Dow futures rally nearly 1,000 points, oil tumbles below $100 after Trump orders 5-day pause on attacks on Iran power plants

Market Reaction - US stock futures experienced a significant rally, with the Dow Jones Industrial Average futures soaring by 980 points, or 2.1%, while S&P 500 and Nasdaq futures increased by 1.9% each [1] - The stock market was initially poised for losses before President Trump's announcement, as the Dow and Nasdaq were nearly 10% off their record levels, and the S&P 500 had fallen about 7% from its high [3][4] Oil Prices - Brent crude oil futures decreased to $97.70 per barrel, down from over $111, while West Texas Intermediate crude fell to $89.69 [1] - National average gasoline prices surged to $3.96 per gallon, reflecting a lag between oil futures and pump prices [2] Geopolitical Context - Tensions escalated as Trump issued a 48-hour deadline for Iran to reopen the Strait of Hormuz, a critical route for 20% of the world's oil supply, threatening military action if demands were not met [6] - The International Energy Agency reported that at least 40 critical energy assets in the Middle East have been severely damaged since the conflict began on February 28 [7] Market Outlook - Analysts suggest that while further downside in the stock market is possible, a recovery may be on the horizon as stocks typically price in geopolitical events and move on [4][5] - Concerns remain that elevated oil prices could persist even after the conflict ends due to the complexity of repairing oil infrastructure [8]