From the Desk - Economic Commentary
Brandon Casey, Member Strategies - 4/10/2026
U.S. stocks are mixed on the last trading day of the week as traders continue to monitor the status of the ceasefire agreement. Both the S&P 500 and Nasdaq are higher, while the DJIA is modestly lower. On the week, all three major averages are up at least 3%, led by the Nasdaq up almost 5%. The S&P is on track for its best week since May.
March CPI showed a sharp acceleration in headline inflation, with prices rising 0.9% month-over-month, in line with expectations and well above February’s 0.3% increase. On a year-over-year basis, CPI jumped to 3.3% from 2.4%, marking the highest annual reading since April 2024 and reflecting a surge in energy prices tied to the Iran conflict. Core CPI was more contained, increasing 0.2% for the month, versus expectations of 0.3%, and up 2.6% year-over-year, a modest uptick from February’s 2.5%.
Preliminary April University of Michigan consumer sentiment fell sharply to 47.6, the lowest level on record. The decline was broad-based, with the current conditions index dropping to 50.1 and consumer expectations sliding to 46.1, signaling increasing pessimism about both present economic conditions and the outlook ahead. At the same time, year-ahead inflation expectations jumped to 4.8%, reinforcing concerns that rising prices—particularly for gasoline—are weighing heavily on consumer attitudes.
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