CNBC — 2026-04-08#
Lead Story#
The announcement of a fragile two-week ceasefire between the U.S. and Iran sent global markets soaring and oil prices plummeting, though geopolitical skepticism remains high as both sides accuse the other of immediate violations.
Markets & Economics#
Wall Street celebrated the geopolitical de-escalation, with the Dow Jones Industrial Average ripping 1,325 points higher for its best day since April 2025, while the S&P 500 and Nasdaq Composite popped 2.51% and 2.80%, respectively. West Texas Intermediate crude crashed over 16% to $94.41 per barrel, but the physical spot price for Brent crude hovered significantly higher at $124.68, signaling that the actual supply chain disruption is far from resolved. The ceasefire abruptly shifted market expectations back toward a Federal Reserve rate cut this year, with implied odds jumping to 43% from 14% prior to the announcement. Furthermore, newly released March FOMC minutes confirmed that policymakers still anticipate rate reductions this year, provided inflation data cooperates, while acknowledging the need to remain nimble amid energy shocks. In the bond market, the 10-year Treasury yield dropped 4 basis points to 4.301% as inflation fears temporarily cooled.