Investing Update: Are You Still Fighting This Rally?
What I'm buying, selling & watching
The S&P 500 closed at 7,399, up 2.3% on the week and now up 8.1% on the year. The Nasdaq was the star, surging 4.5% to 26,247 and now up 12.9% in 2026. Six consecutive positive weeks, the longest winning streak since 2024.
The Russell 2000 had a strong week as well, gaining 1.7% to close at 2,861 and leading all major indexes year to date at +14.4%. The Dow was the quiet one, adding just 0.2%.
Oil pulled back sharply, falling 7.1% to $94.68, though it remains up 63.4% in 2026. Gold gained 2.0% to $4,724, the 10-year Treasury yield dipped slightly to 4.36%, and Bitcoin climbed 2.1% to close at 80,183, though it remains down 8.4% on the year.
Market Recap
Weekly Heat Map Of Stocks
Best Performing S&P 500 Stocks YTD
Worst Performing S&P 500 Stocks YTD
I’m Not The Only One Watching Inflation
Last week I told you inflation was building in the background. It turns out the bond market is already voting with its feet.
BlackRock’s Treasury Inflation-Protected Securities ETF pulled in $900 million in April, its largest monthly inflow since December 2021. That is not a small number and it is not a coincidence. This was only the second monthly inflow into the fund over the past five months. Something shifted in April and investors noticed.
It’s not just happening here either. Global inflation-linked bonds are up 2% year to date, outperforming every one of the 24 major fixed-income indexes tracked by Bloomberg. In March, Euro inflation-linked bond funds attracted nearly $600 million in inflows, the most since March 2022, reversing almost a year of withdrawals.
The message is consistent across markets. Investors believe the Iran War will leave a lasting inflationary impact on the global economy regardless of where energy prices go from here. They are not waiting to find out. They are positioning now.
I said last week to not look away from inflation. Clearly I am not the only one watching.