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**Market Rallies, Oil Plummets on Mideast De-escalation Hopes**

**NEW YORK -** Wall Street experienced a surge of optimism Monday, sending stocks soaring and oil prices tumbling, after a seemingly contained exchange between Iran and the United States raised hopes for de-escalation in the Middle East. The Dow Jones Industrial Average jumped 375 points (0.9%), while the S&P 500 gained 1% and the Nasdaq Composite rallied 0.9%.

The market’s positive reaction followed Iran’s retaliatory missile strike on the Al-Udeid U.S. military base in Qatar. Despite the Revolutionary Guard claiming a “devastating” attack, Qatar’s Ministry of Defense reported a successful interception with no casualties or damage.

President Trump echoed this assessment, stating on Truth Social that no Americans were harmed and little damage was done. He thanked Iran for the “early notice” and expressed hope for “Peace and Harmony in the Region,” encouraging Israel to reciprocate.

The limited scope of Iran’s response, which came after U.S. strikes against Iranian nuclear sites, eased fears of a broader conflict. This prompted a sharp decline in oil prices. Brent crude plummeted 7.2% to $71.48 a barrel, its biggest single-day drop since July 2022. WTI crude similarly sank 7.2% to $68.51 a barrel, the lowest since June 12.

“This is about the best case scenario that we could hope for,” Tom Essaye of Sevens Report Research told Barron’s, suggesting the weak response from Iran signals a desire to avoid further escalation.

The S&P 500 ended a three-day losing streak, though it still remains about 2% below its February 19th record close. Some analysts are already predicting a bullish outlook, with Evercore ISI’s Rich Ross forecasting a potential new all-time high by July.

Looking ahead, investors will be closely watching Federal Reserve Chair Jerome Powell’s testimony before Congress on Tuesday and Wednesday. Recent comments from Fed officials like Michelle Bowman and Christopher Waller have hinted at potential interest rate cuts as early as July, pending inflation data. The market will be eager to hear Powell’s perspective on the timing of any rate adjustments, particularly given pressure from President Trump to lower rates.

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