Global Markets Wrap: Ceasefire Extension Lifts Sentiment Amid Persistent Geopolitical Risks

index Update
U.S. Equity markets closed approximately 0.6% lower on Tuesday, as investor sentiment remained cautious over the possibility that a U.S.–Iran peace agreement may not be finalized before the ceasefire deadline. However, sentiment improved after market hours when President Donald Trump announced an extension of the truce. On the corporate front, UnitedHealth Group advanced more than 8% following better-than-expected Earnings and an upward revision to its outlook, while Amazon gained over 1% after announcing a significant Investment in AI firm Anthropic.

Market Movers
Among individual stocks, Electro-Sensors, Inc. emerged as a top gainer with a sharp rise of 72.43%, followed by Local Bounti Corporation, which climbed 54.79%. On the downside, Hub Cyber Security Ltd declined 54.41%, while Spruce Biosciences, Inc fell 26.05%, making them the biggest laggards of the session.

Commodities Update
Oil prices rebounded on Wednesday, with WTI crude trading near $91 per barrel and Brent Crude around $100, driven by renewed attacks on shipping linked to Iran that heightened Supply concerns in the Strait of Hormuz, despite ongoing ceasefire signals and potential diplomatic engagement.
Meanwhile, gold and silver also recovered, with gold rising above $4,750 per ounce and silver surpassing $78. The rebound came amid an extended ceasefire, though stalled negotiations and continued regional tensions kept uncertainty elevated. Both metals remain notably lower since the conflict began, with additional pressure stemming from Federal Reserve nominee Kevin Warsh’s relatively hawkish stance during his confirmation hearing.

Macro Updates
Mortgage rates in the U.S. declined to 6.35% for the week ending April 17, 2026, marking a third consecutive weekly drop amid easing Treasury yields. This supported a strong recovery in Mortgage activity, with total applications rising around 7.8–7.9%, refinancing increasing 5.8%, and home purchase applications advancing approximately 10%, indicating a rebound in housing Demand.
The U.S. dollar index remained largely stable at around 98.3, as markets weighed the extension of the U.S.–Iran ceasefire against ongoing geopolitical tensions and awaited further clarity on Federal Reserve policy. Sentiment was also influenced by Kevin Warsh’s emphasis on policy independence and Inflation management.

Bonds Commentary
The Yield on the U.S. 10-year Treasury note remained steady at approximately 4.3% on Wednesday, as investors balanced near-term relief from the ceasefire extension with persistent uncertainty surrounding developments in the Middle East. Market focus also remained on the upcoming Federal Reserve policy decision, with expectations of no immediate change in interest rates.

Futures Update
U.S. stock futures moved higher on Wednesday, with Dow and S&P 500 futures rising 0.7% and Nasdaq 100 futures gaining 0.9%. The upward movement reflected improved risk sentiment following the announcement of an indefinite ceasefire extension, although concerns over ongoing disruptions in the Strait of Hormuz continued to influence market outlook.

Following a modest pullback in the previous session, stocks continued to decline throughout Tuesday’s trading. The major indices initially gained but gradually slipped into negative territory as the day progressed. By the end of the session, they were close to their lows for the day. The S&P 500 dropped 45.11 points (0.63%) to close at 7,064.02. From a technical standpoint, the index is trading above a key resistance area and could potentially move higher. However, the 14-period RSI remains in overbought territory, indicating caution and suggesting that the rally’s momentum might slow or pause. Immediate resistance is near 7,200, with support around 6,955.