NEW YORK, April 15, 2026, 18:08 EDT
U.S. equities pushed further into record territory Wednesday. The S&P 500 wrapped up at 7,022.95, the Nasdaq at 24,016.02. Investors seemed encouraged by Washington-Tehran diplomatic moves, hoping they’d help cap oil price jumps. The Dow, though, dropped 72 points. Still, upbeat numbers from big banks pulled capital into stocks and risk assets.
This marks a full comeback from the sharp March drop sparked by the Feb. 28 conflict. The S&P 500 has clawed back everything it lost. Both the Nasdaq and Dow slipped into correction — that’s the 10% threshold — but managed to recover.
The market’s bounce hinges on a straightforward bet: while fighting drags on, the direst economic fallout might be avoided. White House press secretary Karoline Leavitt denied claims that Washington had pushed for a ceasefire, but called the ongoing talks with Iran “productive”—with another round, probably in Pakistan, on the table. Reuters
Shipping developments cropped up as well. According to a source with knowledge, speaking to Reuters, Iran is considering letting ships pass through the Omani side of the Strait of Hormuz if a wider agreement comes together—an important development, since roughly 20% of global oil and LNG moves through the strait. Even after the April 8 ceasefire, traffic remains much lower than usual.
Stronger-than-expected bank earnings helped fuel the rally. Bank of America logged a 17% jump in first-quarter net income to $8.6 billion, with sales and trading revenue up 13% at $6.4 billion. Morgan Stanley, for its part, delivered record quarterly revenue of $20.6 billion and $3.43 per share in earnings.
Executives struck an upbeat note. Bank of America’s Brian Moynihan pointed to a “resilient American economy.” Over at Morgan Stanley, CEO Ted Pick labeled the firm’s performance a “record quarter,” lifted by active clients and a pickup in dealmaking. AP News
It wasn’t just those names. JPMorgan and Citigroup posted better-than-expected results the previous day. According to Dealogic figures cited by Reuters, first-quarter investment-banking revenue climbed 14% to $28.2 billion, while global M&A revenue jumped 19% to a record $11.3 billion.
Gabriel Shahin at Falcon Wealth Planning called the March dip a “sale”—he doesn’t see it as a red flag for corporate America. Over at ClearBridge Investments, Jeff Schulze pointed to a solid kickoff to earnings season, saying the rebound was driven by “a good start” and optimism about a possible U.S.-Iran agreement lowering energy costs. Reuters
Caution lingers with oil. Brent finished at $94.93 a barrel, U.S. crude at $91.29—prices still sitting noticeably higher than before the conflict. The dollar slipped for an eighth session, and 10-year Treasury yields climbed to 4.282%, traders eyeing persistent inflation threats.
Outside Wall Street, fallout continues. IMF chief Kristalina Georgieva said no fewer than a dozen countries could soon be seeking new loans to buffer the energy shock. Finance ministers from the UK, Japan, Australia, and several European nations cautioned that even a lasting agreement wouldn’t spare growth, inflation, or markets from further strain.
Still, markets seem to be racing ahead of diplomatic efforts. Turkey announced it’s pushing to prolong the ceasefire rather than secure a permanent deal, while St. Louis Fed President Alberto Musalem warned that the oil shock could keep core inflation — excluding food and energy — around 3% for the year, a scenario that could lock in higher U.S. rates for longer.
Pressure from Washington isn’t letting up. On Wednesday, the Treasury rolled out sanctions targeting over two dozen individuals, firms, and ships linked to Iranian oil shipments—a clear sign that, despite traders reaching for new highs, the result is hardly locked in.
Volatility has calmed for the moment. The CBOE Volatility Index finished close to its lowest level since Feb. 26. According to LSEG figures reported by Reuters, analysts now project first-quarter S&P 500 earnings of $605.1 billion, up from $598.7 billion at the quarter’s open.
