To The Moon

On March 31, the US and Iran signaled a potential de-escalation of conflict, leading to a clear improvement in market risk appetite. US equities broadly rallied, with the $NASDAQ(.IXIC)$ rising 3.80% on the day. Against this backdrop, the biotech sector stood out, with $Spdr S&P Biotech Etf(XBI)$ gaining 7.53%, significantly outperforming the broader market. Looking over a longer time frame, this performance did not emerge in a single day. As of the March 31 close, XBI has risen approximately 4.8% compared to December 31, 2025, while the Nasdaq has declined about 7.1% over the same period. Since the escalation of tensions in the Middle East on February 28, volatility in tech stocks has increased, whil