Macro Events — April 24, 2026

Us Stock Market

U.S. stocks seesawed through the week as two forces pulled in opposite directions: strong company earnings pushed prices up, while stalled peace talks between the U.S. and Iran and rising energy costs dragged them down. Early in the week, stocks slipped on fears the ceasefire would expire without a deal, but they bounced back Wednesday after President Trump extended the truce indefinitely, sending the S&P 500 and Nasdaq close to record highs. By Friday, standout results from Intel (up 25% after a big earnings surprise) and Procter & Gamble lifted futures to new records even as the Iran standoff continued to weigh on sentiment.

Oil Price

Oil prices climbed sharply this week, with Brent crude pushing above $105 a barrel, after U.S.-Iran peace talks broke down and both sides maintained blockades in the Strait of Hormuz, one of the world's most important shipping routes for oil. President Trump escalated tensions further by ordering the Navy to fire on Iranian vessels allegedly laying mines in the strait. The price surge rippled across global markets, pushing up inflation expectations, driving bond interest rates higher from the U.S. to the UK to Japan, and dragging down stocks and currencies in oil-dependent economies like India and the Philippines.

Natural Gas Price

U.S. natural gas prices swung during the week, rising to a two-week high around $2.71 as production dropped by nearly 4 billion cubic feet per day and LNG exports neared record levels, then falling back to an 18-month low of $2.57 after a federal report showed storage injections far above normal, leaving inventories about 7% higher than typical. In Europe, prices jumped sharply because the U.S.-Iran military conflict kept the Strait of Hormuz closed to shipping, cutting off roughly a fifth of the world's LNG supply, while stalled peace talks and continued attacks on commercial vessels kept traders worried about a prolonged disruption. By Thursday, European prices had climbed above €44 per megawatt hour after four straight days of gains, even as U.S. prices fell under the weight of mild weather and overflowing storage.

Gold Price

Gold fell about 3% for the week, dropping below $4,700 an ounce, as rising oil prices from the U.S.-Iran standoff over the Strait of Hormuz stoked fears of persistent inflation and pushed expectations toward the Federal Reserve keeping rates unchanged or even raising them. A stronger dollar added to the pressure, and the Senate confirmation hearing for the new Fed chair nominee, who called for a new approach to fighting inflation without giving details, further unsettled investors. A brief bounce mid-week on ceasefire optimism faded quickly after peace talks collapsed and the U.S. ordered its Navy to fire on vessels laying mines in the strait.

Bond Yield

The interest paid on U.S. 10-year government bonds climbed over five straight sessions, reaching about 4.33%, driven by a mix of strong economic data and rising energy costs tied to the U.S.-Iran standoff over the Strait of Hormuz. Strong retail sales, higher employment numbers, and military threats to shoot vessels laying mines in the strait all pushed fuel prices up, which stoked inflation worries and kept bond rates elevated. Earlier in the week, hopes for a peace deal briefly pulled rates down, and that dip fed through to lower mortgage rates, which dropped for a third straight week to 6.35% and sparked a jump in home loan applications.

Us Economy

U.S. military strikes and the ongoing standoff with Iran over the Strait of Hormuz pushed energy prices sharply higher this week, raising inflation worries and driving the interest rate on 10-year government bonds up to around 4.33% over five straight days of increases. The Federal Reserve is now expected to hold rates steady for most of the year, with markets pulling back earlier hopes for rate cuts. Despite the geopolitical drag, strong corporate earnings from companies like Intel and Procter & Gamble lifted the S&P 500 and Nasdaq to new record highs, though gains were uneven as some tech stocks fell on mixed results.

China Economy

The standoff over the Strait of Hormuz between the U.S. and Iran kept energy prices climbing this week, sending inflation fears rippling through the global economy and hitting China's growth outlook hard. Rising fuel costs act as a tax on China's massive manufacturing and shipping sectors, and the blockade of one of the world's most important oil chokepoints showed no signs of easing despite an extended ceasefire. The inflation spike also pushed expectations for higher interest rates worldwide, which further clouds the picture for Chinese economic activity and trade.

Europe Economy

U.S.-Iran fighting over the Strait of Hormuz pushed oil prices sharply higher this week, which rippled across Europe by driving up inflation and dragging down economic activity. Germany's service sector shrank at its fastest pace since late 2022 as businesses faced surging costs and weakening demand, leading to job cuts and falling orders. In the UK, inflation climbed to 3.3% in March on rising fuel costs, pushing government borrowing costs to levels not seen since 2008 as investors began pricing in two interest rate increases this year.