Blog — April 23, 2026
US-Israel-Iran Conflict: 50 Days Later, What the Charts Actually Show
Sometimes the cleanest way to understand a market move is to step away from the commentary and simply look at the charts. This isn’t a geopolitical take or a macro thesis. It’s a read of performance—what moved, when it moved, and how different asset classes behaved relative to each other.
Source: Analysis and visuals are generated using Portfolio Analytics on S&P Capital IQ Pro, with charts reflecting price returns from Feb 28 – Apr 18, 2026.
What the Charts Show
1. Equities: Down First, Then a Steady Climb
- Most equity indices trend lower through early-mid March
- Lows cluster around the last week of March
- Early April onwards, there’s a steady recovery
Not a sharp sell-off. Not a sharp rebound. A gradual drawdown followed by a gradual recovery. There are also clear regional differences:
- Emerging markets remain weaker through most of the period
- Developed markets recover earlier into April
2. Gold vs Silver: No Sharp Move Up
- Both gold and silver move down through March
- Prices stabilize as April begins
- There is no visible price spike
Given the backdrop, the charts don’t show a strong move into these assets.
3. Fixed Income: A Contained Dip
- Moves down to roughly -2% to -3% by mid-late March
- Recovers partially into April, but remains negative
Not flat, but also not a large move. A dip, followed by a partial recovery within a narrow range.
4. Energy: The Clearest Move
- Strong upward move into late March
- Peaks around end of March
- Softens through April
This is the most distinct trend on the page. Even so:
- The move doesn’t continue upward indefinitely
- It stabilizes after the peak
Putting It All Together
Across the full set of charts:
- Equities move down, then recover
- Gold and silver don’t spike
- Fixed income dips and partially recovers
- Energy rises, then stabilizes
There isn’t a single, uniform response across asset classes.
What Stands Out
Not everything moved the same way. Different assets responded differently, even within the same time window.
Final Take
Staying strictly with what the charts show:
- There was a drawdown
- Movements differed across assets
- One clear upward move showed up in energy
- And then most lines stabilized
If anything, the pattern is less about direction — and more about how uneven the response was across assets.