When Trump announced the US-Iran ceasefire Tuesday, Wall Street went full risk-on.

The Dow jumped 1,325 points — up 2.8% — to close at 47,909. The S&P 500 added 2.5%. Nasdaq popped 2.8%. The Russell 2000 gained 3%. Oil dropped below $95 a barrel. Somewhere, a trader bought a boat.

By Thursday, the mood had sobered. Oil climbed back toward $96-98. Asian markets were still green — Nikkei up 1.5%, Hang Seng up 1.1%, Kospi up 1.8% — but the euphoria had faded into cautious positioning ahead of the weekend talks in Pakistan.