March 31, 2026: Trump on Iran Withdrawal Timeline, Stocks Jump, More

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There was a dramatic recovery in the stock market today on the final day of the first quarter.

The rally was driven by speculation that both the U.S. and Iran may be looking for a way

out of the war.

Then after the bell president Trump said he sees the U.S. ending the war in Iran within

two to three weeks.

Trump also called on other nations to seize control of the Strait of Hormuz.

What happens with the Strait, we're not going to have anything to do with because these

countries, China, China will go up and they'll fuel up their beautiful ships and they'll

leave and they'll take care of themselves.

There's no reason for us to do it.

We hit them hard.

We got rid of a lot of the radicalized lunatics along the Strait.

But if they want something, but I would say that within two weeks, maybe, two weeks,

maybe three.

Trump also indicated it was possible that Iran could still reach a deal with the U.S.

during that time frame.

And he said an agreement with Tehran was not necessary for the war to end.

The United Arab Emirates is reportedly preparing to help the U.S. and other allies open the

Strait of Hormuz by force.

The Wall Street Journal reports the UAE is lobbying for a UN Security Council resolution

to authorize such action.

The UAE is also reviewing how it could play a military role in securing the Strait.

Earlier today, Iranian State media reported President Masood Purgeskin saying the Islamic

Republic has the necessary will to end the war, however, only with guarantees to prevent

the recurrence of aggression.

On Wall Street, the S&P 500 climbed nearly 3% today in the Nasdaq composite added 3.8%.

Here is Lauren Sanfilippo of B of A, Private Bank.

We're watching the damage and duration of what's going on in the Middle East, right?

And that's what matters.

How much longer, which we don't really have a clear signal on that, and what damage to

the energy infrastructure?

Because that will dictate what this recovery will look like on the other side.

That is Lauren Sanfilippo of Bank of America, Private Bank.

An American journalist was kidnapped on Tuesday in Baghdad and Iraqi security forces are

pursuing her captors.

The freelance journalist was identified by one of the outlets she worked for as Shelley

Kiddelsen, a U.S. official blame the Iran-backed Iraqi militia group Kataib Hezbollah.

In the States, a federal judge has moved to Halt, President Trump's efforts to build

a new ballroom at the White House until he gets approval from Congress.

The judge held that the president likely exceeded his legal authority by overseeing construction

of the ballroom.

Even so, the judge did pause the effect of his order for 14 days, given logistical issues

with halting construction.

Now the cost of the ballroom could be as much as $400 million using privately raised funds.

The U.S. Supreme Court has struck down a ban on conversion therapy, the court ruled in

favor of a Christian counselor who says she has a constitutional right to engage in talk

therapy to try to change a child's sexual orientation or gender identity.

The court said Colorado's ban on conversion therapy for minors infringes on free speech

rights by discriminating on the basis of viewpoint.

The case was brought by counselor Kayleigh Child, she called the decision a win for free

speech.

I'm grateful that my speech is protected, but I'm even more excited that families and

children seeking access to counseling that respects biological reality will be able

to get the help that they need.

Now this ruling is expected to eventually make similar laws in other states unenforceable.

In business news, OpenAI raised $122 billion in its latest funding round, and the financing

will help the company with its costly push for more computer chips, data centers, and

talent.

OpenAI now has a valuation of $852 billion.

Here is Bloomberg Sharin Gaffrey.

Now I think the thinking behind this round of particularizer CFO, Sarah Fryer, said

on a press call this morning was that this round in general gives them some flexibility.

So of course, you know, all these companies, as we reported, are looking toward an IPO,

but also if they're able to raise this amount of large cash and get some exposure to retail

investors in the meantime, that also gives them the option to wait if they want to for

that IPO.

That is Bloomberg Sharin Gaffrey.

After the Bell Nike reported better than expected sales, earnings per share also surpassed

expectations.

However, sales in China continued to decline, dropping by 7%.

We got reaction from Poonam Goyal, senior retail analyst at Bloomberg Intelligence.

If you looked at the numbers closely, you know, it's down a lot to this quarter.

So there's added pressure for Nike as we move into the near term, the fiscal fourth quarter

and even into their early fiscal 2027, which I think has caused some skepticism on whether

the turnaround will take now even longer.

That is Poonam Goyal from Bloomberg Intelligence.

Shares in Nike were down by 3.7% in late U.S. trading.

And that is news when you want it with Bloomberg News Now.

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