Week of April 27, 2026
The capital markets—particularly the S&P 500—suggest that the current Iran conflict is not being viewed as a major risk, as evidenced by the new highs reached on Friday. The United States’ principal adversaries, Russia and China, have thus far acted in a relatively restrained manner. More broadly, Europe appears increasingly focused on strengthening its own defenses. At the same time, artificial intelligence and the anticipated improvement in global living standards are taking a more prominent place in investors’ thinking. Our Signals remain unchanged.
Bob Bilkie, CFA
