And it only took less than a day. Buy value, sell hysteria. Every time when there's a panic in markets, that is the key lesson to always be reminded of. And even more so these days when markets are quick to forget and move on to the next big headline.
After the opening gap lower, it was one-way traffic for US equities as stocks finished higher on the day. The S&P 500 closed at the highs, up over 0.6% as dip buyers win out in back-to-back sessions of having to deal with jitters at the open:
US Treasuries will have some catching up to do with the risk-off wave from yesterday, with 10-year yields sinking lower now to 4.64%. But as broader markets have already seemingly recovered, we're now back to the regular scheduled programming.
And that means keeping the focus on the US CPI data coming up later this week. That will be a more lasting and more impactful event for markets as a whole, as the Middle East conflict fades into the background.