Markets rally, then pull back after Trump and Iran give conflicting reports of talks
By Steve Kopack
Published on March 23, 2026.
U.S. stocks initially surged after President Donald Trump announced he would postpone military strikes on Iranian power plants for a 5-day period. However, Iranian state media responded by saying that the US president had "backed down" after Iran's firm response. The S&P 500 and Nasdaq futures initially rose by about 3%, but these gains faded after conflicting reports of talks between the two countries. Oil prices also fell by about 5%. The announcement came after Trump had given Iran 48 hours to fully open the Strait of Hormuz without threat.
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