Market Update: April 15, 2026
U.S. equities extended their rally for a second straight week as investors responded favorably to the two-week U.S.-Iran ceasefire and the sharp pullback in crude prices. The S&P 500 gained 3.6%, the Nasdaq Composite surged 4.7%, and the Russell 2000 advanced 4.0%, underscoring a broad risk-on move across the market.
Energy was the clear laggard, while technology, industrials, and consumer discretionary led the advance. Semiconductors stood out with a gain of more than 13% to fresh highs, while software lagged after renewed concerns around AI-related competitive disruption. Overseas, emerging markets and developed international equities also benefited from the decline in oil and the weaker dollar, with both asset classes posting strong gains.
The macro backdrop remains mixed. March CPI rose 0.9% month over month and 3.3% year over year, driven largely by gasoline, while core inflation held at 2.6%, suggesting the inflation impulse is still concentrated in energy rather than spreading more broadly through the economy. At the same time, consumer sentiment hit a record low and inflation expectations moved higher, keeping pressure on policymakers.
Treasury yields were mostly range-bound at the front end, while long yields edged higher after softer auction demand. Meanwhile, Fed minutes pointed to growing concern that restoring price stability may take longer than expected, with some officials keeping rate hikes on the table.
Looking ahead, market direction will likely remain heavily tied to developments in the Middle East and crude oil, while earnings season and upcoming macro data provide the next meaningful read on growth and margin resilience.
The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product.