Markets are not responding well to Iran saying the Strait of Hormuz should remain closed
The Dow Jones Industrial Average (DJI) is down 640 points this afternoon, after Iran's new Supreme Leader Mojtaba Khamenei said the Strait of Hormuz will remain closed to "pressure the enemy.” Crude prices are soaring in response, earlier hitting $95 per barrel, after three other foreign ships in the Persian Gulf were struck.
The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also sharply lower, with Energy Secretary Chris Wright worrying investors with comments that the U.S. is not yet ready to escort tankers through the Strait of Hormuz. Amid red ink on Wall Street, the Cboe Volatility Index (VIX) is poised to snap a three-day losing streak today.
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- Plus, CRM surges; DOW pops on tightening supply; and a sinking cruise stock.
Salesforce Inc (NYSE:CRM) stock is seeing unusual options activity today, with 159,000 calls and 161,000 puts exchanged so far, volume that's 10 times the amount typically seen at this point. The most active contracts are the April 200 call and 200 put, with new positions opening at both. CRM is up 4.7% to trade at $203.27 at last glance, looking to snap a three-day win streak but still struggling with overhead pressure from the 40-day moving average. So far in 2026, Salesforce stock has dropped over 24%.
Chemical manufacturing stock Dow Inc (NYSE:DOW) is surging, last seen up 6.7% to trade at $36.67. Today's bull gap comes after an upgrade from Citigroup to "buy" from "neutral," as well as a price-target hike to $40 from $28. The analyst in coverage noted higher chemical prices and tighter supply amid the U.S.-Iran war. The shares are eyeing their best single-day percentage gain since October and flirting with a 52-week high, now sporting a 59.2% year-to-date lead.
Meanwhile, Carnival Corp (NYSE:CCL) stock is down 5.7% to trade at $24.49, as surging oil prices pressure the cruise sector. On track for its ninth loss in the last 10 sessions, CCL is trading below all key long- and short-term moving averages, after on Monday hitting its lowest level since June. For 2026, the shares already carry a 19.6% deficit.