The Big Picture
A fragile ceasefire between the United States and Iran dominated markets this week, triggering the sharpest single-day oil price decline since 2020, a powerful equity rally, and a wave of repositioning across every major asset class. For the week, the S&P 500 gained 3.6% to close at 6,816.89, the Nasdaq Composite surged 4.7% to 22,902.89, the Dow Jones Industrial Average rose 3.0% to 47,916.57, and the Russell 2000 advanced roughly 2.9% to 2,636.31. It was the best weekly performance for the S&P 500 and Nasdaq since November 2025.
The VIX (the CBOE Volatility Index, a widely followed gauge of expected market turbulence over the next 30 days) settled at 19.49 on Friday, down sharply from the elevated levels that had persisted during the peak of the Iran conflict. While still above the long-run average near 15, the move lower reflects a meaningful de-escalation in fear — even if uncertainty has not been fully resolved.