A. M. 
US stock markets opened sharply higher on wednesday, in line with a global rally in risk assets, after a temporary ceasefire agreement between Washington and Iran significantly reduced geopolitical tensions.
The easing of tensions on the international stage led to a drop in energy prices, boosting investor optimism after several weeks marked by uncertainty and volatility.
Major indexes rise
In early trading, the main stock market indices showed gains of nearly 3%:
• S&P 500
• Dow Jones
• Nasdaq
The surge was led by the technology sector, particularly companies linked to artificial intelligence and growth, which had recently been punished amid risk aversion.
A shift in investor sentiment
The rebound is partly due to a reposition by investors, who began to unwind defensive strategies adopted during the conflict. The repurchase of short positions also played a role, accelerating market gains.
Meanwhile, US Treasury bonds posted gains, while their 10-year yield fell to around 4.25%. In Europe, rates also showed steeper declines.
Mark Haefele, Chief Investment Officer of UBS Global Wealth Management, recommended holding investments despite short-term uncertainty, emphasizing the importance of diversifying portfolios beyond traditional assets.
Weak dollar and rising commodities
The shift in the global environment was also reflected in a depreciation of the dollar, which benefited other assets. In this context, gold surpassed US$4,800 per ounce, a move associated more with risk recalibration than a traditional search for safe havens.
Other metallic commodities also registered increases, supported by a renewed appetite for risk.
Emerging markets and cryptocurrencies join the rally
The optimism extended to emerging markets, which recorded their best day since 2022, with gains in stock markets and appreciation of their currencies against the dollar.
This environment particularly benefits energy-importing economies, as the drop in oil prices reduces pressure on inflation, fiscal accounts, and the balance of payments.
In Asia, capital flows were directed mainly toward technology companies, particularly in the semiconductor sector.
The cryptocurrency market also reflected the change in sentiment. Bitcoin rose nearly 5%, reaching levels close to US$72,000, its highest point in three weeks, in line with the performance of other risk assets.
Short-term risks persist
Despite the strong rebound, analysts warn that doubts remain about the sustainability of this momentum. The agreement between the United States and Iran is temporary, and significant differences still exist between the two sides.
Furthermore, transit through the Strait of Hormuz remains restricted, with numerous vessels being held up, affecting the global energy flow. The normalization of production, including liquefied natural gas in Qatar, could take several weeks.
According to Felipe Barragán, a strategist at Pepperstone, the continuation of this favorable environment will depend on whether the ceasefire evolves into a lasting diplomatic solution or whether tensions resurface after the agreed period.
A market attentive to geopolitics
In this context, global financial markets are showing a recovery driven by geopolitical relief, but they remain attentive to international developments. The evolution of conflict and energy stability will be key factors in determining whether this rebound consolidates in the coming weeks.
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