You have to wonder, what was the past three weeks all for then? US president Trump is now saying that they've had "very good and productive" talks with Iran to put an end to all hostilities in the Middle East. And that there will be a ceasefire of sorts now for a period of five days as negotiations continue during this time period.It is pretty clear that we've reached a threshold where Trump no longer has the appetite to keep the war going. Or at least not in a way that was in the last few weeks. Right from the start, it already led to all the things he did not like whatsoever in markets. As mentioned at the time, it had everything on the list:Higher oil prices ✔Lower stock market ✔Weaker conviction by the Fed to cut rates amid inflation fears ✔Higher bond yields/rates ✔Stronger US dollar (to some extent) as the trade war rages on too ✔So, what's next?I don't want to say that this will be the end of all hostilities in the region. It is quite clear at this stage that Iran still holds significant leverage in being able to place a blockade on the Strait of Hormuz. And that means at any time that the conflict begins to escalate again, they can play this card.And even during this supposed ceasefire period, I doubt we will see commercial vessels take the risk to transit through the strait. There might be some willing enough to take up that risk and that could lead to more ships passing through. But on any restart of shipments, I would expect things to be slow. Think of it as a slow trickle back to normality rather than an immediate zero to one hundred.In any case, emotions are running high across markets and we're risk appetite return with a bang.S&P 500 futures were down by as much as 1% earlier in the day but are now up 1.8% currently. That after having been on the verge of an even bigger meltdown as indicated by the charts here. If you think Trump is not watching the stock market closely, this is another clear indication that he definitely does pay attention. This article was written by Justin Low at investinglive.com.