Let's bring in Max Kentner, HSBC's chief multi-asset strategist to talk about this close. Max, you know, I sit here the S&P 500 at 6142. It's a couple of points from the closing high from February 19th.Uh does it make sense that we're back here. Yeah. Um I think it does.It absolutely does because when we look at the earnings picture, that actually uh does really still look resoundingly good. And when we look particularly at uh forward earnings, when we look at Q2 earnings expectation, it is actually bizarre ...

Market Reaction & Risk Assessment - Initial market reaction to the US attack on Iran is expected to be a knee-jerk sell-off of risk assets and a buying of haven assets, followed by a quick rethink [2] - The severity of the market reaction depends on whether the conflict remains regional or broadens to affect US assets or extends beyond the Middle East [3] - A contrarian view suggests that if the nuclear threat of Iran is significantly hampered, it could remove a major risk to Middle East stability and be a net positive for stocks [6] - Monitoring trade flows in the Strait of Hormuz, Red Sea, and Horn of Africa is crucial; major disruptions would trigger alarms, first in commodities, then FX, and finally equities [11][12] Oil Market - Oil prices initially increased by approximately 4%, later paring back gains but still up almost 3% [3][4] - Brent crude's movement above $80 a barrel, a level not seen since early January, is a key number to watch [4] - Whether oil prices remain at or exceed $80 will be determined by events in the Strait of Hormuz [5] Treasury Market - The Treasury market's reaction is complex, influenced by both the Middle East situation and the US fiscal situation [8] - Concerns about higher energy prices potentially leading to higher inflation could send bonds in the opposite direction [8] - Market activity in long-dated bonds is currently muted, with low volume and little price change, but this could change soon [9] Geopolitical Factors - Iran's response, and its severity, is a key factor to watch [11] - The Tel Aviv 35 index closed at a record high for six consecutive days, indicating a positive market sentiment in Israel [7]