Stocks Edge Up, Building on Gains, After Tame PPI
Published as of: April 14, 2026, 9:14 a.m. ET
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| The markets | Last price | Change | % change |
|---|---|---|---|
| S&P 500® Index | 6,816.89 | –7.77 | –0.11% |
| Dow Jones Industrial Average® | 47,916.57 | –269.23 | –0.56% |
| Nasdaq Composite® | 22,902.89 | +80.47 | +0.35% |
| 10-year Treasury yield | 4.32% | +0.01 | -- |
| U.S. Dollar Index | 98.94 | +0.29 | +0.30% |
| Cboe Volatility Index® | 20.97 | +1.74 | +9.05% |
| WTI Crude Oil | $104.19 | +$7.61 | +7.88% |
| Bitcoin | $71,010 | –$2,475 | –3.37% |
(Tuesday market open) War news dominated over the last month while corporate headlines retreated. Starting today, companies muscle back thanks to earnings from JPMorgan Chase (JPM) and several other large banks that could provide a welcome distraction for war-weary Wall Street. Stocks started the day building on yesterday's sharp rally, with tech shares up again but banks under pressure as investors eyed complex results and guidance.
Another distraction is today's March Producer Price Index (PPI), which rose 0.5% for headline and 0.1% for core, well below the consensus of 1.2% headline and 0.4% core, which excludes food and energy, "The March PPI report was tame compared to last week's CPI release," said Collin Martin, head of fixed income research and strategy, Schwab Center for Financial Research (SCFR). "With so much uncertainty around the outlook on the conflict in the Middle East, this report shouldn't change the timing of the next move by the Fed. We continue to expect the Fed to hold rates steady for several meetings."
Stocks surged Monday, lifting the S&P 500 Index back above where it traded before the war began amid strength in the chip and financial sectors and pressure on oil amid hopes for progress on ending the conflict. Today is likely the most important earnings morning of the quarter for banks, with focus on what executives say on their calls. "The actual results are almost secondary right now," said Alex Coffey, senior trading and derivatives strategist at Schwab. "What I want to hear is how bank CEOs are planning for a world where energy prices are driving costs higher while the job market is cooling."
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Three things to watch
- Drilling deeper on PPI: On an annual basis, core PPI rose 3.8%, unchanged from February, while headline PPI rose 4%, up from 3.4% in February. "Energy was the key driver, as expected," Martin said. "The report is positive if viewed in a vacuum, but the CPI report suggests that inflationary pressures are still very much present for consumers." Last week's March Consumer Price Index, or CPI, showed a sharp monthly increase in the headline number, driven by an 18% rise in the price of gasoline from February. Future PPI figures will likely be watched closely in coming months if oil stays elevated, because wholesale prices measured by PPI have a history of leaking into consumer prices over time. It's also possible the report doesn't reflect the full impact of higher oil prices in March, and that April's report might provide more clarity on costs companies face. Several Federal Reserve speakers are on today's calendar, bunched toward late morning, and may share thoughts on recent inflation data. The Fed's Beige Book report on regional U.S. economies is due at 2 p.m. ET tomorrow.
- No hometown discount for U.S. crude: Over the last decade, U.S. crude production surged to record highs above 13 million barrels per day and stayed there. While that's not enough to supply all U.S needs, most of its imports are from other North American countries, raising questions about why gasoline prices here spiked along with Asian and European prices—parts of the world where imports from the war-torn Middle East dominate. It goes back to crude oil and other energy products being part of a global market, with growing overseas import demand for U.S. oil contributing to higher U.S. prices even as parts of the U.S. rely on costly imports of gasoline from places like South Korea and the Netherlands. "Many analysts have been saying that the implications of the closure of the strait are more dire for Asia, which relies on Middle East oil, and Europe, where liquefied natural gas is in high demand, than they are for the United States," said Michael Townsend, managing director of legislative and regulatory affairs at Schwab. "And that may be technically true. But oil is priced globally. There's not one price for oil headed to Asia and another price for oil headed to the United States."
- Treasury flows, China GDP worth checking: Late tomorrow, consider checking the monthly net longer-term Treasury International Capital, or TIC flows. The report, due around Wednesday's market close, tracks the difference in value between foreign long-term securities purchased by U.S. citizens and U.S. long-term securities purchased by foreign investors. This report is important because it helps investors understand demand from abroad for Treasuries. This metric has been uncertain lately, in part because other countries' bonds are increasingly competitive with those of the U.S. in terms of yield. "While the Fed is likely on an extended pause, other developed market central banks are likely to hike rates," said Martin. "Rising global bond yields can put some sort of floor under U.S. Treasury yields." Stay tuned late Wednesday, too, for updated economic data from China, including a reading on first quarter gross domestic product, or GDP, growth. The country's oil imports come mainly from the Middle East, including Iran, so these reports offer a first look into the impact on this large U.S. trading partner, with possible implications for U.S. exporting firms.
On the move
- JPMorgan Chase fell less than 1% after earnings. Earnings per share and revenue beat expectations, but investors seemed disappointed in the firm's lower net-interest income (NII) forecast. NII measures the money banks make lending minus what they pay to customers. "The U.S. economy remained resilient in the quarter, with consumers still earning and spending and businesses still healthy," CEO Jamie Dimon said in the earnings release. "At the same time, there is an increasingly complex set of risks."
- Wells Fargo (WFC) dropped 2% as the bank beat Wall Street's earnings per share consensus but lagged on revenue. The company reaffirmed its NII guidance and slightly raised its provision for credit losses.
- BlackRock (BLK) climbed 2% after earnings beat analysts' consensus, while Citigroup (C) added 1.5% following earnings and revenue that topped estimates, marked by solid trading growth during the quarter. Provisions for credit losses rose slightly.
- United Airlines (UAL) climbed nearly 3%, with CNBC citing reports that the company was making a pitch to buy competitor American Airlines (AAL). Shares of AAL were up 9% early today.
- Johnson & Johnson (JNJ) fell 1.2% ahead of the open despite announcing earnings that topped expectations and raising guidance.
- Oracle (ORCL) rose another 4.5% this morning after yesterday's double-digit rebound amid a slight recovery in software shares to start the week. Others gaining Monday included ServiceNow (NOW) and Adobe (ADBE).
- Globalstar (GSAT) climbed 9% ahead of the open on news that Amazon (AMZN) plans to buy the telecom infrastructure provider to boost its satellite business, CNBC reported.
- Oklo (OKLO), a designer of nuclear reactors, powered its way to 8% gains early today despite a lack of any company-related headlines. Shares are down 30% so far this year.
- With bitcoin (/BTC) up 1.5% early today, shares of crypto-related shares including Strategy (MSTR) and Coinbase (COIN) rose ahead of the open. Bitcoin is approaching its highest level since the war began, which is just above $76,000.
- Crude oil (/CL) fell 2.5% to below $97 per barrel for U.S. futures ahead of Wall Street's open after the Trump administration said Iran and the U.S. had traded proposals for a moratorium on Iran's uranium enrichment. The fact that the two sides were talking, even if they rejected each other's proposals, appeared to lift market spirits and weigh on crude.
- Chances of a pause in rates at this month's Fed meeting remained near 100% this morning after PPI, according to the CME FedWatch Tool. Chances of at least one cut this year are near 30%, while rate hike odds have retreated to nearly zero.
More insights from Schwab
Sometimes overlooked, infrastructure owners and operators, including those in charge of utilities, toll roads, ports, and airports, as well as energy pipeline and terminal operators, are seeing opportunities from AI- and weather-related demand growth for power. Learn more about this trend in SCFR's new analysis.
Chart of the day
Data sources: S&P Dow Jones Indices, Nasdaq. Chart source: thinkorswim® platform.
Past performance is no guarantee of future results.
For illustrative purposes only.
There's something old and something new in this chart, as the PHLX Semiconductor Index (SOX—purple line) and the Dow Jones Transportation Average ($DJT—candlesticks) are both outpacing the S&P 500 Index (SPX—blue line) over the last three months. The SOX index speaks to the new economy of AI and chips, while transports reflect the old economy of airlines, shipping firms, and railroads.
The week ahead
Check out the investors' calendar for a summary of the top economic events and earnings reports on tap this week.
April 15: Expected earnings from ASML (ASML), Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), PNC Financial (PNC), and JB Hunt Transport (JBHT).
April 16: March industrial production and expected earnings from Taiwan Semiconductor Manufacturing (TSM), PepsiCo (PEP), Abbott Laboratories (ABT), Prologis (PLD), Marsh & McLennan (MRSH), Bank of New York Mellon (BK), U.S. Bancorp (USB), Travelers (TRV), Infosys (INFY), Netflix (NFLX), and Alcoa (AA).
April 17: March housing starts and building permits and expected earnings from Truist Financial (TFC), Fifth Third Bancorp (FITB), and State Street (STT).
April 20: Expected earnings from Cleveland-Cliffs (CLF) and Steel Dynamics (STLD).
April 21: Expected earnings from GE Aerospace (GE), UnitedHealth Group (UNH), Rtx (RTX), Danaher (DHR), Northrup Grumman (NOC), 3M (MMM), D.R Horton (DHI), Intuitive Surgical (ISRG), Chubb Limited (CB), Capital One Financial (COF), and United Airlines (UAL).