U.S. and Global Markets Hovered Near Record Levels as Hormuz Worries Keep Earnings-Driven Optimism In Check

Scott Peters
24 Apr, 2026
New York City

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Global Markets Hovered Near Record Highs as Earnings Surpassed Expectations

Global markets continued to hover near record highs, energy prices erased losses of the last two weeks, and investors reviewed the latest batch of earnings. 

Despite the lingering hostilities in the Middle East, stock market indexes around the world advanced for the sixth week in a row and extended the rebound to more than 10% at the end of last week.

So far, about 800 companies in the U.S., Europe, and Asia have reported quarterly results, and earnings have surpassed market expectations despite geopolitical tensions and supply disruptions in the Middle East.

The Nasdaq Composite and the S&P 500 index retained an upward bias, and benchmark indexes in Europe erased between 1% and 2% amid worries of higher-for-longer energy prices. 

The U.S.-Iran war, started by Israel, has disrupted the supply of LNG and crude oil to Asia and inflicted severe damage to industries in India, Japan, and South Korea.

In addition, jet fuel prices have more than doubled in Asia after China curtailed shipment of refined energy products. 

Moreover, advanced semiconductor makers in Taiwan, Japan, and South Korea are experiencing shortages of industrial gases, forcing producers to curtail memory module production. 

The bond market reacted negatively to the renewed hostilities in the Persian Gulf, and the yield on the 10-year Treasury note edged up for the fifth session in a row to 4.31%. 

 

PBoC Holds Key Lending Rates

The People's Bank of China held its benchmark lending rates at record lows for the 11th month in a row. 

The one-year loan prime rate, the benchmark for residential and commercial lending, was held at 3.0%, while the five-year rate, used for mortgage lending, was held at 3.5%. 

China's economy expanded at 5.0% in the first quarter, ahead of the annual target rate of 4.5% set by policymakers, supported by the sustained rise in exports. 

 

Higher Energy Prices Accelerated Japan's Inflation In March

Japan's annual inflation accelerated to 1.5% in March from a four-year low of 1.3% in February, according to the Ministry of Communication and International Affairs.

Surging crude oil prices amid Middle East conflict contributed to a nationwide core inflation, which excludes fresh food prices, accelerated to 1.8% from 1.6% in February.

Core-core inflation, which strips away fresh food and energy prices to highlight underlying price trends, slowed to an annual increase of 2.4% from 2.5% in the previous month.

For the fiscal year ending in March, core inflation was 2.7%, largely driven by a 48.9% rise in rice prices. 

The end of the gasoline tax at the end of 2025 led to a slowdown in overall consumer price inflation in January and February, but the renewed tensions in the Middle East reignited inflationary forces. 

For now, rising fuel prices are partially offset by government subsidies, and the government has offered aid to wholesalers to keep gasoline prices at 170 yen per liter, lower than the price of 190.80 yen per liter on March 19. 

Japan imports about 95% of its crude oil from the Middle East.

 

Global Bonds, Currencies, and Commodities

Let us review key events in global bond, currency, and commodity markets last week.

• The yield on the 10-year U.S. Treasury notes edged up for the fifth session in a row to 4.31% as stalled U.S.-Iran talks and continued disruptions in the Strait of Hormuz kept inflation risks elevated. 

• Texas crude oil prices rose 6% to $94.86 a barrel amid a growing realization that the energy product shipments through the Strait of Hormuz are likely to remain disrupted for a prolonged period. 

• European natural gas futures rose 5% to €43.68 per MWh, as traders lowered expectations for the normalization of shipments in the Persian Gulf in the near future.

• The euro hovered at $1.18 as currency traders looked forward to the ECB's rate decisions next Thursday, and economists are anticipating policymakers to leave rates unrevised.

• The yen hovered near the 160 level against the U.S. dollar, and Finance Minister Katayama issued renewed threats of a potential verbal intervention, and domestic inflation picked up. 

 

Global Stock Indexes Review

Let us review key events in global bond, currency, and commodity markets last week.

• The S&P 500 index and the Nasdaq Composite traded in a tight range as earnings optimism overshadowed lingering uncertainty in the Persian Gulf. 

• European markets eased between 1% and 2% and hovered near pre-war record highs as investors reviewed the latest batch of earnings and lowered expectations for a ceasefire in the Persian Gulf in the immediate future.

• The Nikkei 225 Stock Average extended weekly gains for the fifth consecutive period, overlooking the building of inflationary forces driven by a surge in energy prices. 

• Hong Kong and China indexes diverged but traded in a tight range as corporate earnings surpassed market expectations, but unresolved issues in the Persian Gulf kept enthusiasm in check. 

• India's indexes fell 2.3% as global tech services providers reported a weaker-than-expected quarterly outlook.

 

Global Stock Movers

Intel soared 27% to $84.61 after the advanced chipmaker reported better-than-expected quarterly results. The company said first-quarter's adjusted earnings per share rose to 29 cents on revenue of $13.6 billion. The company's second quarter earnings outlook surpassed analysts' expectations.  

UnitedHealth Group soared 6% to $342.50 after the medical insurance service provider reported better-than-expected first-quarter results. 

UnitedHealth said revenue increased to $111.7 billion from $109.6 billion, net income edged lower to $6.28 billion from $6.29 billion, and diluted earnings per share rose to $6.90 from $6.85 a year ago. 

The closely watched medical benefit ratio, a measure of total medical expenses paid compared to premiums collected, improved to 83.9% from 84.8% a year ago.

General Electric declined 5% to $286.73 despite the aerospace company reporting strong sales in the first quarter. 

Revenue increased 25% to $12.3 billion from $9.9 billion, net income decreased to $2.19 billion from $2.24 billion, and diluted earnings per share were unchanged at $1.83.

The aerospace company held out for 2026 diluted earnings to range between $7.10 and $7.40 and cash flow to fall between $8.0 billion and $8.8 billion. 

Best Buy Company declined 4.2% to $63.85, and the company named an insider, Jason Bonfig, as the next chief executive, replacing Corie Barry in late October. 

IBM dropped 7 % to $233.19 after the technology company reported better than expected quarterly results, but the company retained its annual outlook supporting worries of slower revenue growth. 

ServiceNow plunged 13 % to $89.25 after the cloud computing services provider reported weaker-than-expected subscription revenue growth. 

Moreover, the company's full-year subscription revenue growth estimate fell short of market expectations.  

Tesla Inc. declined 3,3 % after the electric vehicle maker reported adjusted earnings per share of 41 cents for its latest quarter. 

Revenue rose 16% to $22.4 billion, net income advanced 17% to $477 million from $409 million, and diluted earnings per share edged up to 13 cents from 12 cents a year ago. 

The quarterly performance was driven by higher automotive unit sales and a rise in service-related revenue. 

Nokia Oyj jumped 11 % to $10.98 after the technology company reported its first quarter results. 

Revenue increased 2% to Є4.5 billion from Є4.4 billion, net income swung to a profit of Є87 million from a loss of Є60 million, and diluted income per share swung to a profit of 2 cents from a loss of 1 cent. 

On a comparable basis, net income advanced to Є295 million from Є153 million, and diluted earnings per share rose to 5 cents from 3 cents a year ago. 

L'Oréal soared 8,5 % to €372,75 after the cosmetic company reported its first quarter sales results. 

Sales in the first quarter  rose 3.6% to €12.15 billion, and advanced 7.6% on a comparable basis, driven by a broad advance across all regions. 

Ecommerce sales rose by double digits in emerging markets and Europe. 

Eoptolink Technology decreased 12.5% to 531.38 yen despite the company reporting that both revenue and net income more than doubled from a year ago in the first quarter.

Revenue increased 106% to 8.3 billion yuan from 4.1 billion yuan, net income attributable to shareholders soared 76.8% to 2.78 billion yuan, and basic earnings per share increased to 2.80 yuan from 2.22 yuan a year ago.

 

 

 

 

 

 

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