Stocks rally as investors choose hope over realiy

US equities extended their two-day recovery with the S&P 500 adding 0.7% to 6,573.89 as Trump claimed Iran had requested a ceasefire — a claim Tehran immediately rejected as “false and baseless.” WTI crude briefly broke below $100 for the first time since the war began, and Brent slipped to $101. Gold surged 2.1% to $4,765 as the de-escalation narrative held, while data showed US retail sales and manufacturing beat expectations in February. All eyes now turn to Trump’s prime-time address to the nation (midday Thursday AEDT), where he is expected to declare military success and signal a 2–3 week exit from the conflict. The ASX is pointed to a modest open of 8,728 (+0.2%), though analysts warn the late-week selloff pattern that has dogged markets since the war began still looms.