17th March 2026: Stocks Bounce on Lower Oil Prices and Tech

Markets rallied to start the week as a sharp retreat in oil prices from the US$102+ highs eased fears of a full-blown energy crisis, even as the US-Israeli war on Iran entered its third week with no diplomatic off-ramp in sight. Risk assets benefited broadly, with equities, bonds, crypto, and travel stocks all advancing, while the dollar weakened. Nvidia’s US$1 trillion AI chip demand forecast added fuel to the tech rebound. However, the relief may prove fragile: Hormuz remains effectively shuttered, private credit is experiencing a wave of redemption caps, and a gauntlet of central bank meetings this week will test whether policymakers view the oil shock as transitory or a catalyst for tighter policy.Key Takeaways01S&P 500 rose 1.01% to 6,699 and the Nasdaq gained 1.22% as all 11 sectors finished in the green, led by tech and consumer discretionary.02WTI crude fell nearly 10% from its overnight peak to US$93.50 after some tankers cleared the Strait of Hormuz and the IEA signalled additional reserve releases.03Nvidia CEO Jensen Huang doubled his AI chip purchase-order forecast to US$1 trillion through 2027, boosting tech sentiment across the board.04Private credit strain deepened as BlackRock, Blackstone, Morgan Stanley, and Blue Owl all capped or restricted fund redemptions amid rising investor withdrawals.05Trump called on NATO allies to help reopen the Strait of Hormuz but faced refusals from Germany, Spain, and Italy, while threatening to delay his China summit.06The RBA is expected to hike rates today at 2:30pm AEDT, while the US Fed begins its two-day FOMC meeting with markets pricing rates on hold.