The stock market has regained most losses inflicted by the Iran war, despite ongoing global trade and energy market disruption.

Investors seem unfazed by the continued chokehold of the Strait of Hormuz, and oil prices fell somewhat on the news that Iran and the US could meet for talks again this week.

But the real economy showed signs of pain. Nissan and Stellantis vehicle sales were cut in half in the Middle East and luxury brands Hermès, Kering, and LVMH saw shares fall after they reported sales growth slowdowns, hurting the sector’s fragile recovery from a yearslong slump.

One sector definitely doing well is investment banking: Wall Street’s biggest banks saw record first-quarter earnings as geopolitical shocks drove trade volumes.