Federal immigration officers have arrived at U.S. airports, fulfilling President Donald Trump's pledge to deploy them to help the Transportation Security Administration during a partial government shutdown. The shutdown has caused long lines at security checkpoints across the country.
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Federal immigration agents peer over railings on the floor above the lines of air travelers progressing to the TSA security checkpoint in Terminal C at the George Bush Intercontinental Airport, Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
People wait in a TSA line at the John F. Kennedy International Airport, Sunday, March 22, 2026, in New York. (AP Photo/Yuki Iwamura)
A traveler speaks to police officers at Los Angeles International Airport on Monday, March 23, 2026, in Los Angeles. (AP Photo/Ethan Swope)
A closed security checkpoint is seen empty at Baltimore/Washington International Thurgood Marshall Airport in Baltimore, Monday, March 23, 2026. (AP Photo/Stephanie Scarbrough)
Federal immigration agents are seen at Newark Liberty International Airport, Monday, March 23, 2026, in Newark, N.J. (AP Photo/Angelina Katsanis)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Emilie Megnien)
Federal immigration agents walk through Terminal 5 at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
A traveler walks inside a terminal at Los Angeles International Airport on Monday, March 23, 2026, in Los Angeles. (AP Photo/Ethan Swope)
People wait in long TSA security lines at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Mike Stewart)
Federal agents step off the inter-terminal subway as they prepare to leave the George Bush Intercontinental Airport and transfer over to Hobby Airport Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
Air travelers progress through the long lines for the TSA security checkpoint in Terminal C at the George Bush Intercontinental Airport, Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Mike Stewart)
People wait in long TSA security lines at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
Federal immigration agents are seen at Newark Liberty International Airport, Monday, March 23, 2026, in Newark, N.J. (AP Photo/Angelina Katsanis)
Federal immigration agents peer over railings on the floor above the lines of air travelers progressing to the TSA security checkpoint in Terminal C at the George Bush Intercontinental Airport, Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
People wait in a TSA line at the John F. Kennedy International Airport, Sunday, March 22, 2026, in New York. (AP Photo/Yuki Iwamura)
A traveler speaks to police officers at Los Angeles International Airport on Monday, March 23, 2026, in Los Angeles. (AP Photo/Ethan Swope)
A closed security checkpoint is seen empty at Baltimore/Washington International Thurgood Marshall Airport in Baltimore, Monday, March 23, 2026. (AP Photo/Stephanie Scarbrough)
Federal immigration agents are seen at Newark Liberty International Airport, Monday, March 23, 2026, in Newark, N.J. (AP Photo/Angelina Katsanis)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Emilie Megnien)
Federal immigration agents walk through Terminal 5 at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
A traveler walks inside a terminal at Los Angeles International Airport on Monday, March 23, 2026, in Los Angeles. (AP Photo/Ethan Swope)
People wait in long TSA security lines at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Mike Stewart)
Federal agents step off the inter-terminal subway as they prepare to leave the George Bush Intercontinental Airport and transfer over to Hobby Airport Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
Air travelers progress through the long lines for the TSA security checkpoint in Terminal C at the George Bush Intercontinental Airport, Monday, March 23, 2026, in Houston. (AP Photo/Michael Wyke)
Federal immigration agents are seen at the Hartsfield-Jackson Atlanta International Airport, Monday, March 23, 2026, in Atlanta. (AP Photo/Mike Stewart)
People wait in long TSA security lines at John F. Kennedy International Airport (JFK) in the Queens borough of New York, Monday, March 23, 2026. (AP Photo/Ryan Murphy)
Federal immigration agents are seen at Newark Liberty International Airport, Monday, March 23, 2026, in Newark, N.J. (AP Photo/Angelina Katsanis)
NEW YORK (AP) — Relief is flowing through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war. Oil prices are easing, and stock prices are jumping on Wall Street following severe losses taken elsewhere in the world before Trump’s announcement.
The price for a barrel of Brent crude fell 10% to $100.96, down from nearly $120 at one point last week, after Trump said the United States and Iran held productive talks the last two days “regarding a complete and total resolution of our hostilities in the Middle East.” The S&P 500 rose 1.5% toward its best day since the war began.
The market's moves remain tentative, though, and Iran denied such talks took place. The S&P 500 trimmed its gain, which had reached 2.2% in the morning.
Over the weekend, Trump had threatened to “obliterate” Iran’s power plants if it doesn’t open up the Strait of Hormuz within 48 hours. The narrow waterway off Iran's coast has become a sore point for Trump and the economy because its near-closure has prevented oil tankers from leaving the Persian Gulf to supply customers around the world.
Trump said Monday that he is postponing attacks on Iranian power plants for five days to allow talks to continue. Quickly afterward, Iranian state media cited Iranian officials as denying any talks like Trump described and said Trump had backed down “following Iran’s firm warning.”
The price of Brent crude fell as low as $96 immediately after Trump announced the postponement, but it quickly recovered a chunk of that loss. Benchmark U.S. crude had a similar reaction, immediately dropping toward $84 per barrel before yo-yoing back above $92 and then falling back to $89.17.
Financial markets have had vicious swings, both up and down, since the war began because of uncertainty about how long it may last. The fear is that a long-term disruption could keep so much oil and natural gas off global markets that it creates a debilitating wave of inflation for the global economy.
The frenzied swings of the past few weeks are similar to, but not as dramatic as, those that hit last year when Trump shocked the global economy on “Liberation Day.” Many of his worldwide tariffs ended up being milder than he initially threatened, and the back-and-forth in negotiations led to historic moves up and down.
Still, Monday's overriding reaction in financial markets was one of relief. The Dow Jones Industrial Average was up 830 points, or 1.8%, as of 1:58 p.m. Eastern time, after soaring nearly 1,135 points during the morning. The Nasdaq composite jumped 1.6%.
In Europe, stock indexes immediately flipped from losses to gains following Trump’s announcement and then held onto them. France’s CAC 40 rose 0.8%, and Germany’s DAX returned 1.2%.
That compares with sharp drops for Asian stock markets, which finished trading before Trump made his announcement. South Korea’s Kospi careened 6.5% lower, Japan’s Nikkei 225 dropped 3.5% and Hong Kong’s Hang Seng fell 3.5%.
Treasury yields also eased in the bond market following Trump’s announcement. High Treasury yields and disruption in the bond market were main factors that Trump named a year ago when he backed off his initial threats for global tariffs. The moves caused critics to allege Trump always chickens out, or “TACO,” if financial markets show enough pain.
Like oil prices, Treasury yields still remain well above where they were before the war began, even after Monday's drop. The worry is that high oil prices could keep the Federal Reserve and other central banks from resuming their cuts to interest rates, which would give the global economy and prices for investments a boost.
The yield on the 10-year Treasury fell to 4.34% from 4.39% late Friday. But it remains solidly above its 3.97% level from just before the war.
On Wall Street, Monday's rally was so widespread that four out of every five stocks rose within the S&P 500.
Toward the head were companies with big fuel bills that will benefit from any easing of oil prices. Norwegian Cruise Line Holdings surged 8.1%, while United Airlines climbed 5%, and American Airlines rose 4.7%. All, though, are still down for the year so far.
Stocks of smaller companies also led the market, and the Russell 2000 index of smaller stocks jumped 2.9%. It had dropped last week to 10% below its record, a sharp enough fall that professional investors call it a “correction.”
The S&P 500, which is the main measure of the U.S. stock market’s strength, pulled back within 6% of its own all-time high set early this year.
AP Business Writers Yuri Kageyama, Matt Ott and Chan Ho-him contributed.
Michael Capolino works on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)
The New York Stock Exchange is seen in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)
The New York Stock Exchange is seen in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)
FILE - Liberia-flagged tanker Shenlong Suezmax, carrying crude oil from Saudi Arabia, that arrived clearing the Strait of Hormuz, is seen at the Mumbai Port in Mumbai, India, Thursday, March 12, 2026. (AP Photo/Rafiq Maqbool, File)
A person walks near an electronic stock board showing Japan's Nikkei index at a securities firm Monday, March 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
A person looks at an electronic stock board showing Japan's Nikkei index chart at a securities firm Monday, March 23, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)
Traders work on the floor at the New York Stock Exchange in New York, Thursday, March 19, 2026. (AP Photo/Seth Wenig)