Peace Breaks Through

Week Ending April 17, 2026

Sometimes all it takes is one piece of good news to change everything. Last week, that moment came when Iran's foreign minister declared the Strait of Hormuz open to traffic. It wasn't just a headline. It was permission for investors to finally let go of months of anxiety.

The relief was palpable across global markets. Stocks surged on genuine optimism that the Middle East conflict could be moving toward resolution. When geopolitical risk recedes, capital flows to places it's been too nervous to go. And that's exactly what happened.

Market Overview

Weekly Market Performance (April 13 to April 17, 2026)

• S&P 500: +4.54%
• Nasdaq Composite: +6.84%
• Dow Jones Industrial Average: +3.19%
• MSCI EAFE Index: +2.15%
• S&P/TSX Composite Index: +1.9%

Technology stocks delivered the strongest performance, gaining 6.84 percent and hitting a remarkable milestone: their longest consecutive winning streak in over three decades. The Nasdaq strung together 13 straight days of gains. The S&P 500 achieved something equally significant, breaking past the 7,000 level for the first time in history before climbing to 7,100 by week's end. More importantly, the index has now recovered every dollar lost since fighting erupted in the Middle East.

North of the border, Canadian equities participated in the celebration. The TSX added 1.9 percent, extending its winning streak to four consecutive weeks. Materials producers and consumer focused companies led the charge upward.

The Energy Paradox

Here's the counterintuitive part of the week's story. Oil prices fell sharply, dropping roughly 11 percent when peace signals emerged. Ordinarily you'd think lower energy costs would help stocks across the board. Instead, energy sector stocks tumbled 4.8 percent. Investors decided that relief from geopolitical premium wasn't enough to offset the simple mathematics of lower commodity prices hitting energy company earnings.

But there were clear winners from cheaper oil. Materials stocks, particularly gold miners, climbed 2.2 percent as the weakening dollar pushed precious metals higher. Consumer discretionary companies jumped 2.8 percent, with automotive suppliers like Magna International posting impressive gains. Lower fuel costs mean cheaper transportation for goods and services, which eventually flows to the bottom line.

Back in Canada, there was one piece of disappointing news. Housing starts fell 6 percent in March, meaning fewer new construction projects got underway. It's a sign that not everything is moving in the right direction. But the excitement about the peace talks was strong enough that investors largely ignored this weakness and kept buying stocks anyway.

The Sentiment Shift

What actually changed last week wasn't the economy or corporate earnings. It was investor psychology. For months, money had been flowing defensively, favoring safe havens and avoiding anything perceived as risky. Wednesday changed that calculus entirely.

The White House signaled the conflict was "very close to over." Negotiations resumed. By midweek, the S&P 500 had advanced in 10 of the previous 11 trading sessions. The Nasdaq achieved its 11th consecutive close in positive territory. These aren't normal patterns. They're what happens when fear transforms into confidence almost overnight.

By Thursday, the Nasdaq was posting its best consecutive winning streak since 2009. The Dow nearly matched its February record high, closing at 49,447.43. These weren't small moves or technical bounces. This was a wholesale repositioning of portfolio exposure toward assets that had been abandoned during the uncertainty.

What remained true beneath all the excitement: the actual economy continued functioning. Employment continued expanding. Consumer spending kept flowing. Earnings kept coming. The machinery of commerce never actually stopped, even though anxiety levels had been extraordinarily high.

Looking Ahead

This week will test whether enthusiasm holds or whether doubts creep back in. Major financial institutions, technology powerhouses, and consumer staples companies will report quarterly results. The market has already priced in optimism, so any disappointments could trigger pullbacks.

Economic data arriving throughout the week will also matter. Retail activity, job market indicators, inflation readings, and manufacturing surveys will all provide clues about whether the underlying economy remains resilient or if cracks are forming beneath the surface.

The lesson from last week applies equally today: investors who survive market turbulence aren't those who react to every new development. They're the ones with clear objectives, properly diversified holdings, and the discipline to maintain course when emotions run high. That formula has always worked, and last week's rally doesn't change that reality.

This Week: Key Economic Data

Tuesday, April 21st 

• Retail Sales
• Business Inventories
• Leading Economic Indicators
• Pending Home Sales

Wednesday, April 22nd

• EIA Petroleum Report
• Atlanta Fed Business Inflation Expectations

Thursday, April 23rd

• Weekly Jobless Claims
• Purchasing Managers Index (PMI) for Services
• Purchasing Managers Index (PMI) for Manufacturing
• Fed Balance Sheet
• EIA Natural Gas Report

Friday, April 24th 

• Consumer Sentiment

This Week: Companies Reporting Earnings

Tuesday, April 21st 

• GE Aerospace
• UnitedHealth Group Incorporated
• RTX Corporation Intuitive Surgical Inc.
• Danaher Corporation Interactive Brokers Group Inc.
• Capital One Financial Corporation
• Northrop Grumman Corporation

Wednesday, April 22nd

• Tesla Inc.
• Lam Research Corporation
• GE Vernova Inc.
• Philip Morris International Inc.
• International Business Machines Corporation
• Texas Instruments Incorporated
• AT&T Inc.
• The Boeing Company
• Vertiv Holdings Co.
• CME Group Inc.

Thursday, April 23rd

• Intel Corporation
• American Express
• Thermo Fisher Scientific Inc.
• NextEra Energy Inc.
• Union Pacific Corporation
• Honeywell International Inc.
• Lockheed Martin Corporation
• Newmont Corporation
• Comcast Corporation

Friday, April 24th 

• The Procter & Gamble Company
• Southern Copper Corporation
• HCA Healthcare Inc.

"A real friend is one who walks in when the rest of the world walks out."
– Walter Winchell

What 8-letter name would be cute and logical for a house cat living below the Mason-Dixon line?

^{Last Week's Riddle: A ship cruised out of the Pacific Ocean and into the Atlantic Ocean through the Panama Canal, but as it went through the Panama Canal, it didn’t travel east. How is this possible?
Answer: The Panama Canal runs northwest-southeast. Ships travel northwest through the canal to enter the Caribbean Sea (and the Atlantic Ocean).}  

Melissa and Joanne were having a great time during our most recent podcast recording session.

Footnotes and Sources

1. WSJ.com, April 17, 2026
2. Investing.com, April 17, 2026
3. CNBC.com, April 13, 2026
4. CNBC.com, April 15, 2026
5. CNBC.com, April 16, 2026
6. WSJ.com, April 17, 2026
7. CNBC.com, April 15, 2026
8. IRS.gov, September 25, 2025
9. Fastcompany.com, November 17, 2025

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