Reports of US-Iran talks on a phased agreement to reopen the Strait of Hormuz spark a short-lived midday rebound in S&P 500/Nasdaq
What happened
On Thursday, Sept. 24, 2026, Reuters reported that US and Iranian negotiators were exploring a phased path toward ending the nearly seven-month war, with core terms being Iran reopening the Strait of Hormuz in exchange for the US lifting its economic/naval blockade of Iran. US equity benchmarks jumped sharply in short-term midday trading on the reports, while crude fell — WTI slid from near $96.76 to $93.62 and gains narrowed to ~1.5–1.6% (~$93.65 WTI, ~$104.67 Brent). The rebound proved short-lived: by the close, the Dow fell 0.31% to 51,350.61, the Nasdaq 0.26% to 26,866.18, and the S&P 500 0.10% to 7,698.49, with oil-related ETFs (USO up ~3%, UCO up ~2%) reflecting residual energy-price anxiety.
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- Broad equities (S&P 500, Nasdaq) — exposed through geopolitical risk premiums. Energy/oil ETFs (USO, UCO) and oil majors — directly exposed to supply expectations. Defensive/energy-importing sectors and airlines — exposed via fuel costs. Treasury bonds — yields eased as oil fell and inflation expectations moderated, briefly relieving rate pressure.