Global stock markets, as measured by the MSCI All Country Index, are nearing a full recovery from losses incurred following the event referred to as "Liberation Day" approximately one month ago. The S&P 500 index has remained essentially flat since Liberation Day, indicating that the market had largely priced in the event's impact. However, the Nasdaq has experienced a decline of 0.9%, while the S&P 500 is down by 1.8% from its levels at Liberation Day, reflecting some sector-specific or broader market pressures despite the overall recovery trend.