US stocks recovered from steep losses on Monday, flipping firmly into the green after President Trump hinted the war with Iran could be over soon. Crude fell quickly after surging past $100 per barrel.

The tech-heavy Nasdaq Composite (^IXIC) rose more than 1.3%, recovering from steep losses earlier in the day. The Dow Jones Industrial Average (^DJI) jumped 0.5%, or about 240 points, recovering from a loss of more than 800 points. The benchmark S&P 500 (^GSPC) gained 0.8%.

The broader market turned green in afternoon trading after Trump indicated the conflict with Iran could end soon as the US was “very far” ahead of its four-to-five week timeline.

“I think the war is very complete, pretty much. They have no navy, no communications, they’ve got no Air Force,” he told a CBS reporter.

Meanwhile, oil prices tumbled after easing from 2022 highs on Monday.

Crude futures briefly topping $100 per barrel overnight, prompting ministers from the G7 top economies to consider tapping the International Energy Agency’s strategic petroleum reserves if necessary, given the standstill of tanker traffic through the Strait of Hormuz. Trump also suggested on Monday he has “a plan” to curb surging oil prices.

Looking at domestic economic reports, investors will be watching closely for Wednesday’s Consumer Price Index and Friday’s Personal Consumption Expenditures index readings, though neither will capture the effect of oil’s dramatic recent surge on price pressures just yet.

On the corporate front, earnings season continues, with Oracle (ORCL) and Adobe (ADBE) the highlights this week. Yahoo Finance