Major Indexes Pivot Higher After Trump War Update

Major indexes erased steep losses after President Donald Trump said the war with Iran could be over soon. Crude prices also cooled off, pulling back from earlier highs near $120 as Trump noted the U.S. is considering taking control of the Strait of Hormuz. A release of oil reserves may be on the cards as well, with the Group of Seven nations planning to meet virtually tomorrow morning.

Semiconductor sector strength boosted sentiment, with Micron Technology (MU), Broadcom (AVGO), and Nvidia (NVDA) among the gainers. Both the Dow and Nasdaq advanced triple digits, with the S&P 500 also managing to eke out a solid gain as well.

Continue reading for more on today's market, including:

• Dispute resolution boosts pharma stock.
• Options traders are buying the SoFi stock dip.
• Plus, SBUX draws bear note; commodity stocks getting hit; and aerospace name ready to resume surge.

5 Things to Know Today

1.  President Trump said he would grant Iranian women's soccer team asylum if Australia did not allow them to stay after the Women's Asian Cup. (Bloomberg)
2. A spokesperson from Iran's Ministry of Foreign Affairs warned oil tankers to be "very careful" if they transit through the Strait of Hormuz. (CNBC)
3. New bear note dinged Starbucks stock.
4. 2 mining stocks suffered a major setback today.
5. Aerospace stock looking ripe for more records.

There were no notable earnings reports today.

Oil Cools as U.S. Considers Strait Control

After surging to nearly $120 in intraday trading, crude prices pulled back after President Trump said the U.S. is considering taking over the Strait of Hormuz. April-dated West Texas Intermediate (WTI) crude climbed 4.3% to close at $94.77 per barrel as G7 countries weighed tapping into crude reserves, but was last seen down 6.2%.

Gold prices also dropped, as the U.S. greenback strengthened and geopolitical tensions remained in focus. April-dated gold futures shed 1.1% to settle at $5,103.70 an ounce.