April Market Update: New Record Highs in the Face of Ongoing Uncertainty
April Market Update: New Record Highs in the
Face of Ongoing Uncertainty
Wyatt Lewis | Financial Advisor
May 14, 2026
April's results serve as a powerful reminder that markets can bounce back strongly even when investors are worried. Despite ongoing conflict in the Middle East, major stock market indexes reached new all-time highs during the month. The S&P 500 rose 10.4% in April alone, making it one of the strongest single months in the index's history. This echoes the pattern seen during last year's tariff-related market swings and recovery.
That said, this doesn't mean smooth sailing lies ahead. Tensions in global politics, a change in leadership at the Federal Reserve (the U.S. central bank), and rising energy prices will likely continue to make headlines. What April does remind us is that staying invested with a well-balanced portfolio focused on long-term goals is generally the best approach, even during uncertain times.
Key market and economic highlights for April
• The S&P 500 and Nasdaq gained 10.4% and 15.3% for the month, both ending at new all-time highs, while the Dow Jones Industrial Average rose 7.1%.
• Volatility declined over the month, as measured by the CBOE VIX index, falling from 25.3 to 16.9 alongside improving market conditions.
• International developed markets returned 7.0% based on the MSCI EAFE Index in U.S. dollar terms, while emerging markets returned 14.5% based on the MSCI EM Index.
• U.S. small cap stocks jumped 12.2% based on the Russell 2000 and mid-cap stocks gained 7.8% based on the S&P MidCap 400.
• The 10-year Treasury yield ended the month with little change at 4.37%. The Bloomberg U.S. Aggregate Bond Index was flat with only a 0.1% increase during the month.
• Brent crude oil ended April at $114 per barrel, with swings from as low as $92 to as high as $121. WTI closed the month at $105, as the Strait of Hormuz remained closed to shipping.
• Gold ended the month at $4,610 per ounce, a slight decline over the month. The U.S. Dollar Index stood at 98.1, down from 99.96 the previous month.
The stock market rebound in context
April's strong gains may seem surprising given the level of global uncertainty. However, history shows that some of the best market months happen when investors feel the most uneasy. This pattern appeared after the pandemic shock in 2020, the inflation-driven downturn in 2022, and the tariff-related pullback in early 2025. These rebounds are never guaranteed, but they often happen when least expected.
Even after a weak first quarter, the S&P 500 is now up 5.3% year-to-date. Since 1928, the market has finished the year with gains roughly two-thirds of the time. Since 1980, that number rises to about three-quarters of all years. This highlights how difficult it is to try to predict when to be in or out of the market — and why staying invested tends to
work better over time.
Oil prices remain a key concern for the economy
Oil prices continued to be a major factor in April. With the Strait of Hormuz — a critical shipping lane for global oil — still effectively closed due to the conflict in Iran, Brent crude and WTI prices stayed near recent highs. Ongoing ceasefire and peace deal discussions created back-and-forth swings in prices throughout the month.
The bigger concern is whether high energy prices spread to other parts of the economy, raising costs for businesses and ultimately pushing prices higher for everyday goods and services. That said, history shows that oil price spikes often ease once underlying conditions stabilize. It's also worth noting that the U.S. is the world's largest oil and natural gas producer, which provides some protection from global supply disruptions.
April also highlighted how different parts of a diversified portfolio can contribute at different times. Technology-driven sectors performed well last month, while the energy sector has been a positive contributor this year. This reinforces the value of holding a broad mix of investments.
The bottom line? The market rebound in April demonstrates that positive swings can occur even during challenging times. A well-constructed portfolio, aligned with your long-term financial goals, is designed precisely to navigate these periods.
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