This report is current as of May 8, 2026

To a surprising degree, 2026 has been dominated by geopolitical developments. From the brief military action to remove the president of Venezuela to the kerfuffle over Greenland to the war in Iran, foreign policy has been in the headlines on an almost daily basis. The uncertainty around these events has produced a roller-coaster market that saw a first-quarter decline in all the major indexes, followed by a relief rally in which the S&P 500 and Nasdaq not only recovered—but set new all-time highs by late April.