Market Commentary

For the week ending 4/17/2026

The stock market rolled to its third week of consecutive gains, recovering from lows set in late March, and underscoring the strength of this rally. The market has been riding a very rapid recovery from its prior geopolitical volatility, based on hopes for a quick and durable solution to the conflicts in the Middle East. This optimism has led the S&P 500 and Nasdaq indexes to surge to new record highs this week.

The S&P 500 closed above 7,100 for the first time in history, and marked its 12th gain in the last 13 days, ending the week with a significant rise. The tech-heavy Nasdaq, the clear leader throughout this week’s rally, notched a 13-day winning streak, its longest since 1992. The Dow Jones Industrial Average also posted meaningful gains for the week, showing some signs of the rally beginning to broaden out. These advances erased year-to-date losses incurred during earlier conflict-related volatility.

Last week began with President Trump announcing a blockade of all ships entering and leaving Iranian ports in the Strait of Hormuz, preventing Iran from selling anymore oil until the conflict is resolved. However, sentiment improved throughout the week as the market remained confident that a potential end to the conflict in the Middle East was on its way. On Thursday reports indicated that Israel and Lebanon had reached a 10-day ceasefire, significantly easing fears of a broader escalation in the U.S.-Iran conflict. The week ended Friday with Iran’s Foreign Minister declaring the Strait of Hormuz completely open to commercial traffic during the ceasefires. This news helped solidify growing conviction in market upside, however the path to final resolution could still be long and bumpy and normalization of traffic in the Strait of Hormuz could take months. President Trump said that a second round of in-person negotiations between the U.S. and Iran could occur today, on Monday, April 20th. Oil prices had been drifting slightly lower however the latest news of deescalation sent oil prices plunging lower Friday morning.

Meanwhile, last week’s domestic economic data provided a mixed backdrop. The prior week’s inflation data showed that March Consumer Price Index (CPI) was in-line with expectations, and core CPI a bit lower than consensus. Last week’s Producer Price Index (PPI) and core PPI were both notably cooler-than-expected. However, March small business optimism dipped below its 52-year average. The release noted that the dramatic spike in oil/energy prices had spooked consumers and corporations. The week also brought strong manufacturing data from the Empire State (New York) and Philadelphia Fed regions, and both saw their new orders index increase.

Last week also saw the commencement of the first-quarter earnings season, with several major companies reporting strong results. As usual, corporate earnings began with the large financial institutions, including JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley and many others. Broadly speaking, the banks exceeded Wall Street’s expectations, but their stocks traded mixed following their releases. The bank executives’ commentary highlighted ongoing resilient consumer spending, despite the pinch from higher energy prices. Later in the week, Netflix, the first big technology company to report this quarter, exceeded Wall Street’s expectations, but the stock traded lower following its release, due to lower guidance for next quarter, although the company reiterated its full-year outlook.

The market’s resilience highlights a willingness to look past near-term macro developments as the Q1 earnings season ramps up. Overall, the tone remains constructive as falling oil prices, easing inflation pressures, and renewed mega-cap leadership continue to support the market’s advance. The market seems to be back on firmer ground. Looking ahead, attention will center on whether this improved tone can translate into a broadening of participation, particularly beyond mega-cap and technology leadership.

For the week, the Dow rose 3.2% to 49,447. The S&P 500 climbed 4.5% to 7,126 and the Nasdaq added 6.8% to 24,468.

Oil fell -13.2% to $83.85/bbl. Gold rose 1.9% to $4,880/oz. and the yield on the Ten-Year Treasury dipped to 4.25%.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Winch Advisory Services, LLC [“Winch]), or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, no portion of the foregoing content serves as the receipt of, or a substitute for, personalized investment advice from Winch. Neither Winch’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Winch is engaged, or continues to be engaged, to provide investment advisory services. Winch is neither a law firm, nor a certified public accounting firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of the Winch’s current written disclosure Brochure and Form CRS discussing our advisory services and fees continues to remain available upon request or at www.winchfinancial.com. PLEASE REMEMBER: If you are a Winch client, please contact Winch, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.  Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. PLEASE ALSO REMEMBER to advise us if you have not been receiving account statements (at least quarterly) from the account custodian