Then and now: Comparing where the S&P 500, crude and other assets are to the pre-war situation

MW Then and now: Comparing where the S&P 500, crude and other assets are to the pre-war situation

By Steve Goldstein

An Iranian man holds up picture of Iranian supreme leader Ayatollah Mojataba Khamenei as others react to a cease-fire announcement at the Enqelab square, in Tehran, on April 8 2026. Financial markets have changed during the six-week old conflict.

The cease-fire reached between the U.S. and Iran on Tuesday night offer a marker to show what has, and what has not, shifted in global financial markets.

The situation for most assets is a lot different - except, oddly enough, in the stock market.

Brent crude: The 13% decline in the front-month oil contract (BRN00) of the international benchmark to $94.65 still leaves the contract 29% higher than what it was before the U.S. and Israel first attacked Iran on Feb. 28.

The front-month WTI contract (CL00) is 43% higher than where it stood. Gasoline futures (RB00) are 30% higher.

S&P 500 futures: At 6,830 as of Wednesday morning, the key equities contract (ES00) is just 0.7% away from the pre-war level.

Nasdaq 100 futures: At 25,184, the futures contract for the tech sector (NQ00) actually stands 0.7% above where they were before the war.

The U.S. dollar index DXY fell 1% to 98.85, but that's still 1.2% above pre-war levels.

The yield on the 10-year Treasury BX:TMUBMUSD10Ywas 4.24%, versus the 4.01% level before the war. Yields move in the opposite direction to prices.

Gold (GC00) is trading up 3% on the day, to $4,843.50 an ounce - down some 9% from pre-war levels.

Silver's (SI00) at $77.10, down 18% from the pre-war close.

-Steve Goldstein

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April 08, 2026 04:06 ET (08:06 GMT)

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