Weekly Market Recap
Week ended April 17
Market-moving news
Stock surge
Easing Middle East tensions and sliding oil prices fueled optimism, pushing the S&P 500 to three consecutive daily record highs starting on Wednesday. The index finished 4.5% higher for the week, and the NASDAQ’s 6.8% rise also pushed that index to record heights. The Dow’s relatively modest 3.2% increase left it 1.5% below its historic peak.
V-shaped recovery
Friday’s rally marked the 13th positive trading session in a row for the NASDAQ—the longest such streak since 1992—punctuating a nearly three-week surge that began on March 31. Each of the major U.S. indexes climbed more rapidly during that stretch than they declined beginning in late February as tensions rose in the Middle East.
Oil sell-off
A two-week decline in oil prices accelerated on Friday as shipping disruptions eased in the Strait of Hormuz. U.S. crude was trading around $83 per barrel on Friday afternoon, down from around $96 a week earlier and a recent peak of about $113 on April 7. On a year-to-date basis, however, oil was up more than 40% as of Friday.
Style shift
U.S. growth stocks outpaced their value counterparts by a wide margin for the third week in a row, eroding the value style’s still-sizable year-to-date performance lead over growth. A growth benchmark finished 6.7% higher for the week, versus a 2.4% rise for a value index.
Earnings kickoff
Most of the big U.S. banks that opened earnings season reported better-than-expected results, lifted by higher trading revenue. As of Friday, analysts projected that financials sector earnings rose 19.7% in the first quarter, according to FactSet. That’s above the 15.1% average gain that analysts had forecast for the sector entering the week.
Small-cap record
A U.S. small-cap stock benchmark climbed to a record high on Thursday, surpassing its prior peak set nearly two months earlier. The Russell 2000 Index climbed 5.6% for the week. Just four weeks earlier, the index had entered a correction after falling 10% below its recent peak.
Yields fall
Prices of U.S. government bonds rose, sending yields lower for the fourth week in a row amid easing concerns about inflation risks. The yield of the 10-year Treasury note finished the week at 4.24%, down from a recent peak of 4.44% on March 27.
Underinflated
Although U.S. producer prices climbed in March, the gain was far below the level that most economists had expected, given the recent rise in energy costs. Tuesday’s release of the Producer Price Index showed a monthly gain of 0.5% versus the 1.1% consensus forecast of economists. Higher gasoline prices accounted for about half of the overall gain.
The week ahead: April 20-24
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Investment returns
Equities
U.S. equity size and style total returns as of 4/17/26 (%)
1 week
| 2.4 | 4.6 | 6.7 | Large | |
| 2.9 | 3.5 | 5.7 | Medium | |
| 3.6 | 5.6 | 7.4 | Small | |
| Value | Core | Growth | ||
YTD
| 8.5 | 4.5 | 0.8 | Large | |
| 10.9 | 8.5 | 0.7 | Medium | |
| 14.3 | 12.3 | 10.4 | Small | |
| Value | Core | Growth | ||
Index/market total returns as of 4/17/26 (%)
| Close | 1 week | YTD | |
|---|---|---|---|
| Dow Jones Industrial Average | 49,447.4 | 3.2 | 3.4 |
| NASDAQ Composite Index | 24,468.5 | 6.8 | 5.5 |
| S&P 500 Index | 7,126.1 | 4.5 | 4.5 |
| MSCI EAFE Index | 3,111.5 | 2.2 | 8.6 |
| Cboe Volatility Index | 17.5 | -18.9 | 16.7 |
International/developed (%)
| 1 week | YTD | |
|---|---|---|
| EAFE | 2.2 | 8.6 |
| Europe | 2.7 | 7.4 |
| France | 2.5 | 4.3 |
| Germany | 4.5 | 2.3 |
| Italy | 3.0 | 8.5 |
| Japan | 1.7 | 10.7 |
| Spain | 2.3 | 7.9 |
| Switzerland | 3.4 | 4.9 |
| U.K. | 1.3 | 9.8 |
Emerging markets (%)
| 1 week | YTD | |
|---|---|---|
| EM | 3.2 | 14.3 |
| Brazil | 0.3 | 29.6 |
| China | 2.6 | -2.4 |
| India | 1.7 | -7.6 |
| Indonesia | 0.0 | -16.4 |
| Korea | 5.9 | 51.5 |
| Mexico | 0.4 | 16.0 |
| Russia | #N/A | #N/A |
| Taiwan | 4.2 | 29.4 |
S&P 500 sectors (%)
| 1 week | YTD | |
|---|---|---|
| S&P 500 Index | 4.5 | 4.5 |
| Communication services | 6.3 | 6.3 |
| Consumer discretionary | 6.6 | 1.9 |
| Consumer staples | 0.0 | 8.3 |
| Energy | -3.5 | 23.6 |
| Financials | 3.3 | -3.7 |
| Healthcare | 1.0 | -3.5 |
| Industrials | 1.2 | 12.2 |
| Information tech | 8.1 | 4.9 |
| Materials | -0.4 | 14.5 |
| Real estate | 3.7 | 14.4 |
| Utilities | -1.7 | 8.9 |
Fixed income, currencies, and commodities
U.S. fixed-income style total returns as of 4/17/26 (%)
1 week
| 0.2 | 0.4 | 0.7 | High | Credit quality |
| 0.3 | 0.5 | 1.1 | Medium | |
| 0.4 | 0.7 | 1.0 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
YTD
| 0.8 | 0.6 | 0.5 | High | Credit quality |
| 0.7 | 0.9 | 0.9 | Medium | |
| 1.2 | 1.5 | 2.5 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
U.S. Treasury bond yields as of 4/17/26 (%)
| END OF WEEK | PRIOR YEAR END | YTD CHANGE (BPS) | |
|---|---|---|---|
| 2 Yr | 3.70 | 3.48 | 22 |
| 10 Yr | 4.24 | 4.16 | 8 |
| 30 Yr | 4.88 | 4.84 | 4 |
| 2-10 spread | 54 | 68 | -14 |
| 10-30 spread | 64 | 68 | -4 |
U.S. bond sector total returns (%)
| 1 week | YTD | |
|---|---|---|
| Aggregate | 0.5 | 0.8 |
| Bank loans | 0.6 | 0.1 |
| Convertible | 4.2 | 13.2 |
| Corporate | 0.7 | 0.7 |
| High yield | 0.7 | 1.5 |
| MBS | 0.5 | 1.4 |
| Municipal | 0.3 | 1.3 |
| Preferreds | 1.2 | 1.2 |
| TIPS | 0.4 | 1.3 |
| Treasury | 0.5 | 0.6 |
Global bond total returns (%)
| 1 week | YTD | |
|---|---|---|
| EM Local | 1.7 | 4.7 |
| EMD USD | 1.3 | 2.3 |
| Global Agg | 0.9 | 0.9 |
| Global Agg Ex-U.S. | 1.1 | 1.0 |
| Multiverse | 0.9 | 1.0 |
Commodities (%)
| 1 week | YTD | |
|---|---|---|
| BBG Com Ind | -0.4 | 21.2 |
| Oil (WTI) | -6.8 | 59.9 |
| Gold | 2.0 | 11.9 |
Currencies (USD) (%)
| 1 week | YTD | |
|---|---|---|
| EM FX | #N/A | #N/A |
| AUD | 1.7 | 8.0 |
| CAD | 1.2 | 0.3 |
| CHF | 1.3 | 1.7 |
| EUR | 0.7 | 0.6 |
| GBP | 0.8 | 0.9 |
| JPY | 0.8 | -0.7 |
GDP
Jobs
Inflation
Ex-U.S.
Regions/countries
| GDP Growth (%) annualized | Inflation Rate (%) CPI | Unemployment Rate (%) | 10-Year Government Bond (%) | Sovereign Credit Rating | |
|---|---|---|---|---|---|
| Eurozone | 1.2 | 2.6 | 6.2 | _ | _ |
| China | 5.0 | 1.0 | 5.4 | 1.77 | A+ |
| Germany | 0.4 | 2.7 | 6.3 | 2.97 | AAA |
| Japan | 0.1 | 1.3 | 2.6 | 2.42 | A+ |
| U.K. | 1.0 | 3.0 | 5.2 | 4.69 | AA |
Fund industry overview
Total net flows: open-end funds and ETFs as of 3/31/26 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| U.S. Equity | -3.4 | -92.9 | 17,275.1 |
| Sector Equity | -1.3 | 60.4 | 1,717.9 |
| Allocation | -7.3 | -57.6 | 1,529.6 |
| International Equity | 13.4 | 133.9 | 5,365.0 |
| Alternative | 3.2 | 20.4 | 140.7 |
| Commodities | -10.6 | 43.6 | 394.0 |
| Taxable Bond | 27.0 | 623.6 | 6,707.4 |
| Municipal Bond | 5.3 | 81.3 | 1,029.9 |
| Total all long-term funds | 41.7 | 857.3 | 34,792.0 |
Leading Morningstar fund categories by monthly net flows as of 3/31/26 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Ultrashort Bond | 24.9 | 104.4 | 520.3 |
| Large Blend | 15.0 | 168.8 | 9,103.4 |
| Foreign Large Blend | 12.2 | 104.5 | 2,275.2 |
| Intermediate Government | 6.2 | 33.5 | 210.3 |
| Trading--Leveraged Equity | 5.7 | -20.0 | 111.0 |
Lagging Morningstar fund categories by monthly net flows as of 3/31/26 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Commodities Focused | -12.2 | 38.0 | 328.5 |
| High Yield Bond | -9.4 | -1.8 | 388.6 |
| Large Growth | -8.0 | -90.4 | 3,263.1 |
| Mid-Cap Growth | -4.7 | -42.7 | 334.5 |
| Moderate Allocation | -4.2 | -40.8 | 815.6 |
Important disclosures
Important disclosures
Unless otherwise noted, all data is from FactSet.
The data provided is for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. This does not illustrate the performance of any John Hancock fund. The information contained here is not guaranteed as to accuracy or completeness. All economic and performance information is historical and does not guarantee future results.
The Dow Jones Industrial Average is a price-weighted index comprising 30 widely traded blue chip U.S. common stocks. The NASDAQ Composite Index is a market-value-weighted index of all common stocks listed on the NASDAQ stock exchange. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions. The MSCI Emerging Markets Index tracks the performance of large- and mid-cap stocks in emerging markets. The Cboe Volatility Index (VIX) shows the market’s expectation of 30-day volatility and is constructed using the implied volatilities of a wide range of S&P 500 Index options. Weekly and year-to-date figures for the VIX show percentage changes, not investment returns. The Russell 1000 Growth Index tracks the performance of large-cap companies in the United States with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Value Index tracks the performance of large-cap companies in the United States with lower price-to-book ratios and lower forecasted growth values. It is not possible to invest directly in an index. Total returns are calculated gross of foreign withholding tax on dividends.
The Treasury yield curve is derived from available U.S. Treasury securities trading in the market and is provided directly by the U.S. Federal Reserve. The spread measures the difference in yield between two government securities. A normal (positive) yield curve occurs when longer-term rates are higher than shorter-term rates. The opposite holds true for an inverted yield curve. Year-to-date changes in U.S. Treasury bond yields are shown in basis points (BPS). One hundred basis points equals one percent.
Oil prices are represented by West Texas Intermediate (WTI) crude oil.
The G20 countries comprise a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, and over 75% of global trade.
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