12:11 PM EDT, 03/23/2026 (MT Newswires) -- US equity indexes jumped in midday trading Monday as President Donald Trump's move to postpone a planned attack on Iran sent crude oil sharply lower.

The Nasdaq Composite advanced 1.5% to 21,978.4, with the S&P 500 up 1.4% to 6,599.1 and the Dow Jones Industrial Average climbed 1.6% to 46,322.6.

All sectors rose, with consumer discretionary, industrials, and materials leading the top gainers.

The drop came after US President Trump backed down from a weekend threat to "obliterate" Iran's power plants if Iran did not fully open the Strait of Hormuz to tanker traffic by the end of Monday.

However, in a 6:00 am ET social media post, Trump backed down from the threat, saying he will postpone any action for five days because of "productive" conversations with Tehran.

West Texas Intermediate crude oil futures sank 10% to $88.19.

US Treasury yields fell, with the 10-year down to 4.36% and the two-year retreated to 3.86%.