The U.S. stock markets experienced significant gains today, with the S&P 500 up 1.04%, the Dow Jones Industrial Average up 0.94%, and the Nasdaq 100 up 1.12%. March E-mini S&P futures rose 1.05% and Nasdaq futures climbed 1.17%. These increases followed a sharp decline in crude oil prices, down over 4% due to improved shipping conditions in the Strait of Hormuz.
As of today, the conflict involving Iran continues, now entering its seventeenth day. The U.S. recently targeted military sites in Iran over the weekend, which have been crucial for oil exports. According to the International Energy Agency, the war is currently disrupting about 7.5% of the global oil supply, contributing to potential increases in crude prices that could exceed $150 per barrel if conditions do not improve.
Economic data from the U.S. reveals mixed results; February manufacturing production increased by 0.2%, surpassing expectations of 0.1%. In contrast, the February Empire manufacturing survey fell to -0.2%, illustrating weaker business conditions. Meanwhile, China reported a 6.3% increase in February industrial production, but the jobless rate increased to 5.3%, indicating a softer labor market than anticipated.
