What is making the market reach is US is not clear with his response to Putin. Because to Putin, he seem to be clear with his demands. Its going to be all out war and Ukraine will all be taken if there will be negotiations that will happen. And Trump will not like that. However is Trump says nothing clear response that Putin couldn't see positive result, there is nothing to talk about but war continues and this is what makes the markets move.
The full-scale war in Ukraine has been going on for three and a half years. Over the past two years, Russia has managed to capture approximately one percent of Ukraine's territory. No progress has been seen in the negotiation process to end the war due to Trump's position, who, in his six months as president, has not yet decided whether Putin wants to end this war, and therefore does not put pressure on him. Seeing Trump's weakness, Putin is becoming impudent and setting unacceptable conditions just for the start of the negotiation process. But time is against Putin's Russia. The economy there is already beginning to fall apart, and any steps it takes will only make the situation worse. If Putin drags out this war, it is almost a guarantee that the Russian Federation will disintegrate into a number of independent states. The previously conquered nations will finally gain their long-awaited freedom, and Ukraine will have the credit for this.