Peak to Trough in the S&P 500 Around Spikes in the Geopolitical Risk Index

Most geopolitical shocks haven’t caused lasting market impacts. Oil tends to surge when tensions rise in the Middle East, gold gets a lift, Treasuries draw buyers unless energy prices spiral, and equities typically retreat.

Image: Goldman Sachs Global Investment Research

Peak to Trough in the S&P 500 Around Spikes in the Geopolitical Risk Index