On March 31, 2026, Wall Street saw its best trading day in nearly a year. The Dow Jones Industrial Average gained over 1,100 points, the S&P 500 rose 2.9% for its best single-day performance since last May, and the Nasdaq jumped 3.8%.
The mood, as one market recap cheerfully dubbed it, was “Hormuz Hope,” a rally built on the possibility that the US-Iran war and the stranglehold it had on global oil supplies might finally be winding down.
President Trump had signaled openness to ending the military campaign, and Iran’s president said his country had “the necessary will to end the war” if its security conditions were met.
Beneath those headlines, however, the traders who deal in the more complex…
