Traders report bids in the S&P options trading pit at the Cboe Global Markets exchange on March 31, 2026 in Chicago, Illinois.
Scott Olson | Getty Images
Hello, this is Leonie Kidd writing to you from London. Welcome to another edition of CNBC’s Daily Open.
The S&P erasing all its Iran war losses marks an interesting moment where market sentiment meets geopolitical reality.
This morning’s newsroom explains why Wall Street has rallied and oil prices have retreated, based on what might be considered very tenuous indications that diplomatic progress is being made.
I leave it to the reader to decide whether the investors have moved From panic to price takingor if complacency carries a risk.
What you need to know todayWall Street stocks have organized a returnMonday’s gains allowing the S&P 500 to erase its declines since the start of the war in Iran. At the start of the session on Tuesday, US futures hold up stable, while oil prices fall.
The catalyst for the turnaround in risk sentiment appears to be the hope that a diplomatic solution remains on the table.
vice-president J.D. Vanceafter returning from unsuccessful negotiations with Iran this weekend, said on Monday that it is up to the Islamic Republic to take the next step in peace talks with the United States
“Whether we have further discussions, whether we ultimately come to an agreement, I really think the ball is in Iran’s court because we’ve put a lot on the table,” Vance said in an interview with Fox News.
He stressed that if US “red lines” regarding Iran’s nuclear ambitions were respected, “then this could be a very, very good deal for both countries.”
This is an optimistic view, given that diplomatic channels have so far yielded few results. But markets could be influenced by the broader picture.
CNBC Jim Cramer said that Wall Street’s resilience in the face of escalating geopolitical tensions shows that investors are focusing less on the Iran war itself and more on a key driver of stock valuations: interest rates.
“I think I was negligent in bringing up the power of low rates, because that’s why the bulls keep winning when it seems like they should be beaten down,” the “Mad Money” host said. “Let’s not think too hard about it. If interest rates were skyrocketing, this market would be very different.”
“But history is disobeyed and ignored,” he said.
Outside the United States, Chinese export growth slowed in March as manufacturers grappled with rising raw material and energy costs due to disruption of supplies by the Middle East conflict, while imports recorded the strongest growth in more than four years.
Exports grew at their slowest pace in six months, Chinese customs data shown Wednesday.
In the news of companies, luxury conglomerates and industry LVMH reported quarterly sales that did not meet expectations Monday as the industry begins to decipher the fallout from the Middle East war and its impact on stocks.
The conflict had a negative impact of 1% on organic growth for the quarter, LVMH said in a press release.
There is more big gains on the program todayincluding JPMorgan, Citigroup and Blackrock to name a few.
— Leonie Kidd
And finally…Trump removes Truth Social image depicting him as Jesus: ‘It was me as the doctor’
President Donald Trump On Monday morning, he deleted a post from Truth Social with an image showing himself looking like Jesus Christ after encountering negative reactions.
“I posted it, and I thought it was me as a doctor, and it had to do with the Red Cross, as a Red Cross worker there, which we support,” Trump told reporters at the White House, denying allegations that he was supposed to appear as Jesus.
“Only ‘fake news’ could lead to such a thing,” Trump added.
—Dan Mangan
