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How Wall Street Stopped Worrying and Learned to Love the Bomb

In an informal survey of the lords of high finance, executives praised Trump’s strike on Iran, admitted to getting a little verklempt over Israel, and said they won’t worry about the market until there are American boots on the ground. It’s the New York mayor’s race that keeps them up at night.

Zohran Mamdani
Mamdani, who will almost certainly become New York’s next mayor in the general election this fall, has proposed raising taxes on millionaires, free childcare, free buses, and a government-run grocery store in each of the five boroughs. Photo: Michael M. Santiago/Getty Images
William D. Cohan
June 25, 2025

It’s still early, of course, and things could still escalate, but Trump’s decision to bomb Iran seems to be a big hit on Wall Street. Not only did the major U.S. stock indices rally on Monday and Tuesday, but so did the bond markets, the dollar, and, go figure, Bitcoin. Also surprising: The price of oil declined significantly, too. (There was some giveback today, as markets grappled with the competing narratives about the strike and its degree of success.)