09.04.2026 07:11

Global equities surged dramatically after news of a cease‑fire in Iran, pushing major indices to within roughly two percent of their all‑time peaks and returning to positive year‑to‑date territory. The rally was driven largely by cyclical stocks, with semiconductor companies posting the most pronounced gains, while the energy sector lagged behind and minimum‑volatility assets underperformed dramatically—now the weakest factor since the strategy report released in early March, despite the heightened flow of geopolitical risk over the past month.

At the sector level, the contrast was stark: semiconductor stocks outperformed energy by about 15% in a single day, and the overall market rotation favored cyclical industries. The United States market moved more modestly, yet the S&P 500 logged its sixth straight session of gains. In Europe and Asia, the advance was even more robust, highlighting the breadth of the recovery.

However, the optimism faded early this morning as doubts resurfaced regarding the durability of the cease‑fire. Asian markets began to erase a portion of their recent gains, and both European and U.S. futures slipped modestly, signaling that the rally may be tempered by lingering uncertainty about the conflict’s trajectory. (The content has been compiled from internet sources and refined by editorial review.)