2026 | April 20

The Markets

Stocks Surge

Easing Middle East tensions and sliding oil prices fueled optimism, pushing the S&P 500 to three consecutive daily record highs starting on Wednesday. The index finished 4.5% higher for the week, and the NASDAQ’s 6.8% rise also pushed that index to record heights. The Dow’s relatively modest 3.2% increase left it 1.5% below its historic peak.

Friday’s rally marked the 13th positive trading session in a row for the NASDAQ, the longest such streak since 1992, punctuating a nearly three-week surge that began on March 31. Each of the major U.S. indexes climbed more rapidly during that stretch than they declined beginning in late February as tensions rose in the Middle East.  

U.S. growth stocks outpaced their value counterparts by a wide margin for the third week in a row, eroding the value style’s still-sizable year-to-date performance lead over growth. A growth benchmark finished 6.7% higher for the week, versus a 2.4% rise for a value index. 

A U.S. small-cap stock benchmark climbed to a record high on Thursday, surpassing its prior peak set nearly two months earlier. The Russell 2000 Index climbed 5.6% for the week. Just four weeks earlier, the index had entered a correction after falling 10% below its recent peak.

Prices of U.S. government bonds rose, sending yields lower for the fourth week in a row amid easing concerns about inflation risks. The yield of the 10-year Treasury note finished the week at 4.24%, down from a recent peak of 4.44% on March 27. 

A two-week decline in oil prices accelerated on Friday as shipping disruptions eased in the Strait of Hormuz. U.S. crude was trading around $83 per barrel on Friday afternoon, down from around $96 a week earlier and a recent peak of about $113 on April 7. On a year-to-date basis, however, oil was up more than 40% as of Friday.

Most of the big U.S. banks that opened earnings season reported better-than-expected results, lifted by higher trading revenue. As of Friday, analysts projected that financials sector earnings rose 19.7% in the first quarter, according to FactSet. That’s above the 15.1% average gain that analysts had forecast for the sector entering the week.  

Although U.S. producer prices climbed in March, the gain was far below the level that most economists had expected, given the recent rise in energy costs. Tuesday’s release of the Producer Price Index showed a monthly gain of 0.5% versus the 1.1% consensus forecast of economists. Higher gasoline prices accounted for about half of the overall gain.

Source: John Hancock Investment Management

Tennessee Federal Tax Filing Deadline Extended Further

Last week we passed along the IRS tax filing extension for many Middle TN counties. Two days later, the IRS further extended the deadline from May 22, 2026 until June 8, 2026 and now includes ALL 95 counties in the state of Tennessee.

Here is a link to the IRS announcements.

Please contact us if you have any questions regarding this extension.

Infrastructure Test

Recently, heavy storms in the Midwest and elsewhere have severely tested aging U.S. infrastructure. There have been significant failures in flood defenses, power grids, and transportation networks, reported Anna Skinner of Newsweek.

Since 1998, the American Society of Civil Engineers (ASCE) has evaluated infrastructure in the United States every two years. The authors of the 2025 Report Card for America’s Infrastructure explained why the analysis is important:

“America’s infrastructure is the foundation on which our national economy, global competitiveness, and quality of life depend. While often taken for granted when it is working properly, every American household or business immediately feels the impact of just one inefficiency or failure in our built environment.”

Poorly maintained infrastructure is costly. The ASCE found that “potholes damaging our vehicles, traffic delays leading to lost productivity and increased costs for products, aging water lines leading to spiking water rates, etc. – costs each American household $2,700 per year.”

How well is the United States maintaining its infrastructure?

The most recent Report Card for America’s Infrastructure graded 18 categories of infrastructure, and the grades weren’t good. The lowest marks were for systems that affect millions of Americans: a D- for transit and a D for stormwater.

Overall, U.S. infrastructure earned a ‘C’, meaning mediocre condition; requires attention. Here’s how America’s infrastructure fared:

For investors, deteriorating infrastructure can weigh on local economies, raise business operating costs, and (when spending accelerates) create opportunities for growth in industries that benefit.

Phone: (615) 709-8709

Fax: (615) 709-8709

eMoney

Charles Schwab

Advyzon

Eli Culley

Associate Advisor

eli@ajadvice.com

Emily Triano

Operations Manager

emily@ajadvice.com

Maya Laws

Operations Associate

maya@ajadvice.com

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