Stocks Trade Near Records on 11th Consecutive Gain for Tech: April 15, 2026

The record run in stocks is extending as Middle East peace hopes send tech towards its 11th consecutive day of gains. The S&P 500 is flirting with a fresh all-time high, reaching an intraday figure of 7,001.92 and threatening to take out the historic 7,002.28 last reached in late January, which has acted as a critical area of resistance during 2026’s early broadening rally. But today’s advance is almost entirely being driven by the Magnificent 7, as other equity segments are struggling in light of climbing interest rates alongside loftier oil prices; the Dow Jones Industrial and Russell 2000 benchmarks are suffering losses. The geopolitical situation continues to be complicated as Tehran and Washington position for control over the Strait of Hormuz amidst traffic volume through the key waterway that is well below normal. Meanwhile, Iran has threatened to retaliate in response to the US naval blockade of the passage. Still, President Trump has attempted to quell anxieties by saying that both sides could begin negotiations again this week and that the conflict will likely culminate soon. However, WTI crude is now up to $93 per barrel after sinking to $86.96 last night, its lowest price since March 26, a development that is emblematic of a significant likelihood that energy costs will stay elevated even if a truce is struck. Elsewhere, natural gas and lumber are higher, while precious metals and copper retreat. The greenback and volatility protection instruments are nearing their flatlines, cryptocurrencies are lower and prediction markets are catching bids.

Homebuilder Sentiment Hits Seven-Month Low

Homebuilder sentiment sank to a seven-month low as existing concerns regarding elevated mortgage rates, subdued affordability and labor constraints were exacerbated by higher commodity prices resulting from the Middle East conflict. The NAHB/Well Fargo indicator fell to 34 in April, well beneath the median estimate of 37 and March’s 38. All three subcomponents and the four geographical regions contributed to the fall with current closing conditions, the six-month outlook for transactions and the traffic of prospective buyers sinking from 41, 49 and 25 to 37, 42 and 22. Similarly, the Northeast, Midwest, South and West declined from 42, 45, 36 and 31 to 41, 38, 34 and 26.

Tug of War Near S&P 7K

It’s been quite the tug of war at the S&P 500’s 7k level with bulls driving a ferocious 10.8% rally since the year-to-date low of 6,317 on March 30, just 12 trading days ago. And despite speculative enthusiasms thriving in the past several weeks, much of the same concerns from then remain front and center today, but the fear of missing out brought investors into the market as soon as any semblance of potential Middle East peace appeared. Furthermore, participants got too bearish last year during the liberation tariff selloff and that experience conditioned many traders to want to get back in early whenever volatility soared. In conclusion, this advance is way overbought by many measures and the economic fundamentals have worsened significantly in the past few weeks, with Wall Street having to manage elevated interest rates and higher oil prices. Evidence of an imminent turnaround is growing increasingly likely here throughout this climb, as the Russell 2000 and Dow Jones Industrial can’t gain much further with the 10-year Treasury near 4.30% and crude north of $90, which explains why both indices are down despite tech bulls racing higher.

International Roundup

AI Demand Pushes South Korea Trade Surplus Higher

South Korea’s trade surplus spiked last month with demand for high-tech products accelerating the growth of goods shipped to foreign markets. The value of exports exceeded imports by $26.24 billion, blowing past both the economist consensus estimate of $25.74 billion and February’s $15.38 surplus, according to the Ministry of Trade, Industry and Resources. Foreign purchases of South Korea products climbed 49.2% year over year (y/y), slightly stronger than the economist consensus estimate of 48.3% but up significantly from 28.7% in February. Imports, meanwhile, ascended by 13.2% y/y, matching the economist consensus estimate after February’s 7.5% expansion. With growing development worldwide of AI computing, the value of South Korea’s information and communications technology (ICT) exports totaled $43.51 billion, up 115% y/y and surpassing $40 billion for the first time. Easing demand for OLED screens, however, caused shipment of display panels to weaken. An increase in U.S. production of telecommunication equipment also dinged South Korea’s exports. Nevertheless, exports to the US, China, the European Union, Taiwan and Vietnam grew 189%, 141%, 89.9%, 82% and 48%.In a related matter, businesses boosted their prices of products shipped abroad by 28.7% y/y after the 11.1% increase in February, according to the country’s Export Price Index. Items shipped to South Korea were 18.4% more costly y/y due to higher energy costs. It was the biggest jump in more than three years. Import prices were up only 1.6% y/y in the preceding month.

And Unemployment Falls

South Korea’s unemployment fell from 2.9% in February to 2.7% last month. In March, the number of working individuals was up 0.7% y/y. At the same time, the headcount of the unemployed sank 3.8% y/y.

Canada Manufacturing and Wholesale Activity Strengthens

Canada’s manufacturing and wholesale sales in February grew 3.6% and 2% month over month (m/m), respectively, and reversed from 3.1% and 1.1% declines in the preceding month, according to Statistics Canada. The activity, however, missed the economist consensus estimate for growth of 3.8% and 2.3% growth. The manufacturing strength was driven by the resumption of operations at various automobile factories that had been shut for planned maintenance. In wholesaling, activity expanded in five of the seven categories and was led by motor vehicle and motor vehicle part sales ascending 6.1%.