US stock futures jump 2% after Trump delays strikes on Iranian power plants

2026-03-23 - 12:21

Traders work on the floor of the New York Stock Exchange. The CBOE Volatility Index fell after earlier hitting a two-week high amid the escalating Middle East war. (EPA Images pic) BENGALURU: Wall Street futures jumped more than 2% on Monday, reversing losses after Donald Trump said he would order the military to postpone strikes against Iranian power plants and energy infrastructure following “productive conversations” with Tehran. Global markets staged a sharp recovery after the US president’s comments, with Europe’s STOXX 600 and precious metals turning positive, while oil prices fell, marking a significant improvement in risk appetite. Markets had been trading lower after Iran’s statement that it would attack Israel’s power plants and plants supplying US bases in the Gulf if Trump carried out his threat to “obliterate” Iran’s power network, the country’s Revolutionary Guards said. “This is obviously a postponement, not a complete ceasefire, and we will see what happens from here. What’s done is still not undone, so the impact has yet to be seen, but obviously, markets are breathing a sigh of relief,” said Chris Beauchamp, chief market analyst at IG Markets. At 07:17 am ET, Dow E-minis YMcv1 were up 1,140 points, or 2.48%, S&P 500 E-minis EScv1 rose 154.75 points, or 2.36%, and Nasdaq 100 E-minis NQcv1 added 578.75 points, or 2.4%. The CBOE Volatility Index .VIX – Wall Street’s fear gauge – fell after hitting its highest level in two weeks earlier – and was last down 3.99 points at 22.79. Wall Street’s main indexes logged their fourth week of declines on Friday, with the Nasdaq posting its biggest weekly drop since early February. Futures tracking the Russell 2000 index .RTYc1 rose 4.7%, after being down more than 1% earlier. The small-cap index, sensitive to higher interest rates, ended more than 10% below its record close of Jan 22 on Friday, confirming it had been in correction territory.