Big Bank Earnings and Oil Markets Take Center Stage This Week

Key Highlights

Table of Contents

Major indices recorded their second consecutive weekly advance, with the S&P 500 climbing 3.5%, the Dow Jones rising 3%, and the Nasdaq surging 4.7%
Quarterly results from major financial institutions including JPMorgan, Goldman Sachs, and Bank of America arrive this week
Consumer Price Index data for March revealed the steepest monthly price acceleration since June 2022, primarily due to energy costs
Crude oil trades around $98 per barrel currently, though futures markets anticipate a decline toward $85 by summer, potentially supporting equity prices
Technology sector divergence continues as software names plunge 30% year-to-date while chip manufacturers soar over 20%

Wall Street concluded another positive week as market participants shifted focus toward the beginning of quarterly reporting season. The S&P 500 advanced 3.5%, the Dow Jones Industrial Average added 3%, and the Nasdaq Composite jumped 4.7% during the period. Despite remaining in negative territory for 2026, all three benchmarks now sit less than 1% away from positive year-to-date performance.

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E-Mini S&P 500 Jun 26 (ES=F)

The upcoming trading days feature an intense earnings calendar. Goldman Sachs kicks off Monday’s reports. JPMorgan Chase, Citigroup, and Wells Fargo release results on Tuesday. Bank of America and Morgan Stanley deliver their numbers Wednesday, while Netflix and Taiwan Semiconductor are scheduled for Thursday.

#earnings for the week of April 13, 2026 https://t.co/hLn2sKQhEY $NFLX $TSM $GS $JPM $ASML $BLK $MS $BAC $C $KMX $FAST $AA $JNJ $SCHW $SIFY $SLG $JBHT $PGR $FITB $FBK $BK $PLD $NKLR $PEP $SURG $TFC $RF $WFC $SFNC $TRV $PNC $MTB $HOVR $CFG $CNS $ABT $ALLY $HOFT $LAKE $MAMA… pic.twitter.com/JFbFzQdWcB

— Earnings Whispers (@eWhispers) April 10, 2026

Investors continue monitoring international political tensions carefully. Weekend negotiations between the US and Iran held in Pakistan concluded without a peace agreement after Tehran declined to commit against pursuing nuclear weapons capabilities, Vice President JD Vance disclosed late Saturday.

America is waking up to some major news.

Peace talks between the US and Iran have failed and both sides have returned home.

As a result, Iran is refusing to reopen the Strait of Hormuz without a permanent peace agreement and the US has called it “bad news” for Iran.

Now, we…

— The Kobeissi Letter (@KobeissiLetter) April 12, 2026

Crude Oil Remains the Critical Market Driver

Following the outbreak of hostilities between the US and Iran, petroleum prices have emerged as the market’s most closely monitored indicator. West Texas Intermediate crude finished Friday’s session around $98 per barrel, representing a substantial increase from approximately $68 before military tensions escalated.

Nevertheless, contracts for July delivery are pricing oil nearer to $85. Evercore ISI’s Julian Emanuel suggested that WTI in the “low-to-mid $80s” would prove sufficient to eliminate the pressure on equities.

The fourteen-day pause in fighting among the US, Israel, and Iran provided markets with positive momentum during the previous week. The durability of this truce will determine oil’s trajectory and, consequently, broader market direction.

Friday’s Consumer Price Index report indicated headline inflation jumped 0.9% during March, marking the sharpest monthly advance since June 2022. Economic analysts highlighted that the majority of this surge stemmed from energy price increases related to the military conflict.

The University of Michigan’s consumer sentiment gauge plummeted to an all-time low in April, although 98% of survey responses were gathered prior to the ceasefire announcement.

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Source: Forex Factory

Tech Sector Divergence: Software Tumbles as Semiconductors Soar

The division within equity markets has grown more pronounced. The iShares Software Sector ETF dropped more than 7% during the past week and has now declined 30% year-to-date.

Salesforce represents the largest detractor, falling over 35% in 2026. AppLovin, Intuit, and ServiceNow have each tumbled more than 40%. Microsoft, Palantir, and Oracle have all declined more than 25%.

Chip manufacturers present a contrasting narrative. The VanEck Semiconductor ETF has gained over 20% this year. Intel, Applied Materials, Lam Research, and Marvell Technologies have each rallied more than 50%.

ASML releases its quarterly results Wednesday, while Taiwan Semiconductor reports Thursday. Taiwan Semiconductor previously disclosed robust March revenue figures last week, suggesting sustained demand for artificial intelligence processors.

Netflix completes its quarterly report Thursday as well, capping an action-packed earnings week.

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