Small Caps Crush Q4 Earnings Amid Oil War Shock

The Headline

While oil surges past $100 on Iran war fears, small caps are posting Q4 beats that scream resilience.

How We Got Here

Markets have been a rollercoaster since the US-Iran conflict escalated weeks ago, trapping ships in the Gulf and spiking diesel to $5 a gallon. Energy costs bit into consumer spending, and Fed speakers hinted at delayed rate cuts. Q4 2025 earnings season opened with mixed signals—AI giants boomed, retailers fretted tariffs—but small caps, often nimbler,...