Improving expectations around renewed U.S.-Iran diplomacy pushed global markets into a clear risk-on session on April 15. Equities advanced, gold retreated, and bitcoin remained near multi-week highs as institutional demand continued to support the asset despite macro uncertainty.
Stocks rally as the S&P 500 and Nasdaq lead
The S&P 500 closed at a record 7,022.95, up 0.80% on the day, marking its first all-time closing high since late January. Technology shares again led the move, helping the Nasdaq Composite rise 1.59% to 24,016.02 and post its 11th straight daily gain. The Dow Jones Industrial Average, however, slipped 0.15% to 48,463.72 as weaker oil prices weighed on energy and industrial names.
Investor sentiment improved as optimism grew over the possibility of renewed negotiations between Washington and Tehran, along with a potential extension of a ceasefire. That eased concerns over disruptions to oil flows through the Strait of Hormuz and encouraged rotation away from traditional safe-haven assets.
Gold softens while silver moves higher
As safe-haven demand faded, COMEX gold fell 1.05% to $4,791, after reaching an intraday high of $4,871.51. A weaker U.S. dollar, hovering near a six-week low, offered some support, but profit-taking and the broader shift in risk appetite dominated price action. Analysts continued to watch the $4,900 level as an important technical threshold for sustaining bullish momentum.
Silver moved the other way. Supported by expectations for industrial demand and a softer dollar, silver gained about 1.6% to close near $80.87 per ounce, holding mostly within a 79-to-80-plus range during the session.
Rates stay higher-for-longer as bitcoin consolidates
In rates markets, the U.S. 10-year Treasury yield opened at 4.242% on April 15. The backdrop remains shaped by March CPI data, which showed a 0.9% monthly increase—the largest since June 2022—and lifted annual inflation to 3.3%. While core inflation was softer than the headline figure, energy-driven pressure kept expectations for rate cuts limited.
Fed funds futures and CME FedWatch continued to reflect a higher-for-longer view, with markets pricing the Federal Reserve to keep rates unchanged in the 3.5% to 3.75% range through May. Additional uncertainty surrounding the planned departure of Fed Chair Jerome Powell added another layer of caution to interest-rate expectations.
ETF inflows continue to underpin bitcoin
Against that macro backdrop, bitcoin remained relatively firm. The cryptocurrency opened near $74,175, down about 0.4% on the day, but stayed above key support levels. Since geopolitical tensions intensified earlier in the month, bitcoin has risen roughly 12.3%, supported by continued inflows into spot ETFs and structural buying from companies such as Strategy.
Even so, $75,000 and $76,000 remain important resistance zones. Markets across asset classes are still sensitive to any reversal in ceasefire talks or fresh energy shocks that could revive inflation pressure and demand for safe havens. For now, bitcoin appears to be consolidating at elevated levels, supported by institutional flows while broader macro risks remain unresolved.