We are two minutes from the close on a day with a huge drop in benchmark Treasury yields, a 10% drop in benchmark oil prices, and a record-setting day for US equities.

It's quite a bounce back on all this optimism that this war between the US and Iran is coming to an end. Stuff to happen maybe on the weekend or on Monday.

Bears have covered $93 billion worth of short positions across US stocks so far this month, with the Russell 3000 and S&P jumping more than 9% over that time. Short covering is adding momentum to the rally.

A Goldman Sachs basket of the most shorted stocks jumped more than 13% this week. We've been batting around the question of how much of this is fundamental versus technical, and it looks like technicals at least have some element playing here.

US equity markets have not only clawed back all the losses from the war in Iran but have actually surpassed pre-war levels.

The S&P 500 closes at a record high, up 1.2%. The Nasdaq Composite and Nasdaq 100 each up about 1.5% to record highs. The Russell 2000 closes up 2.1% at a record high. Dow Transports surge 3% to a record high.

Energy sector down about 3% as we watch crude oil just plummet here.

No surprise to see cruise lines and airlines outperforming, certainly some of that has to do with energy prices backing off.

Energy stocks took a hit today. The State Street Energy Select Sector ETF fell 2.8%. This is because Brent crude futures fell more than 10% today, sending energy stocks lower.

CME Group and Intercontinental Exchange fell. Easing tensions in the Middle East could reduce market volatility that drives trading activity.

Let's check in on yields. Equities rallying for a third straight week and yields dropping for a third straight week on the day. Almost a near parallel shift downward in the curve, down about eight basis points on the two-year yield and seven basis points on your benchmark ten-year yield.