This week, markets moved higher for a fourth consecutive week, with the S&P 500 and Nasdaq both closing at fresh all-time highs for the second week in a row. The pace of the rally slowed, however, and the gains were uneven beneath the surface. Oil prices rose after two consecutive weeks of declines, and a measure of market volatility ticked up as investors responded to geopolitical developments during the week.

This week, markets absorbed a failed ceasefire deal and a U.S. naval blockade of Iranian ports to close at a new all-time high. The SP 500 gained nearly +3%, setting a new high as it extended an 11- session V-shaped recovery. The Nasdaq set a new high, gaining nearly 5%, as growth and tech stocks continued to trade higher. Measures of stock market and interest rate volatility continued to decline as risk premiums faded, and oil prices finished the week lower despite surging higher early in the week.

For this month’s chart of the month, we review how the stock market's best and worst days tend to arrive together, and the early months of 2026 offered a timely reminder. The S&P 500 fell nearly 10% from its late-January high through the end of March as the U.S.-Iran conflict sent oil prices surging by more than 60%. It is a well-documented pattern: trying to avoid the worst days often means missing the best days.

This week, stocks traded higher for a second consecutive week as de-escalation triggered the strongest single-day rally in a year. Most of the rally took place on Wednesday, after the announcement of a two-week ceasefire contingent on Iran reopening the Strait of Hormuz. Oil plunged 11%, the VIX dropped below 20, and international stocks rose as energy-importing nations benefited from the reversal in oil prices. However, the ceasefire was already being tested late in the week, with the market closely monitoring this weekend’s talks.

This week, market trading was influenced by ceasefire headlines this week. The S&P 500 rose early after the administration reported talks with Iran, then reversed to close down nearly -0.5% as Iran denied negotiations and the diplomatic window narrowed. Meanwhile, the market rotation from early 2026 resumed, with small caps, value stocks, and the equal-weight S&P 500 outperforming. Oil dropped nearly -10% on Monday's ceasefire headline before recovering to close the week down roughly - 5%.

This week mirrored last week: stocks traded higher early, then fell and finished lower in a late-week selloff. The major equities were flat to modestly lower as the Middle East conflict continued. Bonds traded higher as the rise in Treasury yields slowed, and longer-maturity bonds outperformed as yields stabilized. Commodities traded lower: oil ended lower but remained stuck near $100 per barrel, gold fell despite market volatility and inflation concerns, and copper dropped nearly -4%. The VIX Index fell below 25 but remains elevated due to unresolved geopolitical tensions

This week, markets finished lower as an early-week rally faded into a late-week selloff. Stocks initially rallied as the White House said the "war is very complete, pretty much," and oil prices plunged, but the strength reversed as geopolitical tensions escalated and oil rebounded. The S&P 500 fell -2%, with Energy the only sector in positive territory. Commodities were mixed: oil rebounded toward $100 per barrel as the Strait of Hormuz remained closed, while gold posted a modest loss despite the market volatility. The VIX Index fell below 30 as oil stabilized, but remains elevated amid unresolved tensions.

For this month’s chart of the month, we review how the software industry has declined nearly 30% from its peak last October, one of the largest non-recessionary drawdowns in over 30 years. The current sell-off accelerated in January and February after a series of artificial intelligence (AI) product launches showed that general-purpose AI tools could perform tasks previously handled by specialized software at a lower cost.

This month, we review the market’s rotation away from mega-cap tech stocks that started in January and extended into February. While the S&P 500 traded lower, the average stock, as measured by the equal-weighted index, gained more than 3%. The rotation was broad-based: small caps outperformed large caps, value beat growth, seven of eleven sectors beat the S&P 500, and international stocks outpaced U.S. stocks. Market leadership is broadening after a long period in which a small group of mega-cap tech stocks drove most of the market’s gains, and diversified portfolios are benefiting from the rotation.

We answer seven important questions regarding the US-Iran conflict. We outline what has happened, how markets have responded, and what investors should be watching in the days ahead. The analysis highlights potential implications for energy markets, inflation, and broader risk assets, including how fluctuations in oil prices may affect global economic stability and investor sentiment.

This week, markets rebounded from an early-week sell-off tied to tariff uncertainty but finished the week little changed. The performance gap was narrow, with the Nasdaq, S&P 500, equal-weight S&P 500, Russell 2000, and Dow all flat to slightly lower. International stocks continued to outperform U.S. stocks, led by emerging markets. Gold gained +3%, extending its strong 12-month performance, while oil pulled back after last week's geopolitical spike. The VIX briefly rose above 21 on Monday before falling back to 19.

This week, markets stabilized as the AI-driven stress that dominated the prior two weeks began to ease. The S&P 500 and Nasdaq posted modest gains, with growth stocks outperforming value for the first time in five weeks. Volatility cooled, with the VIX briefly falling below 20, and high-yield credit spreads tightened, signaling improved risk appetite. Treasury yields ticked higher after the FOMC minutes revealed some officials discussed the possibility of rate hikes, pausing a multi-week rally that had driven Treasury yields. International stocks traded sideways as the U.S. dollar strengthened. Oil surged midweek amid escalating geopolitical tensions, gold traded lower amid a volatile week, and bitcoin extended its multi-month decline.