This isn’t the first time energy stocks have zigged while everything else has zagged. It seems to be a feature, not a bug.

The S&P 500 typically fully recovers within a few weeks of a major geopolitical shock such as an invasion or attack, Deutsche Bank Research found.

Defense stocks, already lifted by Russia's conflict with Ukraine, have made modest gains since Israel launched its attacks. The S&P 500 Aerospace and Defense index hit record highs early last week in the culmination of a rebound of over 30% from losses in the wake of Trump's April 2 "Liberation Day" tariff announcements.