02:14 PM EDT, 03/31/2026 (MT Newswires) -- US benchmark equity indexes advanced intraday and oil prices fell as traders monitored the latest developments in the Middle East conflict.

The Nasdaq Composite jumped 3.3% to 21,484.1 after midday Tuesday, while the S&P 500 increased 2.4% to 6,495.4. The Dow Jones Industrial Average added 2.1% to 46,161.5. Among sectors, communication services surged 4.1%, while tech jumped 3.5%. Energy saw the biggest drop.

West Texas Intermediate crude oil was down 1% at $101 per barrel. US gasoline prices surged past $4 per gallon earlier in the session.

The US-Israel war with Iran could end soon, The New York Post reported Tuesday, citing US President Donald Trump.

"It's a total obliteration" in Iran, Trump reportedly said. "We won't have to be there much longer -- but we have more work to do in terms of killing their offensive, whatever offensive capability they have left."

The Wall Street Journal reported on Monday that Trump was willing to end the war even if the Strait of Hormuz -- the world's most important chokepoint for crude flows -- remains largely closed.

The latest oil price shock comes at a time when inflation in the US already has been "too high for too long," Kansas City Federal Reserve President Jeff Schmid said.

"I don't think we can be complacent about the risks to inflation expectations," Schmid said. "With inflation already running hot, now is not the time to assume that the inflation from higher oil prices will be transitory."

US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.31% and the two-year rate falling 4.1 basis points to 3.79%.

In economic news, US job openings fell sequentially in February, while the hiring rate reached its lowest since April 2020, official data showed.

"One month doesn't make a trend, but the data predates the US/Israel-Iran war, which will test the labor market," Oxford Economics said in a note. "Weaker household spending and uncertainty are likely to influence (firms') hiring intentions and delay any rebound in the hiring rate."

US consumer confidence unexpectedly rose in March as views on current conditions improved, outweighing pessimism around the economic fallout from the Iran war, the Conference Board said.

In company news, chipmaking giant Nvidia ( NVDA ) has invested $2 billion in chip designer Marvell Technology ( MRVL ) as part of a partnership between the companies. Nvidia ( NVDA ) shares were up 4.6% intraday, the second-top gainer on the Dow, while Marvell ( MRVL ) surged 13%.

Biogen (BIIB) agreed to acquire biopharmaceutical firm Apellis Pharmaceuticals ( APLS ) , strengthening the former's immunology and rare disease portfolio and accelerating its expansion into nephrology. Apellis shares soared 136%, while Biogen fell 4%, among the worst performers on the S&P 500.

McCormick ( MKC ) agreed to combine with Unilever's ( UL ) food business in a deal that values the London-based consumer goods giant's unit at about $44.8 billion. Unilever's ( UL ) US-listed shares were down 6.2% intraday, while McCormick ( MKC ) fell 5.9%.

Sportswear giant Nike ( NKE ) is scheduled to report its latest quarterly financial results after the closing bell Tuesday.

Gold was up 3% at $4,662 per troy ounce, while silver jumped 6.4% to $75.1 per ounce.