Argus

โ€ข

Apr 13, 2026

Sector(s)

Utilities, Healthcare

Summary

The war with Iran has entered its seventh week, with the ceasefire entering week two and a first round of peace talks having taken place over the weekend. On Wall Street, earnings season kicks off this week, with banks leading the charge. Last week, the Dow Jones Industrial Average was up 3%, the S&P 500 rose 4%, and the Nasdaq gained 5%. Year to date, all three indices are showing losses, with the Dow down 0.3%, the S&P lower by 0.4%, and the Nasdaq off by 1.5%. On the earnings calendar, Goldman Sachs reports on Monday; JPMorgan Chase, Citigroup, Wells Fargo, BlackRock, and Johnson & Johnson on Tuesday; Bank of America, Morgan Stanley, and PNC Financial on Wednesday; Taiwan Semiconductor, Netflix, PepsiCo, Abbott Labs, Charles Schwab, and Bank of New York Mellon on Thursday; and Truist Financial, Fifth Third Bank, and State Street on Friday. On the economic calendar, this is a light week. Existing Home Sales will be reported on Monday; the Producer Price Index is due out on Tuesday; and new data on Housing Starts and Building Permits hits the tape on Friday. The impact of the war is showing up in economic data. The price for gas jumped another 13 cents and is now at an average of $4.12 per gallon for regular gas. Atlanta Fed GDPNow now forecasts 1.3% growth for 1Q, down from 3.0% about a month ago. The Cleveland Fed Inflation Nowcast calls for CPI of 3.6% in April, up from the 3.3% print for March. Mortgage rates moved lower last week, down nine basis points last week, with the average 30-year fixed-rate mortgage now at 6.37%, according to FreddieMac.  The next Federal Open Market Committee (FOMC) meeting is on April 29. Odds have pivoted from a rate cut to a rate hike, although the odds for a move of any kind are low at 2%. President Trump's nominee to be the next Fed chairman, Kevin Warsh, is continues to make his way through the Congressional approval process. After Jerome Powell's term as chairman expires, he will remain on the FOMC. Taking a deeper dive into performance so far in 2026, a leading industrialized global stock market index, the ETF EFA, is up 6% year to date. The leading emerging market ETF (EEM) is up 10% year to date. U.

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