Forex & CFD Risers & Fallers Last Quarter

The last three months have been a period of significant change for markets, with solid gains in equities signalling that traders have an appetite for risk following the effective end of the war in the Middle East. What do these trends indicate for future performance?

Top Ten Forex & CFS Movers in the Last 3 Months

Gainers

1. Nikkei 225, +35%
2. Nasdaq 100, +22%
3. Russel 2000, 18%
4. Euro Stoxx 50, +12%
5. S&P 500, +12%

Losers

1. VIX, -40%
2. Silver, -21%
3. Platinum, -19%
4. Palladium, -18%
5. Brent, -18%

Tech and the War Dominate Markets

As the quarter nears its end, it's already possible to identify certain patterns in how markets have performed during Q2. A quick look at the biggest movers shows that the impact of the war with Iran is evident. The conflict began in March, and markets bottomed out near the start of the second quarter. They were able to capture the rebound, the relief rally when military operations ended, and the surge when a deal was signed to reopen the Strait of Hormuz. This left the Q2 with some of the strongest stock gains in years amid a resurgent tech sector. AI-backed stocks got a boost following strong Q1 earnings, and the war also helped the sector, as investors reversed the prior rotation that had benefited industrials. Higher energy prices squeezed profit margins, with the much narrower margins in manufacturing making the sector more vulnerable to an energy supply crisis. Meanwhile, tech, largely based in America, which did not see its oil supply as a threat, offered comparatively larger margins and less impact from the war.

The question for tech heading into the third quarter is whether it can maintain the momentum, and there are already troubling signs that SpaceX's IPO could have been the high-water mark. Following the signing of a deal to extend the ceasefire with Iran, tech stocks tanked and have struggled to regain momentum. Higher inflation expectations are pushing the Fed towards raising rates, with the market seeing a 70% chance of a hike by the end of next quarter. This is pressuring tech stocks, which aren't as appealing as energy prices fall and industrials recover their margins. Q2 earnings season starts in three weeks, and it will be a major health check for AI-based tech stocks to see whether they are living up to the hype over the last three months. Historically, June has never had an annual market peak, but as the summer approaches, the risk of a market correction increases. Here's what's been driving some of the action behind last quarter's biggest Forex and CFD risers and fallers:

Japan Wins the Memory Rally

The dominance of stock indices in the top-performing futures is notable this quarter, but the biggest winner by far was the Far East. The Nikkei 225 scored multiple record highs, despite the BOJ raising rates this month. After chips drove tech stocks in prior years, 2026 has been the year of memory, supporting the build-out of AI. The large number of memory and other AI-infrastructure-related stocks in Japan were the main drivers of the index's outperformance over the last quarter. According to the CEOs of multiple companies in the space, demand is expected to outstrip supply for at least the rest of the year, which could support the sector. But memory stocks are notoriously volatile, given wide swings in demand and relatively inelastic supply.

Precious Metals Lose Their Shine

The fallers are also notably dominated by precious metals, with silver in particular having lost almost half of its value from its record highs earlier in the year. Geopolitics drove precious metals higher earlier in the year. As risk appetite returned, as noted in the large drop in the volatility index (VIX), traders moved out of safe havens. The Fed's hawkish pivot at its June meeting shored up the dollar at the expense of all the precious metals. Oversupply is particularly weighing on platinum-group metals, as slower car sales are weighing on demand for catalytic converters.