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Quarterly Market Update
Q1 2026 in Review
Ducere Wealth Management
As of March 31, 2026
S&P 500
0
0%
Worst Q1 since 2022
Nasdaq
0
0%
Tech led the decline
WTI Crude
$0
0%
Highest since 2022 Ukraine war
Gold
$0
0%
Down from $5,417 Jan high
Geopolitics, oil, and market pullbacks
Sources: Clearnomics
Q1 2026 Market Update
Markets experienced the
first pullback of the year
S&P 500 quarterly total returns
Q2 2025
+10.9%
Q3 2025
+8.1%
Q4 2025
+2.7%
Q4 2024
+2.4%
Q1 2025
-4.3%
Q1 2026
-4.3%
~15%
Average intra-year drawdown
for S&P 500 since 1980
+18%
S&P 500 total return in 2025
despite 6 pullbacks of 5%+
Short-term swings driven by headline risk are part of the market cycle. Portfolios aligned with long-term goals are designed to navigate these periods.
Sources: Clearnomics, Standard & Poor's
Q1 2026 Market Update
Geopolitics and oil prices are the
primary source of uncertainty
WTI crude oil price — Q1 2026
$0
WTI Crude / bbl
Highest since 2022
$0
Brent Crude / bbl
Up 94% year-to-date
$0
Avg. Gasoline / gal
Highest since 2022

The Strait of Hormuz carries roughly 20% of global oil. Disruptions led to production cuts across major oil-producing nations. Economists view these supply-side shocks as temporary.

History shows geopolitical events, while creating short-term instability, have not typically derailed markets in the long run.
Sources: Clearnomics, LSEG
Q1 2026 Market Update
Economic growth is slowing
but remains positive
Unemployment vs. Job Openings (millions)
Job openings
Unemployed
Crossover
0%
Unemployment Rate
Edged up in February
0
Feb. Job Gains
Payrolls declined
0
Consumer Spending
Share of GDP
Stronger than expected
Both supply and demand sides of the labor market are cooling, helping keep unemployment near historically strong levels. Consumer spending continues to drive GDP growth.
Sources: Clearnomics, Bureau of Labor Statistics
Q1 2026 Market Update
Sector performance has diverged
S&P 500 sector YTD total returns through Q1 2026
Energy
+38.2%
Materials
+9.7%
Utilities
+8.3%
Cons. Staples
+7.7%
Industrials
+4.6%
Real Estate
+2.8%
Health Care
-4.9%
Comm. Svcs.
-6.9%
Info. Tech.
-9.1%
Cons. Disc.
-9.2%
Financials
-9.3%
~50%
Spread between best and worst
performing sectors in Q1
6 of 11
S&P 500 sectors positive
for the year
Sector leadership rotates with market conditions. A well-balanced portfolio is better positioned to weather different environments.
Sources: Clearnomics, LSEG, Standard & Poor's
Q1 2026 Market Update
Tariff policy continues to evolve
amid legal and political shifts
U.S. Customs Duties — Quarterly, Seasonally Adjusted ($B)
$0B
Latest Quarterly
Customs Duties
Q4 2025, record high
$0B
Trailing 12-Month
Tariff Revenue
Up from $80B in 2019
0x
Increase vs.
Pre-Trade War
Since 2017 levels
Tariff policy remains in flux following the Supreme Court ruling on IEEPA authority. New investigations under Section 122, 301, and 232 signal continued trade friction heading into Q2.
Sources: Clearnomics, Bureau of Economic Analysis
Q1 2026 Market Update
The Bottom Line
Markets pulled back 4.3% in Q1, driven by geopolitical uncertainty and rising oil prices
Oil surged to $101/bbl as Middle East conflict disrupted global supply through the Strait of Hormuz
The economy is slowing but resilient with consumer spending still driving over two-thirds of GDP
Sector leadership has rotated with a nearly 50% spread between the best and worst performing sectors
Tariff policy remains in flux following the Supreme Court ruling, with new trade investigations underway
Periods of volatility are a normal part
of the investment cycle.
Portfolios built around long-term goals and sound diversification are designed to navigate these environments. We remain focused on your financial plan.
Sources: Clearnomics | Data as of March 31, 2026