US equity markets posted strong gains in the aftermath of the ceasefire announcement. The gains would have been larger if not for lingering uncertainty around the sustainability of a ceasefire given ongoing fighting in Lebanon and unanswered questions about Hormuz tolls and uranium enrichment.

For now, the mood is very positive:

• S&P 500 +2.5%
• Nasdaq Comp +2.8%
• Russell 2000 +2.8%
• Toronto TSX Comp +1.1%
• Dow Jones Industrial Average +2.8%

The top performers were travel names, memory chip names, consumer discretionary and housing related stocks (on lower mortgage rates):

• Carnival Cruise Lines +10.4%
• United Airlines +8.4%
• WDC +8.4%
• Micron +7.4%
• Sherwin Williams +6.9%
• Ralph Lauren +7.1%
• LEVI +10.4% (after earnings)

It was a long list of strong gainers while the losers were in energy, fertilizers and chemicals including:

• CF Industries -6.4%
• Dow Inc -5.7%
• Occidental -5.4%
• Exxon -5.4%