Why Is the Stock Market Up Today, 3/10/26?

2026-03-10 21:00:17

Abstract generation in progress

Following some morning weakness, both the S&P 500 (SPX) and the Nasdaq 100 (NDX) are well in the green as oil prices plummet.

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Crude oil futures (CL) are down by 14% on the day, ahead of an emergency International Energy Agency (IEA) meeting to consider releasing oil from reserves. Each Group of Seven (G7) member maintains strategic oil stockpiles, which the IEA can draw on if a global supply crisis occurs. Earlier this week, the U.S. voiced its support for a combined release of between 300 and 400 million barrels from reserves.

Strait of Hormuz Tensions Persist

U.S. Energy Secretary Chris Wright added on to the positive sentiment after announcing that the U.S. Navy successfully escorted an oil tanker through the Strait of Hormuz.

Still, the U.S.-Iran war appears to be far from over as traffic through the strait remains severely constrained. Defense Secretary Pete Hegseth warned this morning that “Today will be our most intense day of strikes inside Iran,” while Iran’s foreign minister declined the possibility of ceasefire talks.

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