US Equity Markets rallied last week as the US and Iran entered a two-week ceasefire, bolstering investor hopes for some type of resolution. The S&P 500 rose 3.6% for the week and is now only down 0.4% for the year. The Nasdaq increased 4.7% for the week to bring its losses for the year to down 1.5%, while the Russell 2000 (small cap stocks) surged 4.0% for the week and is now up 6.0% for the year.
Global Equity Markets surged as well last week on growing expectations for a resolution in the Middle East. Developed Markets rose 4.1% for the week and are now up 5.2% for the year. Emerging Markets rallied 7.2% for the week to bring its gains for the year to 10.2%.
Inflation Data for March rises but better than expected. In the first release of inflation data reflecting the Iran conflict, the Consumer Price Index (CPI) for March was up 3.3% from a year ago, up from 2.4% in February but below consensus of 3.4%. Core CPI increased 2.6% from last year vs. 2.5% in February and better than forecasts of 2.7%. On balance, this suggests inflation outside of energy prices has remained contained thus far.
Of Interest to Us
Traffic through the Strait of Hormuz remains limited since the ceasefire. Despite rising hopes on Wall Street, the number of ships that went through the Strait of Hormuz only reached 15 immediately after the ceasefire but ended the week at only 9. While up from 3 ships per day before the ceasefire, it remains well below the average of ~138 ships per day before the conflict began.
Market Data
for the week ending 4/10/2026
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