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.