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More than five weeks into Operation Epic Fury, the U.S.-led military campaign against Iran that began Feb. 28, 2026, a range of advanced weapons has shaped the conflict’s deadly course. U.S. and allied forces have unleashed precision strikes on Iranian military targets, while Iran has responded with ballistic missiles, drones and air defenses that claimed at least one American aircraft.

Here are 10 of the most lethal weapons used so far, based on U.S. Central Command reports, independent analyses and public footage as of April 4. Lethality is assessed by destructive power, frequency of use, confirmed impacts and strategic effect.

1. Tomahawk Cruise Missiles The U.S. Navy has fired more than 850 Tomahawk land-attack missiles from destroyers and submarines since the campaign opened. These subsonic, GPS-guided weapons, capable of striking targets up to 1,000 miles away with 1,000-pound warheads, have devastated Iranian missile production facilities, naval vessels and command centers. Pentagon officials expressed alarm at the rapid depletion of stockpiles, with some describing the expenditure as “years’ worth” in just weeks. Tomahawks initiated many opening salvos and remain a backbone of standoff strikes.
2. Precision Strike Missiles (PrSM) Used in combat for the first time, the Army’s PrSM extended-range rocket has delivered deep strikes from HIMARS and M270 launchers. With a range exceeding 400 kilometers and improved accuracy over its ATACMS predecessor, PrSM has targeted hardened sites. Controversy arose after reports linked a PrSM strike near Lamerd to civilian casualties, though U.S. officials denied hitting non-military areas. Its debut underscores the shift toward ground-launched precision fires.
3. F-35 Lightning II Stealth Fighters U.S. and Israeli F-35 variants have conducted hundreds of sorties, penetrating Iranian airspace with advanced sensors and munitions. Equipped with JDAMs and small-diameter bombs, these fifth-generation jets have suppressed air defenses and struck deeply buried targets. Their low-observable technology has been key to maintaining air superiority despite Iranian attempts at retaliation.
4. F-15E Strike Eagle The workhorse twin-seat fighter has flown extensive strike and suppression missions but suffered the first confirmed U.S. manned combat loss of the war on April 3. An F-15E was shot down over Iran, with one crew member rescued and search efforts continuing for the second. Earlier, three F-15Es were lost in a friendly-fire incident over Kuwait. The jet’s heavy payload and long range made it central to sustained operations.
5. MQ-9 Reaper Drones Armed with Hellfire missiles and guided bombs, Reaper unmanned aircraft have provided persistent intelligence, surveillance and strike capability. Operating from regional bases, they have targeted time-sensitive Iranian assets, including missile launchers and naval vessels, while minimizing risk to pilots.
6. HIMARS Rocket Systems The mobile M142 High Mobility Artillery Rocket System has launched salvos of guided rockets and PrSM missiles against Iranian ground targets. Its rapid mobility and precision have allowed U.S. forces to strike from safer distances, contributing to the destruction of hundreds of launchers and support infrastructure.
7. B-2 Spirit Stealth Bombers These long-range bombers have dropped massive ordnance penetrators and other heavy munitions on deeply buried Iranian facilities, including missile production sites. Operating from distant bases, the B-2’s stealth and payload capacity enable strikes that conventional aircraft cannot easily replicate.
8. Iranian Ballistic Missiles (Fateh, Shahab and Sejjil variants) Iran has fired hundreds of ballistic missiles at U.S. bases, Israeli targets and Gulf allies. Systems like the Fateh family, Shahab-3 derivatives and solid-fuel Sejjil have inflicted damage despite heavy interception. While many were downed by Patriot and THAAD systems, successful strikes have caused casualties and highlighted Iran’s asymmetric deterrent.
9. Patriot and THAAD Air Defense Systems U.S. and allied Patriot MIM-104 and Terminal High Altitude Area Defense (THAAD) batteries have intercepted dozens of Iranian missiles and drones. These systems proved vital in protecting regional bases but have consumed significant stockpiles, raising concerns about sustained defense against prolonged barrages.
10. JDAM-Equipped Bombs and Hellfire Missiles As expensive standoff munitions depleted, U.S. forces shifted to Joint Direct Attack Munitions (JDAM) kits on unguided bombs and AGM-114 Hellfire missiles from aircraft and drones. Tens of thousands of JDAMs provide cost-effective precision for closer-range strikes, while Hellfires have been used extensively against vehicles, small boats and personnel.

The conflict has exposed vulnerabilities on both sides. U.S. forces achieved early air supremacy and degraded much of Iran’s navy and missile infrastructure, sinking dozens of vessels and destroying launchers. Iran, however, has adapted with cheaper drone swarms, older ballistic missiles and portable air defenses that downed the F-15E. Civilian casualties have been reported on both sides, with Iranian officials citing strikes near populated areas and U.S. forces noting proxy attacks on bases.

Munitions stockpiles have become a central concern. Rapid Tomahawk and interceptor expenditure has prompted Pentagon discussions about accelerating production. Analysts warn that prolonged fighting could strain supplies further, particularly for high-end systems.

The war’s human cost remains fluid. U.S. and Israeli strikes have targeted military sites, while Iranian responses have hit regional facilities. Exact casualty figures vary by source, but both sides acknowledge significant losses.

As operations continue into April, the balance of lethality favors U.S. precision and air power, yet Iran’s ability to sustain asymmetric attacks with lower-cost weapons complicates a swift resolution. The downing of the F-15E on April 3 served as a reminder that no platform is invulnerable in contested airspace.

Military experts note the campaign’s evolution from initial high-end strikes to a mix of standoff and stand-in weapons. B-2 bombers and carrier-based aircraft have maintained pressure, while ground systems like HIMARS extend reach inland.

The list reflects weapons with the greatest documented impact through early April 2026. New systems or tactics could emerge as the conflict progresses. Both sides continue to adapt, with U.S. forces emphasizing precision to minimize collateral damage and Iran relying on volume and concealment.

The ongoing war underscores the high cost of modern conflict, where advanced munitions deliver devastating effect but deplete rapidly. As diplomatic efforts remain stalled, these weapons will likely determine the campaign’s next phase.

We tend to build systems for the world we expect, not the one we repeatedly experience. AI in investing has followed a similar path. Most tools are designed around stable market conditions and treat disruption as an exception. That is the core flaw. In reality, volatility, regime shifts, and sudden dislocations are not rare events. They are recurring features of financial markets. When systems are not built for this, their usefulness drops precisely when investors need them the most.

This has led to a growing perception that AI struggles in volatile environments. The limitation, however, is not artificial intelligence itself. It lies in how these systems are designed and what they are trained on. Much of today’s AI relies on limited slices of history and narrow datasets, often placing too much weight on recent market behaviour because it is easier to process. Markets do not operate on short memory. Patterns emerge across cycles, regimes, and very different environments.

If AI systems are not exposed to diverse conditions, including periods of stress, regulatory change, and structural breaks, they cannot be expected to respond effectively when those conditions reappear. The paradox is clear. We expect AI to detect patterns beyond human capability, yet constrain it to the same limited datasets. This is where much of the perceived underperformance of AI in volatile markets originates.

The real opportunity lies not in prediction but in improving decision-making. AI should not be seen as a replacement for human judgment. It should be designed to enhance it. Financial markets are complex and adaptive, and no system can operate without interpretation and context. The strength of AI lies in processing large volumes of data, identifying non-obvious patterns, and surfacing insights that may otherwise be missed. These outputs are not decisions, but inputs.

This distinction becomes especially important in volatile markets, where blind reliance on any system can be risky. What investors need is not automated decisions, but better awareness. One of the most valuable applications of AI is in stress testing and scenario analysis. Investors often focus on predicting what will happen next. Losses, however, rarely come from a lack of prediction. They come from a lack of preparedness. The more important question is what happens if the view turns out to be wrong.

Understanding how a trade behaves under different conditions, such as spikes in volatility, sharp market moves, or breakdowns in correlation, can significantly improve outcomes. Traditionally, this kind of analysis has been difficult to do consistently because it requires time, data, and effort. AI changes this by enabling rapid simulation of multiple scenarios, challenging assumptions, and surfacing potential risks. It allows investors to think more rigorously about the downside, not just the upside. Most investors spend more time planning entries than exits under stress. AI can help correct that imbalance. Good AI does not just help you take trades. It helps you survive them.
For AI to be effective in such situations, it must also be adaptive in real time. Markets are influenced by a constant flow of information, including price movements, news, corporate actions, global events, and shifts in participation. AI systems need to continuously ingest and interpret these signals. Simultaneously, real-time data alone is not sufficient. The same event can have very different implications depending on the broader environment. A policy change or earnings result may be interpreted differently in a strong market compared to a fragile one. Adaptive systems must therefore go beyond detecting events and move towards interpreting them in context.In financial markets, information is abundant, but context is scarce. During regime changes, signals often conflict, and cause-and-effect relationships are not always clear. This is where human judgment remains critical. AI can surface insights, but deciding what matters and what action to take still requires interpretation.

The rise of retail participation makes this discussion even more relevant. India now has a large and increasingly active base of retail investors. This is no longer a passive segment. More individuals are engaging directly with markets, making independent decisions, and using technology as a core part of their workflow. AI has expanded access to capabilities that were once limited to institutions. However, access alone is not enough. Retail investors need reliable systems, meaningful context, and tools that go beyond generic solutions.

Used well, AI can significantly improve the quality of decision-making across this growing base. It is important to recognise that AI is an amplifier, not a replacement. It can enhance strengths and expand awareness, but it can also amplify mistakes if used without discipline. AI should therefore be viewed not as a standalone feature, but as an intelligence layer that supports discovery, analysis, execution, and learning. The focus should remain on ensuring that decision-making stays transparent, contextual, and ultimately driven by the investor.

The future of AI in investing will not be defined by how well it predicts markets, but by how effectively it helps investors navigate them. In volatile markets, the edge will not come from predicting the future. It will come from adapting to it faster and making better decisions in real time.

(Yashas Khoday is Co-founder & CPO at FYERS)

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

The first quarter of the year has reminded investors that global markets are no longer operating in a low-volatility, liquidity-driven regime. Geopolitical tensions, particularly in the Middle East, sharp moves in crude oil, and persistent inflation concerns have reshaped risk appetite across asset classes.

As the world enters Q2, markets appear to be at an inflexion point. The question is no longer just about growth—but about the sustainability of valuations in a higher-rate, uncertain geopolitical environment.

Global Setup: Liquidity vs Geopolitics

Three global forces are likely to define Q2:

1. Sticky Inflation and Central Banks

While inflation has moderated from peaks, it remains above target in major economies. The U.S. Federal Reserve and other central banks are expected to stay cautious, delaying aggressive rate cuts. This keeps global liquidity tighter than what markets had priced in at the start of the year.

2. Energy Shock Risk

The ongoing geopolitical tensions have already driven a sharp rally in crude oil. Any further disruption—especially around key supply routes—could trigger another leg up in energy prices, feeding into inflation and pressuring corporate margins globally.

3. Volatile Capital Flows

With U.S. bond yields elevated, emerging markets—including India—face intermittent foreign outflows. This creates periodic stress in equities, currencies, and bond markets.

India: Relative Strength, Absolute Valuation Concerns

India continues to stand out as one of the strongest structural stories globally, supported by:
Robust domestic demand
Government-led capex
Strong banking system balance sheets

However, the near-term market narrative is becoming more nuanced.

Valuations are stretched in pockets.

Midcaps and smallcaps, in particular, are trading at premiums that leave little room for disappointment.

Earnings delivery becomes critical.

Q4 results and forward guidance will be key triggers in Q2. Markets may become more selective, rewarding earnings visibility over narratives.

Liquidity is the swing factor.

Domestic inflows remain strong, but FII behaviour—linked to global yields and risk sentiment—could drive volatility.

The JL Collins Lens: Why Investors Still Struggle

Amid this complex macro backdrop, the insights of JL Collins become even more relevant: investors often fail not because markets don’t deliver—but because their behaviour does not align with how markets work.

In Q2, this manifests in three ways:

1. Overreacting to Global Noise

Investors tend to respond aggressively to headlines—war developments, central bank signals, or commodity spikes—often making short-term decisions that hurt long-term returns.

2. Chasing Sectoral Momentum

Whether it is defence, railways, or global AI-driven tech rallies, investors frequently enter themes late in the cycle, exposing themselves to sharp corrections.

3. Mistaking Complexity for Strategy

In uncertain times, there is a tendency to over-diversify, over-trade, or adopt complex strategies, which often increase costs and reduce returns.

Q2 Playbook: What Should Investors Focus On?

1. Earnings Over Narratives

The market is transitioning from liquidity-driven rallies to earnings-driven performance. Companies with strong cash flows and pricing power are likely to outperform.

2. Asset Allocation Discipline

With uncertainty elevated, balanced allocation across equities, debt, and commodities becomes crucial rather than aggressive equity positioning.

3. Avoid Timing the Market

Volatility in Q2 is almost certain. Attempting to time entry and exit points could lead to missed opportunities or capital erosion.

4. Focus on Quality and Longevity

High-quality businesses with durable competitive advantages tend to navigate macro shocks better than speculative plays.

Key Risks to Watch in Q2

Escalation in geopolitical conflicts impacting oil supply
Delayed rate cuts by the Federal Reserve
Sharp rise in global bond yields
Earnings disappointments in overvalued segments
Sudden reversal in FII flows

The Edge Lies in Discipline, Not Prediction

As global and Indian markets navigate a complex Q2, the biggest risk for investors may not be macroeconomic uncertainty—but their own reactions to it.

History shows that markets reward discipline far more than prediction. In an environment where volatility is likely to remain elevated, the simplest strategies—staying invested, focusing on quality, and avoiding behavioural mistakes—may once again prove to be the most effective.

In a quarter driven by uncertainty, clarity of approach—not complexity of strategy—could be the real differentiator for investors.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

Major corporations and financial firms continued shifting operations and talent out of New York City in early 2026, with low-tax states like Florida and Texas emerging as prime destinations amid concerns over taxes, regulations and quality of life.

New York City lost nearly 5,000 businesses in the past year, according to reports from the city’s Economic Development Corporation and other analyses. While some relocations involve full headquarters moves, many involve significant expansions or talent shifts southward. Financial services firms, hedge funds and asset managers lead the trend, often described as the “Wall Street South” migration.

Here are 10 key reasons driving the departures, based on corporate statements, economic reports and expert analysis as of April 2026.

1. High Corporate and Personal Taxes New York imposes some of the nation’s highest combined state and city taxes. Top earners and corporations face marginal rates exceeding 10-14% in the city, compared with zero state income tax in Florida and Texas. Executives cite the ability to reduce tax burdens dramatically — sometimes by more than 15 percentage points — as a primary motivator. Recent proposals under Mayor Zohran Mamdani to raise taxes on high earners and corporations have accelerated planning for moves.
2. Onerous Regulations and Business Climate Companies complain of heavy bureaucracy, rent regulations, expanded city services and frequent policy shifts that increase compliance costs. New York ranks poorly in business-friendliness indexes. In contrast, Texas and Florida offer streamlined permitting, fewer labor mandates and pro-growth policies that appeal to executives seeking predictability.
3. Skyrocketing Operating and Real Estate Costs Commercial rents in Manhattan remain among the world’s highest, even after some post-pandemic softening. Combined with elevated utility, insurance and labor costs, the expense of maintaining large New York footprints has prompted firms to consolidate or shift non-essential functions. Relocating to Sun Belt cities can yield annual savings in the millions, according to relocation consultants.
4. Talent and Workforce Migration Remote work normalized during the pandemic, allowing employees to live anywhere. Many high-earning professionals have already relocated to lower-cost, lower-tax states. Companies follow talent to retain staff and attract new hires. JPMorgan Chase now employs more people in Texas than in New York, while Goldman Sachs is building a major Dallas campus expected to house thousands.
5. Quality of Life and Safety Concerns Persistent issues with crime, homelessness and urban disorder in parts of the city have eroded appeal for both executives and employees. Families and workers cite better schools, lower density and improved public safety in destination states. Post-election rhetoric around progressive policies has heightened perceptions of instability.
6. Aggressive Incentives from Competing States Florida and Texas actively court New York firms with tax breaks, infrastructure support and marketing campaigns. Palm Beach County and Dallas-Fort Worth have positioned themselves as “Wall Street South,” offering tailored packages. Dozens of New York companies filed to expand or relocate to Florida shortly after the 2025 mayoral election.
7. Remote and Hybrid Work Flexibility The post-COVID shift reduced the necessity of full-time Manhattan presence. Firms can maintain client-facing offices in New York while moving back-office, technology and support functions to lower-cost locations. This hybrid model preserves some New York ties while cutting overhead.
8. Political and Policy Uncertainty Mayor Mamdani’s pledges to increase taxes on corporations and the wealthy, along with broader progressive agendas in Albany and City Hall, have created unease. Business leaders describe an “anti-business” environment that contrasts with the stability offered in Republican-led states. Hedge funds and asset managers like Apollo Global Management have scouted second headquarters in the Sun Belt.
9. Talent Pool Growth in Sun Belt Cities Texas and Florida have built robust ecosystems for finance, technology and professional services. Dallas has surpassed New York in some financial job postings. Companies report easier recruitment and retention in these growing markets, where younger professionals prefer lifestyle advantages and affordability.
10. Long-Term Strategic Diversification Firms seek to reduce geographic risk by spreading operations. Maintaining a New York presence for prestige and client access while building significant hubs elsewhere protects against local shocks. Examples include Elliott Management, Citadel, AllianceBernstein and others that have shifted substantial assets and personnel southward, moving trillions in managed funds over time.

Notable moves and expansions underscore the trend. Goldman Sachs plans a major Dallas campus opening in 2028. JPMorgan Chase has grown its Texas workforce dramatically. Wells Fargo opened a Dallas campus and shifted wealth management functions toward Florida. Apollo Global Management explored second headquarters options in Texas or South Florida in early 2026.

Economic analyses show New York lost hundreds of companies and billions in taxable income between 2020 and 2024, with the pace continuing into 2026. IRS migration data and reports from the Partnership for New York City highlight the shift, with Florida receiving the largest share of relocating firms.

City and state officials have pushed back, pointing to investments like American Express’s new World Trade Center headquarters and ongoing financial sector strength. Yet business groups warn that proposed tax hikes could worsen the exodus, reducing the tax base and straining budgets for services.

The departures affect high-paying jobs in finance, which have historically anchored New York’s economy. While the city retains a massive concentration of Wall Street activity, the gradual hollowing out of corporate headquarters and back-office functions raises long-term concerns about revenue and vitality.

Experts note the trend is not unique to New York — high-tax coastal cities face similar pressures — but the scale in the nation’s largest city draws particular attention. Remote work, post-pandemic lifestyle shifts and stark policy differences between blue and red states have amplified the movement.

For companies still in New York, decisions often involve partial relocations rather than complete exits, preserving brand presence while cutting costs. Smaller firms and startups also cite barriers to growth, contributing to the net loss of thousands of businesses.

As the trend continues, destination cities celebrate job gains and investment. Dallas Mayor Eric Johnson predicted an “avalanche” of financial firms fleeing New York policies. Florida officials report surges in inquiries and filings from New York entities.

New York leaders face a balancing act: addressing budget shortfalls without accelerating outflows. Proposals to reduce fines and fees for small businesses represent one response, but broader tax and regulatory reforms remain contentious.

The 2026 landscape reflects deeper structural changes in how and where companies operate. High taxes, regulations and quality-of-life factors have tipped the scales for many executives, prompting strategic shifts that could reshape economic power centers for years.

Whether the exodus slows depends on policy choices in New York and continued appeal of Sun Belt alternatives. For now, the data shows a clear pattern: big companies are voting with their feet, seeking environments that better align with growth and stability priorities.