This Weekly Financial Markets Update reviews the top market headlines: Markets Rebound as Geopolitical Tensions Ease, Beige Book Reveals Modest Growth Amid Uncertainty, Small Business Optimism Declines in March
  • The S&P 500 index rose 4.5% last week and is up 12.4% since March 30th
  • The NFIB Small Business Optimism Index fell to 95.8 in March

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Top Three Market Headlines

Markets Rebound as Geopolitical Tensions Ease: Global stocks posted strong gains last week, extending their recovery from late-March lows. In the U.S., the S&P 500 index rose 4.5% on the week and set a new all-time high. Through Friday, the index had increased 12.4% from its March 30th low, rallying in concert with the provisional ceasefire in Iran and signs of progress toward reopening the Strait of Hormuz. Among other major indices, the NASDAQ Composite index notched its 13th straight daily gain on Friday, its longest winning streak since 1992, while the Russell 2000 index (small caps) has rebounded nearly 15% since its March 30th low. International stocks have also tagged along, though to a lesser extent, with the MSCI EAFE index gaining 8.8% since its March 23rd low.

Beige Book Reveals Modest Growth Amid Uncertainty: The Federal Reserve last week released its latest "Beige Book," a compilation of observations about the economy across the 12 U.S. Federal Reserve districts. Overall, economic activity expanded at a modest pace since early March across eight of the 12 districts, with manufacturing conditions picking up across most districts. Employment remained steady, though energy costs increased notably in all districts due to geopolitical developments. Looking forward, business outlooks varied, with the Middle East conflict creating uncertainty around hiring, pricing, and capital investment decisions.

Small Business Optimism Declines in March: The National Federation of Independent Business (NFIB) reported last week that its Small Business Optimism Index registered 95.8 in March, down from 98.8 in February and below the 52-year average of 98.0 for the first time since April 2025. The Index's latest decline was keyed by concerns about earnings trends, with business owners citing a mix of weaker sales and higher input costs. In addition, business owners' outlook deteriorated, with the percentage of owners expecting better business conditions falling seven points to a net 11%, the lowest level since October 2024.

As of April 17, 2026 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World 3.87% 9.86% 6.35% 37.42%
S&P 500 4.55% 9.20% 4.47% 36.58%
Russell 2000 5.57% 11.27% 12.26% 49.60%
MSCI EAFE 2.20% 9.78% 8.42% 33.46%
MSCI Emerging Markets 3.23% 14.43% 14.24% 52.74%
FTSE NAREIT Equity 3.83% 8.96% 14.19% 21.89%
Bloomberg Commodity -0.43% -2.62% 21.16% 32.93%
Bloomberg U.S. Aggregate 0.55% 0.88% 0.84% 6.10%

The Federal Reserve 4/15/2026, NFIB 4/14/2026, Bloomberg 4/14/2026. Data from Morningstar Direct and FactSet. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.