Weekly Roundup Apr. 13-17

Record High Markets | The Strait of Hormuz and Oil Prices | PPI Report and Inflation Signals

By: Hollis Costa

Apr. 19, 2026

Market Recap S&P 500: +4.5% | Nasdaq Composite: +6.8% | Dow Jones Industrial Average: +3.2% | WTI crude oil: -11.24% | Gold: about +0.8% | 10-year Treasury yield: -1.6%

Economy at a Glance

Both the S&P 500 and the Nasdaq finished the week at record highs. Crude oil moved lower as talks around the Strait of Hormuz reopening helped ease supply concerns. That drop in energy prices acted as a tailwind for the broader market. At the same time, gold continued to push higher, still signaling some demand for defensive positioning from investors.

The main story this week was the Strait of Hormuz, one of the most critical routes for global oil flow. Iran and the U.S. went back and forth over control of the strait, with some military posturing along the way. For much of the week, vessel traffic was limited, which added to the tension. By the end of the week, concerns eased a bit after Iran indicated the strait would remain open to commercial vessels. That said, the situation is still uncertain, and Iran ultimately has the ability to restrict access if tensions pick back up. Oil prices have drifted lower for now, but there’s still upside risk if the strait gets disrupted again. In the meantime, lower oil prices are helping ease inflationary pressure in the U.S., which has been a positive for the broader market.

The Existing Home Sales report that came out on the 13th showed sales down 1% year-over-year and 3.6% month-over-month. The housing market is still extremely sensitive to rate changes, and buyers are hesitant in this kind of volatile environment. High mortgage rates and slower job growth aren’t helping either. Overall, the market feels pretty stalled right now, with buyers largely sitting on the sidelines waiting for more stability and, ideally, better affordability.

The Producer Price Index (PPI) released on the 14th showed wholesale inflation holding relatively firm. Headline PPI rose 0.5% month-over-month and 4% year-over-year, while Core PPI only increased 0.1% month-over-month. Most of that uptick was driven by energy, with higher input costs like gasoline pushing prices up.

Looking Forward

This upcoming week will really test whether the market can stay calm or if new developments bring back volatility. Oil is still the biggest risk right now, with prices heavily tied to what happens in Iran and the Strait of Hormuz. Even though prices have pulled back recently, the situation is still fragile and could shift quickly.

Any move in oil will likely feed directly into inflation, just like we saw in last week’s PPI and CPI data. Higher energy prices tend to push up production and transportation costs, which eventually flow through to consumers.

So overall, oil remains the key variable—if it stays lower, it could help ease inflation, but if tensions pick back up, it could quickly put pressure on both inflation and the broader market again.

Glossary

● WTI crude oil: The main U.S. oil benchmark.

● 10-year Treasury yield: The key market interest-rate benchmark.

● Closed / blocked strait: A situation where shipping cannot move freely through the route.

● Open strait: A situation where shipping can move normally through the route.

● Restricted strait: A middle state where traffic can move, but under threats, delays, inspections, or uncertainty.

● CPI: Consumer inflation.

● PPI: Producer inflation.

● Core PPI: PPI excluding food and energy, used to show underlying inflation trends.

● Existing-home sales: A check on housing demand.

● Housing sales report: A report showing how many homes were sold, used as a read on housing demand and rate sensitivity.