U.S. stocks posted strong gains in April, showing notable resilience despite ongoing geopolitical uncertainty and a still-fragile Middle East ceasefire backdrop. Stocks finished the month at or near all-time highs, with performance influenced by the ceasefire, better-than-expected corporate earnings, and continued AI momentum. Economic data remained generally resilient, while inflation moved modestly higher in March, with energy prices contributing to renewed price pressures amid disruptions to shipping through the Strait of Hormuz.
The broad U.S. bond market gained over the month. The Federal Reserve (Fed) held rates steady at its April meeting, which is expected to be Jerome Powell’s final meeting as Fed Chair, signaling a continued pause as it assesses the trajectory of inflation and economic growth. Policymakers maintained a data-dependent stance, acknowledging persistent inflation pressures, particularly from energy, while also noting that broader economic conditions remain solid.
International stocks also advanced, with emerging markets outpacing developed markets. Performance was driven by the ceasefire agreement as well as by strength in semiconductor and technology sectors. Global demand tied to AI and digital infrastructure remained robust. International bonds appreciated during the month, benefiting from relatively stable global rate expectations and currency dynamics.
Looking ahead, we believe markets will remain focused on energy prices, geopolitical developments, including the status of the Strait of Hormuz, and the transition in Federal Reserve leadership and any resulting changes in policy stance.
Source: Morningstar, Inc. as of 4/30/2026.
Disclosure:Past performance does not guarantee or predict future results.There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. You should not assume that any discussion or information contained in this market commentary serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Investment Advisers, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy or completeness. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Raffa actively leverages Artificial Intelligence and Large Language Models within our operations. The use of such technologies, focusing on the safeguard of non-public personal information, protecting of trade secrets, verification of information accuracy, and other pertinent compliance considerations, is outlined in Raffa’s Compliance Manual and acknowledged by Raffa staff. All viewpoints and final content created was reviewed and approved by the Raffa team to verify accuracy, perspective, and compliance with our marketing guidelines.
April 2026 Market Commentary & Outlook
Market Commentary
U.S. stocks posted strong gains in April, showing notable resilience despite ongoing geopolitical uncertainty and a still-fragile Middle East ceasefire backdrop. Stocks finished the month at or near all-time highs, with performance influenced by the ceasefire, better-than-expected corporate earnings, and continued AI momentum. Economic data remained generally resilient, while inflation moved modestly higher in March, with energy prices contributing to renewed price pressures amid disruptions to shipping through the Strait of Hormuz.
The broad U.S. bond market gained over the month. The Federal Reserve (Fed) held rates steady at its April meeting, which is expected to be Jerome Powell’s final meeting as Fed Chair, signaling a continued pause as it assesses the trajectory of inflation and economic growth. Policymakers maintained a data-dependent stance, acknowledging persistent inflation pressures, particularly from energy, while also noting that broader economic conditions remain solid.
International stocks also advanced, with emerging markets outpacing developed markets. Performance was driven by the ceasefire agreement as well as by strength in semiconductor and technology sectors. Global demand tied to AI and digital infrastructure remained robust. International bonds appreciated during the month, benefiting from relatively stable global rate expectations and currency dynamics.
Looking ahead, we believe markets will remain focused on energy prices, geopolitical developments, including the status of the Strait of Hormuz, and the transition in Federal Reserve leadership and any resulting changes in policy stance.
Source: Morningstar, Inc. as of 4/30/2026.
Disclosure: Past performance does not guarantee or predict future results. There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. You should not assume that any discussion or information contained in this market commentary serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Investment Advisers, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy or completeness. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Raffa actively leverages Artificial Intelligence and Large Language Models within our operations. The use of such technologies, focusing on the safeguard of non-public personal information, protecting of trade secrets, verification of information accuracy, and other pertinent compliance considerations, is outlined in Raffa’s Compliance Manual and acknowledged by Raffa staff. All viewpoints and final content created was reviewed and approved by the Raffa team to verify accuracy, perspective, and compliance with our marketing guidelines.