Ceasefire Doubts Jolt Global Markets

Global equities moved sharply over Wednesday, April 8, 2026, and Thursday, April 9, 2026, as investors weighed shifting signals around a Middle East ceasefire and the status of the Strait of Hormuz. U.S. stock futures were little changed overnight after a strong rebound in the prior regular session, while Asia-Pacific markets traded lower on Thursday morning.

In U.S. trading on Wednesday, major indexes posted their biggest gains in months. The S&P 500 advanced 2.51%, the Nasdaq Composite added 2.8%, and the Dow Jones Industrial Average jumped 2.85%, rising by more than 1,300 points for its best day since April 2025.

The rally followed an announcement by U.S. President Donald Trump of a two-week suspension of attacks on Iran, tied to a condition that Iran reopen the Strait of Hormuz. The waterway had been closed for five weeks amid ongoing conflict. Iran’s Foreign Minister confirmed that Tehran agreed to reopen the strait under those terms.

Sentiment then turned more cautious later on Wednesday after Iran’s parliamentary speaker, Mohammed Bagher Ghalibaf, said the United States had violated the ceasefire agreement. He pointed to continued Israeli attacks on Lebanon, a drone entering Iranian airspace, and what he described as the denial of Iran’s right to enrich uranium as breaches.

Asia-Pacific markets reflected that shift on Thursday, with broad declines across key benchmarks. South Korea’s Kospi fell 1.41%, Japan’s Nikkei 225 dropped 0.76%, Australia’s S&P/ASX 200 slipped 0.10%, China’s CSI 300 eased 0.72%, and Hong Kong’s Hang Seng Index declined 0.63%.

Analysts said the initial rebound did not remove the underlying risks, citing the number of actors involved and uncertainty over whether the ceasefire and the reopening of the Strait of Hormuz would be fully implemented. Eric Johnston of Cantor Fitzgerald said significant risks remain despite the earlier surge.

Beyond geopolitics, investors were also preparing for upcoming U.S. economic releases expected to shape near-term trading. Market participants were watching for the Personal Consumption Expenditure price index and weekly jobless claims, which were cited as potential drivers of market activity alongside developments in the Middle East.