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Stocks gain after Trump orders Hormuz blockade, says Iran wants to make a deal

Stocks shrugged off the weekend’s failed peace talks.

Ben Walsh

The S&P 500, Nasdaq 100, and Russell 2000 managed a positive start to the week, shaking off a surge in the price of oil that was prompted by President Trump’s order to blockade the Strait of Hormuz after peace talks between the US and Iran over the weekend failed to deliver a deal. 

The president said in a Truth Social post that the US Navy would block “any and all Ships trying to enter, or leave, the Strait of Hormuz.” US Central Command later confirmed the blockade would begin Monday and that only vessels transiting the strait to and from Iranian ports would be impeded.

On Monday morning at the White House, Trump said Iran had reached out to the US regarding a peace deal.

Stocks that moved higher:

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Nike sinks to lowest level since 2014 after warning of “challenged” sales environment in Q4 report

Did Nike do it?

Investors had a mixed reaction after the global sports apparel company reported its fourth quarter earnings on Tuesday after the bell. Shares initially rose 5% as Nike beat out Wall Street expectations amid a hefty tariff refund bonus. However, the stock then sank to its lowest level since August 2014 in postmarket trading.

Here are the Q4 numbers:

  • Revenue of $11.0 billion (estimate: $10.8 billion).

  • Adjusted earnings per share of $0.20 (estimate: $0.12).

Ahead of this report, Nike warned that results would be flattered by a one-time tariff refund (now estimated at roughly $0.52 per share for the bottom line). That gave the company an extra cushion in snapping its streak of seven quarters of year-over-year profit declines.

Over the past year, the company had been punished by tariffs on imported goods, stagnant consumer spending, and increasing competition from other footwear brands like New Balance, Adidas, and Hoka.

Outgoing CFO Matthew Friend deemed it an “increasingly challenging operating environment, where sell-through remains challenged.”

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