Is There a Deal?-- Market Thinks Yes.

About this episode

Bob Doll reviews a strong week for equities amidst growing optimism about an end to the U.S.-Iran conflict.

Bob Doll's Weekly Investment Commentary (April 20, 2026) reviews a strong week for equities—S&P +4.5%, NASDAQ nearly +7%, Russell 2000 +3.9%—as markets reacted to growing optimism about an end to the U.S.-Iran conflict. Technology, consumer discretionary and communication services led gains while energy and utilities lagged. Oil’s spike appears to have peaked and the gap between spot and 12‑month forward prices has narrowed, but supply and price normalization will be gradual and uneven. The outlook assumes a durable ceasefire and resilient global corporate profits that support continued risk-on positioning; however, earnings, valuations, inflation trends and potential setbacks from the conflict will determine whether returns are broadly positive. Key takeaways include ceasefire optimism, resilient macro data despite the energy shock, rising near-term inflation expectations, narrow market breadth during the rally, and the crucial role of earnings and policy in shaping markets ahead. For a copy of this week's Doll's Deliberations click on the following link April 20 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Topics covered

• equities
• U.S.-Iran conflict
• market outlook
• inflation
• earnings

Keywords

• S&P
• NASDAQ
• Russell 2000
• ceasefire
• market breadth

Mentioned in this episode

Products: Crossmark Global Investments

Places: U.S.-Iran

More episodes of Doll’s Deliberations

• Cease Fire - But Will It Hold · April 13, 2026 · 9 min
• Q1 2026 Review: Oil Surge, Iran War & Rising Recession Risk · April 6, 2026 · 17 min
• New Hope in the Continued Bumpy Ride of War · March 30, 2026 · 10 min
• War Continues to Hurt Risk Assets · March 23, 2026 · 9 min
• War Unknowns Dominate Market the Dialogue · March 16, 2026 · 7 min
• With the War Upset Global Economic Momentum? · March 9, 2026 · 8 min