Traders work on the floor of the New York Stock Exchange (NYSE) during the opening bell in New York on March 24, 2026.
Angela Weiss | AFP | Getty Images
A two-week ceasefire between the United States and Iran has sparked a rally in risk assets, sending stocks higher and oil tumbling, while continued demand for gold and Treasuries indicates the market continues to hedge against uncertainty.
American President Donald Trump said he accepted suspend planned attacks on Iranian infrastructure for two weeks, subject to Iran agreeing to a “FULL, IMMEDIATE and SAFE OPENING of the Strait of Hormuz”.
Stocks jumped across regions, with Asian benchmarks and U.S. futures rising, as investors seized the announcement as a potential turning point in a conflict that has roiled markets for weeks.
South Korea Kospi jumped more than 5%, while the small-cap Kosdaq rose 3.4%. from Japan Nikkei 225 rose 4%, while the Topix was 3.2% higher. Australia S&P/ASX200 advanced 2.7%. that of Hong Kong Hang Seng Index rose more than 2%, while mainland China’s CSI 300 index rose 2.15%.
Stock chart iconStock chart icon
Gold price since the beginning of the year
Futures contracts linked to the Dow Jones Industrial Average increased by 967 points, or 2.1%. S&P 500 Futures Contracts added 2.1%, and Nasdaq 100 Futures climbed 2.3%.
Bitcoin jumped more than 2% to $71,508.
Safe havens, which would generally tend to sell off in the event of a de-escalation, also found support. Spot gold rose 2.2% to $4,803.83 an ounce, while gold futures added more than 3% to $4,835.90.
Iranian Foreign Minister Abbas Araghchi said in a message on X that Tehran would stop its “defensive operations”, adding that the safe passage of ships through the Strait of Hormuz was “possible” for the next two weeks in coordination with the country’s armed forces.
Investors also flocked to U.S. Treasuries, with yields on the 10-year and 20-year debt falling 9 basis points to 4.253% and 4.839%, respectively. Yields on 30-year Treasury notes fell 7 basis points to 4.851%.
“We are indeed seeing a relief rebound coming on top of a still fragile macroeconomic backdrop,” said Billy Leung, investment strategist at Global X ETFs.
“Stocks are reacting to headlines about de-escalation, but investors are not completely removing hedges given the uncertainty of the underlying situation,” he told CNBC via email.
Leung said the current move reflects more of a positioning reset than a decisive return to a sustainably risk-friendly environment.
“Relief and coverage can coexist,” Leung said. “Investors add risk tactically, but hold or even add defensive stocks to protect against a reversal or other sudden headlines.”
This dynamic partly explains why bonds and gold continue to attract capital flows, even as stocks recover.
Underlying macroeconomic concerns also remain unresolved. Although falling oil prices may ease immediate inflationary fears, the broader impact of wartime energy spikes continues to ripple through the global economy. “Growth concerns are growing alongside the inflationary shock,” Leung added.
At the same time, oil prices have fallen below $100 per barrel. THE West Texas Intermediate The contract fell more than 14% to $96.98 a barrel, while international benchmark Brent lost more than 12% to around $96 a barrel.
That said, some market observers remain skeptical that the ceasefire will hold.
“TACO is becoming less of a joke and more of a markets trading strategy. Investors have seen enough last-minute changes to know that a two-week delay is not necessarily what it seems,” said Zavier Wong, market analyst at eToro.