth, as more than 90% of its constituent stocks advanced in morning trade.

Global oil prices have not risen enough to trigger demand destruction, US Energy Secretary Chris Wright said on Monday at the CERAWeek energy conference in Houston, Texas.

His comments come at a time when markets remain volatile amid the US-Israel conflict with Iran, which has disrupted a key trade route and damaged production infrastructure in the Middle East.

Despite the tensions, Brent crude futures were trading above $100 per barrel on Monday, indicating sustained supply concerns even as demand remains resilient.

US President Donald Trump on Monday said there are “major points of agreement” between the US and Iran.

“We have had very, very strong talks,” Trump told reporters in Florida before boarding Air Force One. “We’ll see where they lead.”

He added that both sides want to “make a deal” and are likely to speak over the phone later in the day.

Trump said that if the five-day postponement of strikes goes well, the conflict could be resolved. However, if it does not, he warned that the US would “keep bombing our little hearts out.”

He also said the Strait of Hormuz could reopen “very soon” if the plan works, adding that the key transit route could potentially be “jointly controlled” by the US and Iranian leadership.

US stocks on Monday (March 23) rallied after President Donald Trump said the United States and Iran had held talks and that he was halting strikes on Iranian power plants and energy infrastructure.

The Dow Jones Industrial Average jumped 829 points, or 1.8%. S&P 500 rose 1.4%, while Nasdaq Composite gained 1.6%. The gains followed Trump’s statement on the talks and the suspension of planned strikes, which had previously raised concerns about rising oil prices and global economic risks.

Federal Reserve Governor Stephen Miran said the central bank shouldn’t set policy based on short-term considerations related to the US and Israel’s war in Iran.

“We should wait for all the information to come in before really changing our outlook,” Miran said Monday in an interview on Bloomberg Surveillance. “And I think it’s just still premature to have a clear view about what this is going to look like as you look 12 months out.”

The conflict in the Middle East has sent oil prices sharply higher, threatening to both put upward pressure on inflation and weigh on economic growth and the labour market.

Bitcoin rose more than 3% after President Donald Trump said that the US and Iran held productive talks on the war in the Middle East.

The cryptocurrency, which was at one point in early trading Monday below $68,000, was last trading at $70,298.68. That’s slightly lower than where it traded right after Trump made his statement, where Bitcoin crossed $71,000.

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