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Markets Focused on Return to Pre-War Tailwinds Says Crossmark's Bob Doll
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April 16, 2026
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7:24Now PlayingBob Doll, CEO & CIO at Crossmark Global Investments, discusses the recent market rally to record highs and what investors are focused on as the likelihood of a US-Iran peace deal remains in flux.
US stocks pulled back from record highs as investors looked for progress toward a longer-term peace deal in the Middle East.
The S&P 500 slid 0.1% after the benchmark closed above the 7,000 mark for the first time. The Nasdaq 100 also struggled to stay in the green. The early hours of the session saw a sharp rally in technology stocks after Taiwan Semiconductor Manufacturing Co.’s upbeat revenue outlook highlighted the resilience of AI chip demand.
Brent crude hovered around $98 a barrel as movements through the Strait of Hormuz remained all but paralyzed. Treasury yields edged higher after initial jobless claims for the week through April 11 fell more than expected. The dollar snapped an eight-day losing streak while gold tested $4,800 an ounce.
Delegates at the International Monetary Fund and World Bank meetings in Washington have cautioned that markets are underestimating the war’s economic damage.
In the latest developments in the conflict, Pakistan stepped up efforts to help the US and Iran prolong a ceasefire that’s set to expire next week.
“Investors have become conditioned to buy every dip,” said Michael Bell, head of market strategy at RBC BlueBay Asset Management. “The outlook is binary, either Hormuz reopens soon or it doesn’t. With equity markets already assuming Hormuz will reopen soon, the upside is perhaps limited.”
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