2023年10月7日Hamas袭击造成以色列逾1,200人死亡后，以色列股市下跌12%，但基准指数TA-35在当月底开始反弹，至元旦已收复失地。此后两年间，尽管以色列持续轰炸加萨最终导致逾73,000名巴勒斯坦人丧生并日益遭国际孤立，TA-35指数仍屡创新高，至今春已较10月7日前水准翻倍有余。同期，谢克尔成为全球表现最佳货币，一度对美元升值达37%。这波资本涌入反映了市场对以色列军事胜利的信心，以及对沙乌地阿拉伯等邻国将与以色列建交、带动区域商业的预期。

然而，2025年以色列与伊朗的战事彻底扭转了市场走向。尽管Netanyahu与Trump去年夏天宣称伊朗军事能力已被摧毁，自2月28日开战以来，以色列股市随每次轰炸、飞弹及和平提案剧烈震荡。5月底全球市场因预期战事终结及荷莫兹海峡重新通航而上涨之际，TA-35反而暴跌——市场认清Netanyahu未能实现摧毁伊朗核计划与弹道飞弹能力的目标，且与Trump关系趋紧令以色列被排除在谈判之外。TA-35在Bloomberg追踪的92个指数中，从伊朗战争初期的第9名跌至6月的第89名；谢克尔在5月触及三十年高点后，上月对美元贬值逾5%。Bank Hapoalim股票分析师Shay Zigelman指出，加上秋季大选的不确定性，投资者可能选择获利了结，尤其是那些靠炒作而非业绩推升的股票。

未来走向将主要取决于美伊协议结果、对以色列安全的影响，以及以色列和美国的选举。投资者将关注新政府的外交前景及其对Netanyahu与司法机构多年权力斗争的态度——2023年该冲突曾引发股市动荡和谢克尔大幅贬值。Leader Capital Markets首席经济学家Jonathan Katz认为，由于以色列出口顺差带来持续的美元流入，谢克尔前景优于股市。以色列科技巨头多未在特拉维夫上市，其成功难以直接推动当地股市，但这些企业以美元获利、以谢克尔支出和纳税，被迫将外币兑换为本币，从而维系谢克尔的强势。

Following the October 7, 2023, Hamas attacks that killed over 1,200 people in Israel, the country's benchmark TA-35 stock index fell 12% but rebounded by New Year's Day. Over the next two years, the index more than doubled from pre-attack levels despite Israel's growing isolation from relentless bombing that ultimately killed more than 73,000 Palestinians. The shekel became the world's top-performing currency during the conflict, appreciating by as much as 37% against the dollar. The capital inflow reflected investor confidence in Israel's military victories and expectations that neighbors, particularly Saudi Arabia, would normalize relations and supercharge regional business.

The 2025 war with Iran, however, has dramatically reversed market sentiment. Despite Netanyahu and Trump declaring last summer that Iran's military capabilities had been destroyed, Israeli stocks have gyrated with every bombing, missile strike, and peace proposal since fighting began on February 28. In late May, as global markets rallied on hopes of a definitive end to hostilities and the reopening of the Strait of Hormuz, the TA-35 plummeted as it became clear Netanyahu had failed to destroy Iran's nuclear program and ballistic missile capabilities, while growing tensions with Trump sidelined Israel from negotiations. The TA-35 plunged from 9th to 89th among 92 Bloomberg-tracked indexes; the shekel depreciated over 5% against the dollar in June after hitting a three-decade peak in May. Analyst Shay Zigelman of Bank Hapoalim noted that with fall elections adding uncertainty, investors may cash out of hype-driven stocks.

Future trajectories hinge on any US-Iran agreement, its implications for Israeli security, and elections in both Israel and the US. Investors will watch the diplomatic prospects of a new Israeli government and its stance on the years-long Netanyahu-judiciary power struggle, which triggered stock market chaos and a sharp shekel decline in 2023. Chief economist Jonathan Katz of Leader Capital Markets argues the shekel has better prospects than Israeli stocks because the country's export surplus ensures continuous dollar inflows. Israel's top tech firms—the economy's key driver—are mostly unlisted in Tel Aviv, so their success does not boost the local stock market, yet they earn in dollars while spending and paying taxes in shekels, effectively converting foreign currency into local currency and sustaining shekel strength.