U.S. futures and equities initially jumped when signals of potential de‑escalation in the Iran conflict trimmed some risk premia and sparked a large Dow rally. Later episodes of escalation reversed some of that optimism—oil jumped and the Dow dipped—underscoring how fragile rallies have been and how quickly geopolitical shifts reopen volatility. The recent report that the Strait of Hormuz reopened and pushed the Dow higher while sending oil and names like Netflix lower shows markets are quickly re-pricing on each Hormuz update.
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